Healthcare's labor market has never been more challenging. Thoughtful investment in a total rewards strategy is an often overlooked, underutilized way to address your workforce engagement and retention issues.
We're all familiar with today's healthcare challenges. Persistent labor shortages, rising inflation and narrowing margins are crippling health systems' best efforts to maintain a healthy and engaged workforce. Traditional tactics like spot bonuses and continually increasing compensation aren't sustainable. But we keep doing them to meet the needs of the present moment. Who has time to step back and think strategically about employee benefits?
We get it. Strategic planning may feel like a luxury during urgent blocking and tackling. But we see an untapped approach that can significantly improve workforce engagement and retention: a data-driven, employee-centered total rewards strategy.
What is a total rewards strategy?
|Healthcare's continued focus on pay incentives over total wellbeing1|
83% of healthcare organizations report enhancing base salary as part of total rewards.
50% report enhancing variable compensation or bonus programs.
Yet only 28% of respondents have a comprehensive strategy focused on whole-employee health.
Total rewards packages balance the value of employee compensation with the value of their personal work experience. It goes beyond compensation to account for benefits, flexibility, performance recognition and education and career development opportunities. In short, it's a holistic approach to caring for your employees.
An effective total rewards strategy has the power to drive higher workforce satisfaction, increase productivity, and decrease turnover. Total rewards sweeten standard compensation and benefits packages with employee-friendly considerations like work-life balance, remote work and opportunities to grow at the organization. Best yet, it offers a long-term solution to our most immediate workforce challenges. One-off perks won't sway a candidate to join your team or convince a disengaged employee to stay. But a thoughtfully designed, data-driven total rewards package can swing the odds in your favor. Simply put: it's hard to leave a great benefits package.