By now, it’s no secret that the COVID-19 pandemic and subsequent ongoing Great Resignation have permanently altered the healthcare labor market. Employee turnover remains high in healthcare (65.2% in 2022), with sizable numbers of talented, skilled caregivers moving agencies or leaving the industry completely. As a result, employers and HR representatives in the healthcare sector have to focus on unique, innovative solutions to attract and retain healthcare workers. One easy-to-reach-for solution is creating a more enticing benefits package.
Fortunately, benefits don’t have to be extravagant to be enticing. They just have to stand out enough to set you apart from the crowd.
So, what out-of-the-box benefits can you add to your package to attract and keep talented staff? We share our great eight ideas below. But first, let’s unpack why a benefits package is important for increasing staff recruitment and retention rates in the healthcare industry in the first place.
3 Ways More-Enticing Benefits Help You Win at Healthcare Staffing
Following the pandemic, most healthcare workers are concerned not only with financial security, but with their mental, physical, and overall well-being, as well. Acknowledging and embracing these employee priorities by catering your benefits package to meet those needs is a great way to gain an advantage in today’s ultra-competitive labor market.
1. Stand Out Among Top Competitors
The home healthcare sector is a vibrant marketplace. And it’s home to competitors of all sizes, big and small.
Many small healthcare practices assume they are at a disadvantage competing against the benefits packages offered by larger healthcare organizations. But that’s not always the case. Smaller operators can often move quicker and afford to be more targeted in executing upgrades to their employee benefits offerings.
Bottom line, crafting a robust, employee-centric benefits package with relevant programs and incentives is an excellent way to give yourself an edge. That’s especially true for smaller providers, since larger organizations tend to rely on name and reputation to draw in talent.
2. Great Benefits Beat Lower Salaries
A report by Aflac showed that 55% of employees would be more likely to accept a job with lower compensation but a robust benefits package. This means, you don’t need to compete for top talent on salary alone. Improving your benefits package can lead directly to increases in your employee recruitment rates.
3. Increased Staff Retention
Excellent benefits not only attract talented nursing staff, they also help you retain them. 72% of employed professionals state that having more work benefits would increase their job satisfaction. And happy employees tend to stick around in their jobs longer.
8 Timely Benefit Ideas for Healthcare Employees
There are obviously many advantages to having an attractive benefits package in today’s tight labor market. So, what are some benefits you can add to your package to attract nursing staff? Consider these eight excellent examples.
1. Paid Family Leave
Parents make up an overwhelming percentage of the American workforce. Unfortunately, the US has some of the least generous paid family leave policies (for parents and families) compared to other developed nations.
Want to prove to your current and potential employees that your company is different? Show them that you care about their families. Start by allowing more flexibility in your paid family leave benefits. And encourage your employees to take time off to recharge their batteries regularly.
Policies that demonstrate your company’s caring approach to HR are more likely to elicit satisfaction from your employees. And that often translates to the bottom line via improving staff retention rates (lower turnover), as well as benefiting the human side via better team morale and more employee loyalty.
2. Professional Development Classes
There’s nothing more valuable to a healthcare company than its employees, so investing in their success will always bring an excellent return. Equipping your employees with the tools they need to be successful and advance in their careers is a perfect way to attract talented employees with the potential to add greater value to your company.
You can use professional development classes to help them learn new systems and software to improve their skills and to teach them skills they can use to advance to higher positions. Hosting classes also demonstrates your commitment to their success and that you care about their future. They’ll feel valued and appreciated, which goes a long way to increasing referrals that increase employee recruitment.
3. Remote Work Opportunities
The pandemic gave many employees a taste of what remote work can look like in the healthcare industry. As such, many potential hires today may seek to integrate remote work into their positions.
There are a number of logistical and financial benefits (ex: lower overhead costs) associated with a remote workplace. Consider the benefits of introducing a hybrid model for your workplace (just a couple of positions to start).
4. Flexible Hours
Work-life balance is more of a concern than ever as the world recovers from the COVID-19 pandemic. Offering flexible hours demonstrates your commitment to honoring those concerns.
Many healthcare employers allow employees to work longer hours fewer days a week. The added flexibility allows workers to spend more time with their families when they need to, which tends to benefit their mental health, as well.
5. Free Gym Memberships
Offering memberships to local gyms is an excellent way to encourage physical health and another way to say you care about your employees’ overall well-being. This can help you stand out among the competition, especially for prospects who prioritize work-life balance (or like to work out). It can also boost employee productivity if there’s a physical aspect to their essential job functions.
6. Pet-Friendly Policies
Establishing policies that allow employees to bring their pets to work once or twice a week is another great way to attract and retain top talent. It can bring enjoyment into their day and even improve employee relationships as they bring more of their personal life into the workplace.
7. Student Debt Assistance
Many jobs in healthcare require some level of college education. And many college graduates end up taking on student loans to attain their degrees. Student loan repayments are a big concern for younger workers entering the labor market.
Loan repayment assistance programs are another excellent way to invest in the people who help your business succeed. Employer contributions not only reduce financial hardship, they encourage employees to become more financial literate and adopt healthy financial practices.
8. Cash Bonuses
Even though money isn’t the only motivator for today’s employees, advertising cash bonuses is still a great way to attract and recruit prospective talent. You may offer cash bonuses worth a few hundred dollars upon signup and cash bonuses for meeting performance benchmarks.
Find and Retain Talented Healthcare Workers with an Enticing Benefit Package
When you add unique benefits to your benefits package, you stand out among the crowd and increase employee recruitment, satisfaction, and retention. This ensures that your healthcare company can continue to thrive and experience success in the future.
Coming up with completely new recruitment strategies and policies into your workflows and processes can be a daunting task, which is why Empeon is here to help you. We provide comprehensive HR and payroll software to automate key processes in the employee management journey, including benefits. Contact us today to see how our software solutions can streamline your company processes.