On March 11, Ziegler released its latest CFO Hotline report, centered this time on employee compensation. Notably, this is the first time since 2013 that Ziegler has surveyed on this information. Key takeaways include that, in fiscal year 2023, the average budgeted wage increase was 4.43%; in FY 24, that same figure was 3.64%. The report also found that, on average, slightly more than half (55.74%) of the organization’s budget is devoted to wages and benefits; overall budgeted compensation ranged from a low 15.00% to a high of 87.00%. Forty-three percent said they do not offer attendance bonuses; of those that do, 37% offer open shift fill-in; 23% offer short notice; 21% offer weekend coverage; and roughly 17% offer a variety of weekly, quarterly and/or annual bonuses.
Most organizations (71.0%) indicated that they have a resident-funded holiday bonus account for their staff. Nearly all (99%) of organizations offer a 401(k) or 403(b) and the most offered a company match (92%), followed by vesting (69%). Other innovative practices used as incentives for staff include: reimbursement (education, travel, daycare); sign-on/hiring bonuses; referral bonuses; shift differential/pick-up bonuses; employee recognition; gift cards; free or reduced meal costs; housing assistance; and wellness plans.
