Healthcare solutions provider HealthStream has announced the launch of the HealthStream Compensation Planner™, a full-featured, SaaS-based application for compensation management in healthcare organisations. With the Compensation Planner’s flexible and easy-to-customise design, healthcare organisations can automate time-consuming workflows, eliminate spreadsheets, make the best possible recommendations for salary increases and incentive awards, and simplify budget definition and approval processes—all through an application with the highest levels of accuracy and security.
The tight labour market in the healthcare industry is well documented and employee turnover rates are increasing. In 2015, the current rate of employee turnover in U.S. hospitals is 17.2 percent, up from 13.5 percent in 2011. An overwhelming majority (>89%) of hospitals view employee retention as a ‘key strategic imperative’ and, as a result, compensation management programs are playing an increasingly critical role in hospitals. Employee salary and incentive expenses often comprise the largest expenditure, enterprise-wide. Using the HealthStream Compensation Planner supports the strategic outcomes desired from compensation management, such as engaging and retaining the healthcare workforce.
From a tactical perspective, the HealthStream Compensation Planner automates and streamlines manual compensation workflow tasks—as many healthcare organisations are still using spreadsheets and manual calculations, which bring inherent security and compliance risks to the organization. Compensation managers frequently struggle to standardize pay policies and structures across their facilities and are constantly challenged to ensure that all of their data is complete, accurate, and current. Compensation managers’ requirements to competently execute their responsibilities are made significantly easier with the HealthStream Compensation Planner.
The HealthStream Compensation Planner provides an on-demand, SaaS-based solution that enables healthcare organisations to more effectively align, reward, and retain their talent. It allows organisations to implement complex, multi-level compensation plans that are consistent, fair, and compliant across the enterprise. The HealthStream Compensation Planner can also incorporate salary data from a customer’s database or most current salary survey. Managers and compensation planners are able to stay within established budgets, adhering to compensation guidelines and policies. Intuitive, automated workflows are built into the application, enabling managers’ access to insightful analytics, dashboards, and decision-making tools to optimize their compensation decisions.
The launch of the HealthStream Compensation Planner adds to HealthStream's expansive talent management suite of solutions for healthcare organisations, which include solutions for learning & professional development, competency management, performance appraisals, recruiting, succession planning, goals management, workforce analytics, and employee communities. Approximately 4.5 million healthcare professionals currently use at least one of HealthStream's talent management solutions, making HealthStream the most widely adopted talent management platform in the healthcare industry. The Company's exclusive focus on meeting the unique needs of the healthcare workforce drives our product development and is, in turn, helping organisations improve the quality of care delivered to patients.
