Modernizing Total Rewards for the healthcare industry
A healthcare industry workforce imperative
The healthcare industry is behind
Our recent Future of US Healthcare Industry report estimates that the US will face a shortage of 100,000 critical healthcare workers by 2028. To combat these shortages, healthcare organizations should be looking at examples outside of the healthcare industry to examine how cutting-edge industries are attracting and retaining their talent. Healthcare is behind in this arena and organizations that just look within the industry will miss opportunities to enhance their much-needed competitiveness.
When constructing their approach to Total Rewards, healthcare organizations should:
- Lead with listening with the intent of taking actions on their findings.
- Get to the heart of issues rather than use total rewards as a “band-aid”.
- Identify where they can shine by focusing on value and what’s wanted.
- Engage for impact by focusing on maximizing understanding and utilization for what you have.
Healthcare organizations that take a more modernized approach total rewards will attract and retain top talent, be the healthcare organizations where people want to work and seek care, have a healthier employee population and better patient outcomes. A true win-win for everyone!
² People Risk 2024, US Healthcare Industry cut, Mercer Marsh Benefits
³ Mercer’s 2023 Inside Employees’ Minds© Study, Results for Healthcare Industry
4People Risk 2024, US Healthcare Industry cut, Mercer Marsh Benefits
of healthcare leaders said their reward packages are not meeting the needs of an increasingly diverse workforce²
concern for healthcare employees is workload / life balance, behind #1 covering monthly expenses, and #2 ability to retire³
of healthcare leaders say their organizations do not have an effective, clearly defined EVP that includes tailored reward/benefits practices and positive employee experience.4
healthcare leaders are concerned in their inability to offer competitive total pay and benefits.4
things that help employees thrive are pride in organizational purpose, sense of belonging, and feeling valued for contributions.
Listen to our podcast on modernizing total rewards in healthcare
Our third episode, Modernizing Total Rewards for the healthcare features Total Rewards Strategists, LaCinda Glover and Ben Merrill, joined by John Derse to discuss why healthcare organizations must put focus into modernizing Total Rewards. They provide insights on the rapid changes occurring across the workforce that have fundamentally changed the relationship between employees and their employers. They challenge healthcare organizations to move beyond benchmarking when developing their programs and utilize new employee listening tools and technology to understand the unmet needs of their increasingly diverse workforce.
Explore our entire Healthcare Insights Podcast Series on Spotify or Apple as we highlight key developments and work we’re seeing done in healthcare to address the pervasive workforce challenges – talent shortages, burnout, workplace violence, dwindling financial margins and more. This series focuses on real solutions and the associated risks of action or inaction from the industry.
