I enjoy numbers. While this may come as a shock to those who know me best, I secretly (well, prior to this confession!) love nothing more than to look at statistics. I obsessively check Google Analytics multiple times a day to see how our web numbers are trending. And I love to analyze why certain articles perform better than others online.
So, whenever it’s time for our annual compensation and job satisfaction survey, I get excited. Every year, I work alongside of 24×7’s statistician to pore over the data and see what’s changing, what’s staying the same, and what’s trending in the healthcare technology management (HTM) market. (Click here to see for yourself.)
In 2020, it seems, the answer was a lot. While COVID-19 undoubtedly wreaked havoc on the healthcare sector, it also appeared to impact HTM professionals’ salaries. After recording financial gains in nearly all job categories in 2019, the HTM sector saw salaries largely stagnate in 2020. (The one major exception? Directors/executives, who recorded 9%, year-over-year salary growth.)
One respondent of 24×7’s 2020 compensation and job satisfaction survey remarked that COVID-19 led to the “loss of employer 401K matching, as well as my annual bonus,” with other survey respondents revealing that their workplaces froze raises. Despite being “overworked—especially at the beginning of the pandemic,” HTM department members aren’t seeing the fruits of their labor, one individual lamented. “[No one in my department] has received a raise and some have even seen pay-cuts. It’s been eye-opening for sure.”
Also eye-opening are the statistics related to salary satisfaction. While I (falsely) assumed that survey respondents would be disgruntled about their compensation level (After all, who wants to do more work without seeing more pay?), this wasn’t the case at all. Overwhelmingly, respondents of 24×7’s 2020 compensation and job satisfaction survey felt their salaries were fair.
Put simply, “the pay is good,” one survey respondent said. Another respondent took this sentiment one step further, calling his or her salary one of the best parts of working in HTM. The flexibility was a close second, the respondent added.
In addition to satisfaction with their salaries, respondents of 24×7’s 2020 compensation and job satisfaction survey were also sanguine about the field as a whole. Nearly half of survey respondents—a solid 46%—said they were “very likely” to promote the HTM profession to others, with a further 19% saying they were “likely” to do so.
And of all the numbers, I believe these are the ones that speak the most.
Morning Keri,
Well since the survey came out and you tabulated the numbers so things have changed, at least for us in Northern Michigan. Our Hospital Network has been very supportive of our Biomed group all along. that translated into positives for us at the end of 2020. We received a system wide bonus to all employees that have stayed working through the pandemic and our Biomed Department received a 5% raise with the top end moving up also. So I guess for some of us our employer was able to compensate for everything we did last year. Just wanted to share some positive with everyone.