In response to the exceptional institutional performance during fiscal year 2005, the City of Hope leadership team on Feb. 16 announced a one-time "success-sharing program." Through the program, eligible employees will receive a bonus in their March 24 paychecks.
The leadership team created the program to recognize employee contributions toward meeting or exceeding goals in key areas of performance.
"Fiscal year 2005 will be remembered as one of the most successful years in City of Hope’s history, with remarkable achievements throughout the organization," said Michael A. Friedman, M.D., president and chief executive officer. Friedman attributed the achievements to the City of Hope leadership team and all employees "who are committed to City of Hope’s mission and who give so much of [their] time and talents."
Each year, organizational leadership identifies key indicators that reflect the institution’s success. They then establish goals to support those key indicators and regularly monitor them to measure organizational success. City of Hope met or exceeded maximum goals on four out of five key indicators for the fiscal year. City of Hope’s 2005 fiscal year spanned the period from Oct. 1, 2004, through Sept. 30, 2005.
Key indicators for the year were net development funds raised, total grant awards, new patient volume, patient satisfaction and operating cash flow. The accompanying chart outlines goals and final results for each area.
The City of Hope leadership team based allocation of bonuses on competitive industry standards. Leaders will distribute bonuses according to three categories, or "bands." Band I, consisting of senior management, will receive bonuses equal to 6 percent of their annual salaries. Band II comprises middle management and research (professor series) faculty. They will receive 4 percent bonuses. Supervisors, non-management and hourly staff will constitute Band III, receiving 1.5 percent bonuses. All paid bonuses are figured according to each eligible employee’s annual base income as of Jan. 31.
"Bonuses such as these are rare in academic institutions, but more common in the health care industry," said Chris Roederer, chief corporate services officer and executive vice president of Human Resources. "We feel this is an excellent way to invest in City of Hope’s most important asset Ñ the people who work here."
To receive a bonus, employees must be regularly scheduled for at least 50 percent of full time (20 or more hours per week) and must have been actively employed by City of Hope on March 24, 2006. In addition, employees must have worked at least half of fiscal year 2005. Other criteria do apply, according to Roederer, who encourages employees to discuss any questions about the success-sharing program with their immediate supervisors.