The healthcare industry is fiercely competitive, and attracting and retaining top talent is crucial. But what are the qualities employees value most in a workplace?  While salary is undoubtedly important, a recent study by the TIAA Institute reveals that benefits are a major deciding factor for healthcare workers.

This blog post will delve into the specific benefits that matter most to healthcare professionals, along with insights into reducing employee turnover.

Healthcare Workers Prioritize Benefits Over Salary

The TIAA Institute study surveyed over 1,500 healthcare employees and found that benefits ranked second only to salary in terms of job satisfaction. Following closely behind were professional-personal life balance and company culture.

Interestingly, the study also found a generational divide when it comes to benefit preferences.  Employees aged 60 or older prioritized benefits such as health insurance, paid time off, and retirement plans. In contrast, younger workers (under 40) placed a greater emphasis on work-life balance, professional development, and advancement opportunities.

Offering a Competitive Benefits Package to Reduce Turnover

The TIAA Institute study also highlighted a significant challenge in the healthcare industry: staff member turnover. A staggering 21% of healthcare employees indicated a high likelihood of leaving their current jobs within the next two years.

This turnover rate is particularly high among registered nurses and older workers nearing retirement.

The study suggests that employers can address this challenge by offering a well-crafted employee value proposition (EVP). An EVP goes beyond just offering a competitive salary. It encompasses the entire package of benefits and workplace experiences that an employer offers to attract and retain top talent.

Crafting an Effective Employee Value Proposition (EVP)

So, what does an effective EVP look like in the healthcare industry? Here are some key takeaways from the TIAA Institute study:

  • Prioritize health insurance, paid time off, and retirement plans. Healthcare workers of all ages highly value these benefits.

  • Offer opportunities for professional development and advancement: This is especially important for younger workers.

  • Create a positive work-life balance: This can be achieved through flexible work schedules, childcare options, and other initiatives.

  • Cater your benefits package to different life stages: Older workers may value health savings accounts (HSAs) and long-term care insurance (LTC), while younger workers may appreciate student loan repayment assistance programs.

Why LTC as an Employee Benefit?

Including Long-Term Care (LTC) insurance in your employee benefits package can be a valuable differentiator.  LTC helps protect your employees from the high costs associated with long-term care needs, providing them with peace of mind and financial security.

Want to learn more about LTC as an employee benefit?

Watch a short video introduction by Raymond Lavine, a seasoned financial professional specializing in LTC benefits: https://vid.us/fk8hc8 

In addition, we have compiled some helpful resources to answer your questions about LTC benefits:

Why LTC as an Employee Benefits: https://tinyurl.com/3eyaybvr 

What is LTC as an Employee Benefits: https://tinyurl.com/5c5swxfm 

Contact Lavine LTC Benefits today to discuss how we can help you create a comprehensive and competitive employee benefits package that attracts and retains top talent in the healthcare industry.