Economics, Econometrics and Finance
8 years ago

Hospital incentive plan boosts innovation, teamwork, and financial success.

PubMed
Designing an incentive compensation program that works.
S Laverty, Hogan Bj, Lawrence La

Paper Summary

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Winchester Hospital in Massachusetts created a program to reward middle managers and staff for coming up with projects that save money for the hospital. Employees can choose to work on projects alone or with a team. The program has led to more team projects being suggested since it started in 1994. This program not only helps the hospital make more money but also gives employees a chance to earn extra pay based on their performance. It encourages teamwork, breaks down barriers between departments, and motivates employees to solve problems and compete in a positive way.