The majority of CIOs feel their organizations will fail to meet their expectations of future compensation and, if such predictions come to pass, don’t intend on taking the news lying down, according to the December healthsystemCIO.com SnapSurvey.
Those who plan to scan the market for new opportunities will look far and wide, the survey revealed, with 76 percent ready to pack up the family and head for greener pastures. The survey also showed that the growing discontent can be attributed to the increased workload caused by government-initiated projects like Meaningful Use, ICD-10 and ACOs. In fact, 62 percent said, yes, their organizations should consider the increased pressure and responsibilities brought about by those projects.
In what can be seen as some good news for those who employ CIOs, there may be some time to right the ship. Currently, 59 percent of hospital chief information officers consider themselves fairly compensated.
(SnapSurveys are answered by the healthsystemCIO.com CIO Advisory Panel. To see a full-size version of all charts, click here. To go directly to a full-size version of any individual chart, click on that chart)
1. Is your current compensation fair?
- It is fair because I love what I do – however, it has not kept up with the market of opportunity that exists. Because I truly believe in the organization I work for, I am happy with the compensation. However, if I were coming from the outside, I doubt I would accept the role at the pay being offered.
- I believe similar CIO roles might pay higher, but given the financial status of my health system, I don’t think it’s an appropriate time to push for an increase.
- Low for the market and complexity of the job … multiple EMRs, HIE, advanced BI/EI, etc.
- My compensation is significantly below market, but I work in a small rural hospital and they really can’t pay any more than they do. The only option for me is to consider a change of employment.
- The complexity of the CIO position requires a reevaluation. I would argue it should be very similar to that of the COO or CFO.
- If you have grown with an organization and developed your CIO skills, you are probably underpaid.
- With HR restructuring of benefits (PTO is no longer an accrued benefit, we get what we use), 12% per year of excess benefit guarantee now is a long term (3 year) potential earned benefit, health insurance expense has gone up greater than 30% in the last couple of years….and a 2.5 % increase in base comp has me earning about 80K less per year than when I was hired 2.5 years ago.
- No increase for FY10. No extra recognition for MU prep, and standard increase along with other staff. Others years also without increases due to financial constraints.
2. Should your organization take into account the increased workload/responsibility brought about by initiatives like HITECH, ICD-10 and ACOs when considering your future compensation increases?
- I believe that they should, but most of the time do not.
- Scope of management/risks typically effects salary. Specific examples not so much, but definitely for impact to operational risk management and strategic planning must be a factor.
- A CIO who’s been successful his/her entire career is now in a very high risk low reward situation. Unless the rewards are greater, talented CIOs will move on to other areas such as consulting. This is no time for rookie CIOs.
- I wish it would be considered, but the reality is that it’s seen as “just part of the job.”
- Absolutely – but they don’t fully understand the huge demands being increased….however, I am sure I don’t fully understand the huge changes in other areas (clinical, financial, healthplan, supply chain, etc.) – the CIOs are getting a lot more to do…so are many, many other areas.
- Retention incentives would be important in this market.
- It would be nice, but we are also facing economic uncertainty in healthcare.
- Supply and demand should always be a factor…not the decision point.
- Maybe just MU, given the financial gain of the organization.
- But appropriate bonus is always an incentive.
- The workload of the CIO has been increasing for years. I think rather than look at it as increased workload, we need to consider it as a change in focus.
3. Do you anticipate your organization will match your future compensation expectations?
- Already working to make adjustments.
- It is my hope.
- Currently under discussion, but I think it’s going to take a few high profile CIO moves to get organizations to realize the impact of their CIO moving on at this time.
- My expectation is, on a net basis, comp will go down…sign of the reform times.
- Not a good track record.
4. If your compensation does not increase in line with your expectations, will you consider other opportunities?
- Children in school limit these considerations, but that will end in 18 months.
- Probably within the next 12 months.
- It would have to also be a quality of life move.
- Probably not – I am very invested in my healthcare organization and believe in its mission. There is more to work than a paycheck, and I like working in a system that has values I share.
- Too close to retirement
- More than likely not. I am getting closer to retirement age and a job change just for compensation is not worth it.
5. Would you consider accepting a position at another organization that involved relocating you/your family?
- That is always a possibility.
- In 18 months or so.
- With some limitations, due to spouse’s employment.
- It would have to be a very special reason…money is always part of the decision, it would, however, in my case, be a smaller portion of the decision…it would have to be about an opportunity.
- It would have to also be a quality of life move.
- Of course, if something adverse happens here, then my views could change!