Integrating Monetary and Non-Monetary Retention Incentives for the U.S. Navy Dental Corps Officers Utilizing the Combinatorial Retention Auction Mechanism (CRAM)
Abstract
This research focused on the Navy Dental Corps community because of the retention challenges encountered, especially at the senior Lieutenant and Lieutenant Commander Ranks. The Dental Corps has retention goals by accession cohort and specialty mix to support the correct number of specialty trained officers to meet billet requirements in support of Navy and Marine Corps Dental Readiness. The requirement is to retain a healthy number of Dental Officers by specialty and pay grade to meet both clinical needs, and maintain senior leadership capability in the future. This research used the Universal Incentive Package (UIP) auction and Combinatorial Retention Auction Mechanism (CRAM) to identify the cost savings opportunities for the Navy, while retaining the optimal number of Dental Corps officers. Additionally, this research summarized the importance of creating a balance between monetary and non-monetary incentives. The Oracle Crystal Ball Monte Carlo simulation indicated that CRAM outperformed monetary only and universal auction mechanisms with an average savings between 24 and 30 percent. This research concluded that 61 percent retention level could be achieved by offering CRAM with an average savings of 24 percent over monetary only and UIP. The research concludes that CRAM provides an opportunity to individualize benefits that are not only valued by Dental Corps officers, but are also cost effective for the Navy. For the Navy to achieve its retention goals and becoming a top-50 employer, it is imperative to create a balance between monetary and non-monetary incentives. This not only enhances morale but also overcomes workrelated challenges.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 2010
- Accession Number
- ADA518581
Entities
People
- Neil D. Cascardo
- Sandeep Kumar
Organizations
- Naval Postgraduate School