How does my compensation work?

NYP is committed to providing all employees with fair and competitive pay. It’s important to remember that your total compensation may include more than just your base salary.

Here are all the components that may make up your total compensation:

Base Salary: Base salary is the foundation of your pay, and represents the money that you get for doing day-to-day job requirements. This number would be either your hourly rate, or your annual salary.

Bonus: Bonuses are an addition to your base salary, and are available to exempt employees. These payments are meant to reward you for going above and beyond your day-to-day job requirements, and can either be given as a percentage of your base pay or in the form of a one-time recognition award payment.

Benefits: Benefits, like health insurance or your retirement account, are perks that NYP subsidizes on top o your compensation. NYP pays a portion of the coverage cost so you have access to benefits that can support you in living a healthy life.

Differential: Differentials are additional compensation that you receive for working under certain conditions. For example, if you have to work on a company holiday, you may be eligible to receive extra pay in the form of a differential, or higher rate.

Merit Increase: Merit increases are raises to your base pay. These raises are determined annually based on your performance in an effort to reward you for your contributions.

Exempt: Exempt employees are typically salaried employees who are not qualified for minimum wage or overtime protection by the government due to their job duties, as defined by the Fair Labor Standards Act of 1938 (FLSA).

Non-Exempt: Non-exempt employees are protected by FLSA, which means that they qualify for overtime pay and are guaranteed minimum wage.

How it Works:

NYP conducts market reviews where the compensation for all jobs, every other year, is reviewed in order to ensure that the pay is fair and equitable for the role that they are functioning in. Some things we look at include:
External competitiveness – NYP analyzes what our competitors are paying to make sure that we remain competitive.
Internal equity – We make sure that all jobs are compensated fairly compared to other jobs in the department, hospital, organization, etc.
We conduct annualmerit increases, where we determine if you’re eligible for a raise based on your performance evaluation.

Your compensation will also be reviewed if you are promoted, demoted, or make a lateral move.

For More Information:

To learn more, contact the Compensation Department by emailing [e-mail] or calling [phone].

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