With a few weeks remaining in fiscal year 2024, Yale New Haven Health recently shared an update on the Performance Incentive Plan (PIP) program goals and performance as of the end of quarter three, which was June 30, 2024. Results for most measures in the categories of Safety and Quality, Patient Experience, Employee Engagement and Financial Performance were meeting threshold and target goals (see the employee intranet for details and the PIP results for your individual delivery network).
PIP is a discretionary rewards program for eligible employees in YNHHS organizations where the program is applicable. Employees are asked to collectively meet tiered goals and may receive a financial reward based on goal achievement. Goals are tied to YNHHS’ strategic priorities and designed to improve performance in essential areas.
The size of the reward shared by eligible employees at year-end is determined by the degree to which each entity achieves its goals – maximum exceeds expectations, target meets the goal, and threshold is acceptable, but falls short of target.
This year, eligible employees could potentially earn a PIP payout of up to 3 percent of their eligible earnings. Final payout will be based on hours and earnings during fiscal year 2024. To qualify for PIP, employees must work at least 1,000 hours during fiscal year 2024 and be active employees on the payout date. (This applies unless expressly superseded by a collective bargaining agreement.)
Final results will be announced after the end of the fiscal year. Any potential payout will be awarded in December 2024.
Perspectives | August 29, 2024
