Health care workers seek financial supports from employers, survey finds

The health care employment picture is not a pretty one. After the chaos of the pandemic, nurses are striking, health care professionals are fleeing the field, and health systems are scrambling to fill critical roles as they attempt to rebalance their balance sheets decimated by the pressures of fighting a worldwide plague.

How can these system managers restore order? A recent survey by financial wellness benefit solutions provider Purchasing Power offers insights into the financial health of health care workers, and what they expect from employers if they are to stay on the job.

Purchasing Power surveyed some 500 health care employees earning less than $100,000 a year on topics including compensation, workplace benefits, monthly expenses, and their expectations of current, or new, employers.

More than half (53%) believe their employer pays below industry averages, a situation exacerbated by a heavy workload and an overall lack of benefits. Many find themselves in an extremely precarious financial position: 48% have less than $1,000 in savings, and 11% have no savings at all.

But a pay boost isn’t the only improvement they seek. Eight of 10 said benefits were just as important as salary. More than a third of those who changed jobs in the past two years did so because they wanted a better overall benefits package. For health care plan sponsors, that represents an opportunity for them to include financial wellness options for job candidates.

How important are benefits to these workers? Those who said they had changed jobs cited three main factors behind their switch. Pay was No. 1 – 56% listed it as their top reason. Four in 10 cited work/life balance as a top motivator. But 35% rated the benefits package as a priority for changing jobs. And many cited a benefits package that includes financial wellness components as part of an attractive offer from an employer.

Most employers apparently fail to understand this, the survey indicated. Two-thirds of respondents said their current employer doesn’t take an active role in their financial wellbeing. This oversight contributes to the ongoing churn in the health care industry, Purchasing Power said, which costs organizations dearly as they constantly seek to fill key positions.

What exactly are these employees looking for? The top five types of financial support were:

• Medical deductible financing (31%)
• An employee purchase program using payroll deduction over time (31%)
• Student loan repayment benefit program (29%)
• Low-interest installment loans and in-person financial counseling (tied at 21%)
• Bill payment programs (18%)

“Employers must ensure their total rewards packages continue to meet the evolving needs of their employees. Regularly communicating the availability of these competitive packages through preferred channels will boost employee awareness and can improve participation rate,” the report said.

Related: Essential health care workers deserve better financial benefits

“Health care professionals are looking for voluntary benefits and financial wellness options that help them address challenges they are facing today. A comprehensive offering of long-term, short-term voluntary benefits can help employees manage their monthly expenses while helping them better prepare for the unexpected.”