Healthcare Workforce Stability Through Financial Wellbeing Resources
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The healthcare industry is facing a critical challenge as the COVID-19 pandemic has led to a high rate of healthcare workers (HCWs) switching employers or leaving the field entirely. While higher pay has been demanded by healthcare employees, simply throwing money at the problem may not address the root cause. Healthcare organizations facing financial concerns can find a solution in investing in their employees’ financial wellness, which can boost retention and recruitment while positively impacting the bottom line.
Healthcare Workers Leaving in Droves
- Turnover rates for HCWs have surpassed 30% since the pandemic began.
- Personnel shortfalls are now the top concern for hospital CEOs, signaling more challenging times ahead.
- Research indicates a significant segment of the workforce seeks change beyond the pandemic’s impact.
%
US healthcare employees planning to leave their job within the next two-tothree years.
The Cost of Turnover for Healthcare Providers
- The average net negative cost of losing an RN is $46,100, totaling up to $9 million annually for the average hospital.
- The downstream effects of turnover, like excessive overtime and reliance on travel nurses, intensify challenges for healthcare providers.
Healthcare Workers Are Burned Out, and Financial Stress Is a Major Factor
- Financial stress is a leading cause of burnout among healthcare workers.
- Debt is a significant burden for HCWs, with student loans averaging over $50,000.
- Financial struggles impact critical financial practices like saving for emergencies.
Financial Wellness Resources Are Vital for Retention and Recruitment
- Offering financial education and counseling can help HCWs with their financial decisions.
- Utilization of financial wellness benefits leads to positive outcomes for employees.
- Financial wellness programs are a powerful recruiting tool, with Generation Z employees valuing employer guidance.
%
of workers felt it was important for their employer to offer a financial wellness program.
Financial Stress as a Reason for Employee Departure
- Financial concerns drive HCWs to leave their healthcare jobs.
- Relief from financial stressors does not solely come from higher pay, but from understanding financial management.
The Impact of Financial Education and Counseling on Retention
- Employees stressed about finances are more likely to seek new jobs, emphasizing the need for financial support.
- Companies offering financial wellbeing programs experience increased retention rates.
The Bottom Line Benefits of Financial Wellness
- Offering financial wellness resources not only improves retention but also reduces absenteeism and enhances productivity.
- Healthcare providers can positively impact both employee finances and overall enterprise by investing in financial wellness.
The Call for Change
- High turnover and reliance on travel nurses are unsustainable for healthcare providers.
- Healthcare organizations must address employee demands for greater financial security and benefits.