Wake Forest Baptist Health today announced that it is making a significant investment of more than $23 million in market adjustments and pay alignment initiatives for approximately 12,000 employees; about 60% of its total staff. This is part of a broader strategy across the health care system to competitively position compensation to attract and retain top talent.
The market adjustments and pay alignments include increasing the minimum wage to $15 an hour. In addition, 7,500 employees in many pay grades will increase to the new minimum or 2%, whichever is greater.
The minimum rate for Staff Nurse RN is also increasing next month and 4,500 nurses in nursing professional salary plans will increase to the new minimums or $1 an hour, whichever is greater.
All staff salary ranges will be adjusted and all eligible staff below the new range minimums will be increased to the new minimum rates.
Evening, night and shift differentials will be aligned for market competitiveness across the Wake Forest Baptist Health system. This provides additional and equitable compensation to many of our employees who work evening, night or weekend shifts.
“We are so proud of our wonderful employees and we are very glad to be able to provide a well-deserved increase in their compensation,” said Julie Ann Freischlag, M.D., CEO, Wake Forest Baptist Health, dean, Wake Forest School of Medicine and chief academic officer, Atrium Health Enterprise. “I have personally witnessed their dedication to our patents and their families and have seen them provide comfort and assistance, no matter their job. We are so fortunate to have such dedicated employees and I thank each one of them for their kind and compassionate service to those who come to us when they need our help.”
All of the pay and differential rate changes, including market adjustments and minimum wage increases take effect in April.