The Role of Employee Benefits in Healthcare Staff Retention
We all know that hiring experienced healthcare personnel can be a challenge because of the current shortage of nurses and other medical staff within the United States. Hiring physicians is also not an easy task. This is particularly true in the case of smaller clinics or private practices that may not have a lot in the way of incentives or employee benefits to attract qualified people.
In today’s highly competitive business environment, it is essential to offer benefits packages that make your employees feel empowered as well as valued. One very popular method that is widely used is known as Flexible Benefits or “Flex Benefits”. This type of program is considered to be the ultimate option in employee benefits plans.
Flexible benefits allow for the following:
- Communication of employee benefits in an effective and simple way
- Ability to offer your medical staff significant retail discounts
- Recruitment supports and incentives as well as effective employee retention
- Harmonization of differing benefits structures
- Assurance that your staff will value their benefits program
Providers of flexible employee benefits programs provide you and your personnel with the following assurances:
- Appreciation of the fact that a single "one size fits all" benefits package does not adequately address the diverse requirements of employees in today’s business market
- Allowance for your staff to pick and choose benefits they need within the limitations of the employer’s pre-selected program
- Your medical organization will become recognized as a top rated, respected medical employer
- Ability to effectively interface with your existing payroll and accounting systems
- Harmonization of employee rewards during any period of company reorganization
- Opportunities for your employees to have “hands-on” involvement with their own benefits program as well as greater appreciation of same
- Recognition of the fact that employees are all different; they have their own personal circumstances including the potential for differing needs when it comes to benefits packages
- Allowance for the introduction of new benefits, within the pre-approved budget, if an employee’s situation changes sometime in the future
- Ensures that your employees truly value their individual benefits by giving them a wide range to choose from
Flexible Benefits Plans can include the following types of coverage:
- Dental Care
- Accident Insurance
- Life Insurance
- Vision Care
- Intensive Care
- Cancer Care
- Hospital Care
- Medicare Supplement
Voluntary Benefits Plans:
Another popular employee benefits option is known as a Voluntary Benefits Plan, which gives your staff the opportunity to make voluntary payments allowing them even more empowerment through their own choices. In turn, your healthcare organization’s ongoing recruitment efforts and employee retention are supported without your company having to incur any costs.
Your personnel will receive their voluntary benefits at a considerably discounted price than they otherwise would, if they purchased them directly. Voluntary payments can be made through convenient payroll deductions. This type of benefit plan can also be integrated into your flexible employee benefits program.
At the same time as your employees are receiving all the benefits they want or need, at a significantly lower price, your medical practice actually profits from your staff’s continued productivity and motivation.
Voluntary Benefits Plans can include the following coverage:
- Auto Insurance
- Home Insurance
- Childcare Vouchers
- Gym Memberships
- Legal Insurance
- Travel and Leisure Insurance
- Pet Insurance
By putting together an attractive employee benefits program, HR professionals can help attract and retain top talent in healthcare. A 2012 study conducted by Monster, for example, found that job seekers ranked healthcare plan, vacation time, and pay raise as the most important benefits. Make sure that you review your benefits package from time to time to ensure that you are offering what you need to remain competitive in today’s healthcare environment.