Staying ahead of changes in the workforce is crucial to your clients and their organization
Workforce data is staggering.
Market dynamics
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.
Industry growth
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
Video
Recruit, retain and retire
See how the team at Temple University Health System is working with TIAA to administer their plan while working to attract and retain top talent.
Transcript
View From the Top
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
My name is Frederick Berger. I work for Temple University Health System. I’m the Manager of Benefits, Compliance and Administration.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
My name is Paul Csigi. I’m the Director of Benefits and Pension Administration for Temple University Health System in Philadelphia, Pennsylvania. Our organization is comprised of about 10,000 employees.
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
And we have a 403B plan and a 401A plan which support each other. Our goal as a benefits department is to provide excellent benefits to attract and retain top talent.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
When we are looking for a business partner, we want people that we can deal with; people who we believe are honest and ethical. You want a company that’s got systems in place that not only help you administer your benefits…
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
And also looking out for our employees in retirement so that they’re able to retire comfortably and have assets for the rest of their lives.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
I think that TIAA exhibits everyone one of those qualities, to the highest degree I can imagine.
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
Because of the relationships we have built over time with them, shown us that they have our employees as their top priority.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
When we moved to a sole record keeper, we had specific things in mind and TIAA was to solve for everyone one of the issues that we needed out of a sole record keeper. They did it in a way that was seamless. Well, I would recommend TIAA unreservedly.
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
We feel like they’re an extension of our benefits department. We have that level of trust with them that we’re able to say ok TIAA can do this for our employees and I don’t lose sleep at night worrying about it.
My name is Frederick Berger. I work for Temple University Health System. I’m the Manager of Benefits, Compliance and Administration.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
My name is Paul Csigi. I’m the Director of Benefits and Pension Administration for Temple University Health System in Philadelphia, Pennsylvania. Our organization is comprised of about 10,000 employees.
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
And we have a 403B plan and a 401A plan which support each other. Our goal as a benefits department is to provide excellent benefits to attract and retain top talent.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
When we are looking for a business partner, we want people that we can deal with; people who we believe are honest and ethical. You want a company that’s got systems in place that not only help you administer your benefits…
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
And also looking out for our employees in retirement so that they’re able to retire comfortably and have assets for the rest of their lives.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
I think that TIAA exhibits everyone one of those qualities, to the highest degree I can imagine.
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
Because of the relationships we have built over time with them, shown us that they have our employees as their top priority.
Paul Csigi/Director – Benefits and Pension Administration/Temple University Health System
When we moved to a sole record keeper, we had specific things in mind and TIAA was to solve for everyone one of the issues that we needed out of a sole record keeper. They did it in a way that was seamless. Well, I would recommend TIAA unreservedly.
Frederick Berger/Manager – Benefits, Compliance and Administration/Temple University
We feel like they’re an extension of our benefits department. We have that level of trust with them that we’re able to say ok TIAA can do this for our employees and I don’t lose sleep at night worrying about it.
Proactive proposal
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.
Resources
Institutional Consultant Toolkit
We’ve created a guide specifically for Consultants like you to use as a resource to help your clients optimize their retirement planning process and address the needs of an evolving workforce.
Additional resources
Help your clients build a successful retirement program with purpose
Offering a competitive retirement plan that includes comprehensive advice can help your clients put their employees on a more confident path toward retirement and improve satisfaction with their plan. Read more and check out the resources below.
Get in touch
Contact the consultant relations team
We're here to help you better serve your clients and expand your business.
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 .
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