Question

In gathering data for its pay policies, what product markets would a city’s hospital want to use as a basis for comparison? Give details as to the specific product markets you would be suggesting.

thanks

Answer 1

The City hospital must look the Labor market to its near by cities. It must compare its pay policies with other competitors situated in the same cities . It might see the parameters like tax structure, supply and demand availability of the professionals in the health care along with low skilled employees availability in the marketplace. It should analyze the hospital chain which are paying above the industry norms and which are paying below the industry norm.

It even categories its data collection whether a super speciality, a clinic , OPD service facility or critical care unit.