Registered Nurses Compensation Plan
Compensation theories, namely, reinforcement, expectancy, and agency theories, help determine effective remuneration components in alignment with the job descriptions and specifications. The job that forms the basis for a compensation plan is a “Registered Nurse” job. Registered nurses (RN) treat, educate, and advise patients as well as their families on medical conditions. RN implement orders and instructions given by physicians, interpret diagnosis and test to patients, provide care and treatment plans, and evaluates patients’ needs, among others (Dysvik, 2020).
|Job Title||Registered Nurse|
|Job Description||Ø Treat, educate, and advise patients as well as their families on medical conditions
Ø Implementing orders and instructions given by physicians
Ø Interpreting diagnosis and test to patients
Ø Provide care and treatment plans
Ø Evaluating patients’ needs
|Job Specifications||Ø Three years’ experience
Ø Full time-Night shifts
Ø Bachelor Degree
Ø Accredited license for Nursing Program
|Direct Compensation||1. Hourly wages – $31.88/H
2. Annual salary – $74,000
|Indirect Compensation||1. Company-matching 401(k) plan
2. Health insurance plan
3. Stocks schemes
|Non-monetary Compensation||1. 20 Paid Time-off
2. 5 Annual and paid holiday vacations
When designing a compensation plan for Registered Nurses job, three main objectives and goals are used. Primarily, the plan must align with organizational goals and stakeholder interests, which is in alignment with agency theory. Offering the compensation and benefits package aligns with the interests and capabilities of the company. In that, the merit pay is behavior oriented, while the stocks option is outcome-oriented (Dysvik, 2020). The plan integrates behavior as a merit basis for rewards, which communicates the expectancy theory. When compensating RNs, many aspects are considered due to the variance in shifts, costs of living, experience, and education, among others. Here the RN is on the top level, which is the motivation for the high compensations. Finally, rewards must improve and enhance performance today and in future, which aligns with the reinforcement theory. The higher the RN performance, the more the rewards (Dysvik, 2020).
Potential advantages include attracting new high-level skills and talent, as well as retention of existing RNs, hence reduced turnover rates and maximized competitive pay. Inherent limitations include competitiveness that can result in noncompliance. In cases of potential burnout, RNs could not be attracted hence, turnover increment. Finally, the plan could be complex to administer, especially in the stocks schemes, due to complexities experienced.
Dysvik, B. K. (2020). Individual variable pay for performance, controlling effects, and intrinsic motivation. Motivation and Emotion , Vol 671(2).
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that our Homework Sharks follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.