Registered Nurses Compensation Plan

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).

Elements Description
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.

 

 

Reference

Dysvik, B. K. (2020). Individual variable pay for performance, controlling effects, and intrinsic motivation. Motivation and Emotion , Vol 671(2).

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