Developing Retention Strategies

Topics:
Performance Management,
Strategic Management Tools
Tags:
Business Operations,
Termination,
Strategy,
Physician,
Payroll Solutions,
Mercer Human Resource Consulting,
Mercer,
Human Resources,
Executive,
Corporate Law,
...
Source:
Mercer Human Resource Consulting

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Overview: A nonprofit medical center with 200 beds and 2,000 employees plus a physician network wanted to be sure of keeping key executives in the event of a change in control. Initially, the contracts were to cover pay and performance and contain clauses on severance and change in control. As the project evolved, the medical center decided to add terms to protect itself as well as its executives and to cover any circumstances of termination. Mercer used external data to evaluate market practices and interviewed the three executives and board members to assess their points of view and needs. Each executive's employment situation was different, as would be the impact of each one's departure or termination. Mercer produced contract provisions acceptable to all.

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