The health care industry is like any other industry in that they offer the same standard benefits that most places are required to offer. In the following sections the benefits are listed for a few different occupations in the health care industry.
The biggest thing with benefits is how cost effective any industry will make them. Since the dawn of the internet many things have changed in every industry. Many companies are using something called an intranet, which is an internal organizational online web in which all forms of communication within the organization can be streamlined. Intranets have helped to change things for many organizations in a good way. “Employers are increasingly posting their employee handbook components on their intranets. Experts say “e-benefits” are a huge trend waiting to reinvent human resource practices” (Milkovich, p.458, 2017).
The largest cost that companies pay for in any industry is health care coverage. “Before 1930 health care coverage essentially didn’t exist. Health issues were the responsibility of the family. After the Great Depression, though, Blue Cross and Blue Shield appeared as the first institutional health care. Envious of the profits made by Blue Cross and Blue Shield, insurance companies began to offer plans for hospitalization along with doctor and surgical coverage. Then of course, the government got involved. In the 1960’s national health insurance emerged to cover the elderly (Medicare) and the poor (Medicaid). Then in 2012 the Affordable Care Act (ACA aka Obamacare) was instituted to target the uninsured with a goal of providing health care coverage to everyone. This controversial act isn’t intended to change the way health care is delivered, but rather to provide both positive and negative incentives to make sure everyone is covered” (Milkovich, p.487, 2017).
There are many benefits that do not come standard, but more companies are starting to implement them to make their company look more attractive. Some such as child care, and health club memberships. Some companies even offer elder care assistance for family members that are elderly and need assistance with their day to day life. One benefit that is more standard, but companies struggle with is 401K or pension plans. Many companies struggle with them since people are living longer in todays world than they did when these things were first implemented. Many companies have to penny pinch just to pay for their former employees’ pension plans, which is why many companies have gone to a 401K as they are more cost effective for the organization. Another way many people are going is the “employee stock ownership plan. In a basic ESOP a company makes a tax-deductible contribution of stock shares or cash to a trust. The trust then allocates company stock (or stock bought with cash contributions) to participating employee accounts. The amount allocated is based on employee earnings. When ESOP is used as a pension vehicle (as opposed to an incentive program), the employees receive cash at retirement based upon the stock value at that time. The major disadvantage is if the company’s stock takes a downturn, the result can be catastrophic for employees approaching retirement age” (Milkovich, p.482, 2017).
Benefits are a large part of why people chose to work with different companies. Many things have change over time and it will be interesting to see how much things will continue to change in the future with benefits. With everything most changes have been good ones, but now companies are figuring out how they can perfect things to make doing business more cost effective and enjoyable for all involved in the process.
Registered Nurses
The health care industry has a high median income, with that being the majority of their benefits. A staff nurse in a pediatrics unit in Chesapeake Virginia will earn a Median in come of $65,578 a year which will be 71.0% of their benefits. $39 is the value of the bonuses that they receive throughout the year. The value of their benefits is what indicates the employer’s expected contribution and paid time off. Social Security is 5.4% of their benefits coming in at $5,020. They all receive a 401K/403B, which is 2,6% of their benefits, that comes in at $2,362. Nurses also get disability which is 0.6% of their income, coming in at $591. They receive health care insurance which is 7.1% of their benefits at $6,592 annually. They receive a pension which is 4.5% of their benefits at $4,134. Lastly, they receive time off which is 8.7% of their benefits which comes out to $8,076. Their total compensation comes out to be $92,391.
Medical & Health Services Managers
A Medical management manager in Chesapeake Virginia will earn a median income of $95,166 which is 67.8% of their benefits. They will receive $7,208 annually in bonuses, which is 5.1% of their annual income. The benefits that the medical management manager would receive will include social security which is $7,832 which is 5.6% of their income. They will receive a 401K/403B at $3685 which is 2.6% of their income. They will receive disability at $921 which is .7% in their income. They will receive health care insurance at $6,450 which is 4.6% of their benefits. They will receive a pension of $6,450 which is 4.6% of their income. Lastly, they will receive time off which is valued at $12,600, which is 9.0% of their income. Their total compensation comes out to $140,454.
Healthcare social worker
A healthcare social worker in Chesapeake Virginia will earn a median income of $50,570 which is 69.5% of their total income. They will receive $39 in bonuses annually which is 0.1% of their income. They will receive $3,872 in social security benefits which is 5.3% of their benefits.
They will receive a 401K/403B which is $1,822 and is 2.5% of their benefits. They will receive $455 of Disability and that is 0.6% of their benefits. They will receive $6,592 in health insurance which is 9.1% of their benefits. They will receive $3,188 in pension, which is 4.4% of their benefits. Lastly, they will receive $6,229 in time off, which is 8.6% of their benefits. Their total compensation is $72,767.
Licensed Practical Nurse
A licensed practical nurse in Chesapeake Virginia will earn a median income of $45,124 which is 68.7% of their total income. They will receive $71 annually in bonuses which is 0.1% of their income. They will receive social security benefits annually totaling $3,457 which is 5.3% of their total benefits. They will receive $1,627 in a 401K/403B which is 2.5% of their benefits. They will receive $407 in disability benefits which is 0.6% of their benefits. They will receive $6,592 in health care insurance which is 10.0% of their benefits. They will receive $2,847 in a pension which is 4.3% of their benefits. They will receive $5,563 in paid time off which comes to 8.5% of their benefits. Their total compensation is $65,688.
Nursing Assistants
A certified nursing assistant in Chesapeake Virginia will earn a median income of $25,663, which is 63.9% of their total income. They will receive no bonuses. They will receive $1,963 in social security benefits which is 4.9% of their total benefits. They will receive $924 in a 401K/403B which is 2.3% of their total benefits. They will receive $231 in disability which is 0.6% of their total benefits. They will receive $6,592 in health insurance benefits which is 16.4% of their benefits. They will receive $1,617 which can be put towards a pension. Which is 4.0% of their benefits. They would receive $3,159 towards time off, which is 7.9% of their total benefits.
Resources
Milkovich, G. T., Newman, J. M., & Gerhart, B. A. (2017). Compensation (12th ed.). New York, NY: McGraw-Hill. ISBN: 9781259991851.
(n.d.). Retrieved from https://swz.salary.com/SalaryWizard/Certified-Nursing-Assistant-Nursing-Home-Salary-Details-Chesapeake-VA.aspx?hdcbxbonuse=off&isshowpiechart=true&isshowjobchart=false&isshowsalarydetailcharts=false&isshownextsteps=false&isshowcompanyfct=false&isshowaboutyou=false
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