Ask An Advisor: Best Practices for Sign-On and Retention Bonuses

In this episode of MGMA's Ask An Advisor podcast, we feature Senior Advisor Cristy Good talking about best practices for building out sign-on and retention bonuses at medical practices.

MGMA Resources discussed:
MGMA Stat on Bonuses: https://www.mgma.com/mgma-stats/after-a-year-of-pandemic-tumult-medical-practices-consider-bonuses-to-attract-top-talent

MGMA Stat on Nurse Recruitment: https://www.mgma.com/mgma-stats/nurse-recruitment-and-hiring-after-the-great-resignation-still-a-major-challenge

More Resources:
Labor Market: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/employers-rely-on-incidental-bonuses-amid-tight-labor-market.aspx

SHRM: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/incidental-bonuses-alternative-rewards.aspx

AAFP: https://www.aafp.org/pubs/fpm/issues/2022/0500/p5.html

Investopedia on Retention: https://www.investopedia.com/terms/r/retention-bonus.asp

Retention and Bonuses: https://www.workhuman.com/blog/retention-bonus-agreement/

HBR on Bonuses: https://hbr.org/2023/02/do-retention-bonuses-pay-off

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