Centura Health Invests an Additional $82 Million into Pay & Benefits
Investments in the health system’s caregivers now tops $200 million since December 2020
CENTENNIAL, COLO, Nov. 30, 2021 (GLOBE NEWSWIRE) — Centura Health recognizes and understands that we have asked a tremendous amount of our 21,000 incredible people, both personally and professionally, during this lingering global public health and economic pandemic. Based on the feedback of our co-workers, we are pleased to announce Centura Health is providing an additional $82 million in caregiver compensation and benefit changes across our connected ecosystem of hospitals, physician clinics, and community care settings in Colorado and western Kansas.
The Great Resignation – also known as the Big Quit – is the ongoing trend that started in spring 2021 of employees, largely in the United States, voluntarily leaving their jobs. This is seriously impacting most industries – particularly retail, hospitality, and health care – all across the country. Right here in our own communities, we are experiencing significant labor shortages across many industries coupled with high unemployment. Our staff workloads have been heavy as COVID-19 hospitalizations have steadily increased since Labor Day. National workforce challenges have impacted staffing. The vaccine mandate added new stressors as well.
This investment, plus the $66 million in salary increases announced in October 2021, $24 million in March 2021, and $29 million in December 2020, brings the total compensation and benefit increases to over $200 million. The pay and benefit changes include increased tuition reimbursement, PTO cash-outs, housing stipends, changes to sign-on bonuses and market-based bonuses and adjustments.
“I remain incredibly proud and grateful for how our caregivers have continued to extend whole person care to our patients, our neighbors, and our communities when they need us the most,” said Peter D. Banko, President & CEO at Centura Health. “We have an unwavering commitment to our people – they are our first priority in words and, more important, action. Now more than ever, we are transforming our culture, redesigning our work, and supporting our colleagues in new ways through enhancement of our total rewards structure and introducing new benefits as we continue our journey to become the system of choice for our caregivers.”
Centura Health is making the following investments:
- Tuition Reimbursement Increase: Effective Jan. 1, 2022, the annual tuition reimbursement benefit will increase from $3,000 to $5,000 for full-time associates and $1,500 to $2,500 for part-time associates.
- One-Time PTO Cash Out: Responding to the health and health needs of our community during the pandemic has impacted the ability for associates to use their Paid Time Off (PTO). Eligible associates may elect to cash out up to 80 hours of PTO.
- Summit County Housing Stipend for Eligible Associates: Increased housing and living expenses have disproportionally impacted associates working in Summit county and living in Summit, Park, Eagle, Grand, Clear Creek and Lake counties. As a result, Centura will offer a Summit County Housing Stipend for eligible associates starting in January 2022.
- Enhancements to the Sign-on Bonus Structure: This change will provide increased up-front bonus payments to new team members in key bedside positions.
- Market Based Bonus: We are providing a Market Based Bonus to nearly 20% of our associates in high-need areas across our connected ecosystem.
- Additional Market Adjustments in 2022: Centura will invest an estimated $15 million across the health system in additional market adjustments in 2022 for select positions.
For media interviews, please contact Lindsay Radford at [email protected] or 720.215.9662.
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ABOUT CENTURA HEALTH
Centura Health connects individuals, families and neighborhoods across Colorado and western Kansas with more than 6,000 physicians and 21,000 of the best hearts and minds in health care. Through our 17 hospitals, two senior living communities, neighborhood health centers, physician practices and clinics, home care and hospice services, and Flight For Life® Colorado, our caregivers make the region’s best health care accessible. We’re on a mission to build flourishing communities and whole person care. We’re Centura Health, and we’re your dedicated health partner for life. For information on Centura Health or any of the facilities in our network, please visit the Centura Health website.
CONTACT: Lindsay Radford Centura Health 720.215.9662 [email protected]
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