JACKSON, Tennessee (July 30, 2015) — West Tennessee Healthcare announced an investment of $10 million dollars towards employee compensation. The funds represent $2.5 million dollars from the 2015 fiscal year operating budget as well as $7.5 million dollars from the 2016 fiscal year operating budget which was approved by the organization’s Board of Trustees at the last board meeting.
The $7.5 million dollar investment will be distributed in several different methods. The organization and its board have committed to increasing the minimum pay for West Tennessee Healthcare employees to nine dollars per hour. Most full-time and part-time employees will be eligible to receive a merit based award. The range for the merit award is zero to four percent. Market adjustments will also be made to specific positions based on market information, and organizational needs. These funds will be administered and distributed separately from the merit award, and their allocation will be based on an ongoing review process.
In addition to the compensation increases, it was announced there will not be an increase in employee premiums for health, dental and vision coverage in January of 2016.
Bobby Arnold, President and CEO of West Tennessee Healthcare says the investment comes after several challenging years. “Our organization has faced many challenges over the past several years. As a public not for profit healthcare system, it is vital that we continue to remain a financially strong organization in order to support our mission of caring for all, regardless of their ability to pay. Although we have faced many challenges, we are pleased and thankful that our organization had a successful year on our journey to fulfill our mission, vision and values.”
Arnold gives credit on the previous year’s success to the organization’s employees, physicians and volunteers, “West Tennessee Healthcare is blessed to have outstanding employees, physicians and volunteers. Without them, we would not have been able to achieve our accomplishments including a higher level of performance.” He continues, “The $7.5 million dollar investment is an investment in our organization’s greatest asset, our employees.”
Separate from the $7.5 million dollar investment, West Tennessee Healthcare employees will be eligible to receive a bonus of up to $500 paid in August. The amount of the bonus is based on paid hours of service for the previous fiscal year. The bonus represents an additional $2.5 million dollars that was funded from the fiscal year 2015 operating budget.
