Maintaining an effective workforce can be challenging
Understanding key market dynamics surrounding healthcare and the possible impacts to your clients and their organizations are critical to achieve long-term success.
Hospitals are on pace to have to replace virtually half of their staff every five years, according to a recent report.1
High turnover is costly
Estimated employee turnover is projected to be 28% in healthcare jobs.2
Mergers and acquisitions
Hospital merger and acquisition activity increased 74% from 2010 to 2017 and is anticipated to continue.3,4
Recruit, retain and retire
See how the team at Mount Sinai Health Network is working with TIAA to administer their plan while working to attract and retain top talent.
Help your clients improve their ability to recruit, retain and retire employees
The first step is to understand and address the diverse needs of your clients’ organizations. Help them take a fresh look at their benefits offering—starting with their retirement plan—to uncover ways to strengthen their workforce.
You can start by asking the following 3 questions.
Is their retirement plan competitive enough to attract and recruit a skilled diverse workforce?
Does their retirement plan include financial education and advice to help engage and retain their employees?
Can their retirement plan deliver outcomes that lead to the retirement readiness of their diverse employee-base with varying financial needs?
We are here to help you address these key questions and help your clients take action.
Get a copy of our Proactive Proposal to learn more.
1 “Hospitals Nationwide Face Unprecedented Turnover, Report Says.” FierceHealthcare, 11 May 2017, www.fiercehealthcare.com/healthcare/report-hospitals-nationwide-face-unprecedented-turnover .
2 eCareers, Health. “Staff Turnover Top Concern for Healthcare Recruiters.” Health ECareers, 26 Sept. 2017, www.healthecareers.com/article/healthcare-news/staff-turnover .
3 Ellison, Ayla. “Hospital M&A Activity Jumps 55 Percent in 6 Years: 5 Findings.” Becker's Hospital Review, 2018, www.beckershospitalreview.com/hospital-transactions-and-valuation/hospital-m-a-activity-jumps-55-percent-in-6-years-5-findings.html .
4 KaufmanHall. 2017 In Review: The Year M&A Shook the Healthcare Landscape, https://www.kaufmanhall.com/sites/default/files/2017-in-Review_The-Year-that-Shook-Healthcare.pdf .