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September 30, 2011

Mayo Clinic employees and pay

Here's an interesting little tidbit about the pay of Mayo Clinic employees.

In 1999, only 17 percent of Mayo Clinic's employees surveyed said they were satisfied with their pay.

In 2011, that number rocketed up to 82 percent.

Mayo Clinic says it was not paying more money that made the difference. It was communicating more that made everyone happier about their pay.

"We didn't suddenly start paying everybody more. It was a focus on communication… transparency," says Karmen Reid, Mayo's director of compensation in an interview with a group called World At Work. "You can never communicate too much."

The Compensation Café blog picked this up and wrote a little about it.

Here's the World At Work interview.



How did they control for economic conditions? I don't doubt that some changes have helped. But in 1999 people felt rich after stocks like Alta Vista, Netscape, AOL and others were shooting upward and any professional with decent skills had plenty of open requisitions to choose from.

In 2011, not only did we go through the stock bubble making us feel poor but we've gone through a housing bubble picking us up and dropping us too. We haven't recovered from the later and even people with good skills struggled to find work.

Maybe people just feel more grateful for what they have?

In 2011 people

Mayo has a salary cap for non-voting staff: Enough to pay for a 4 year old Honda Civic and a 2000 sf split level home on a postage stamp lot.

Wow, I must be at the top of the Mayo heap! I got an Accord, 2400 Sf house and it is on a lot the size of 2 postage stamps!

Bitter much?

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