Maintaining an effective workforce can be challenging
Understanding key market dynamics surrounding healthcare and the possible impacts to your organization 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 Temple University Health System is working with TIAA to administer their plan while working to attract and retain top talent.
Improve your ability to recruit, retain and retire employees
The first step is to understand and address their diverse needs. Take a fresh look at your organization’s comprehensive benefits offering—starting with your retirement plan—to uncover ways to strengthen your workforce.
You can start by asking yourself these 3 questions.
Is your retirement plan competitive enough to attract and recruit a skilled diverse workforce?
Does your retirement plan include financial education and advice to help engage and retain your employees?
Can your retirement plan deliver outcomes that lead to the retirement readiness of your diverse employee base with varying financial needs?
We are here to help you address these key questions and 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 .