It’s no surprise that COVID-19 has caused burnout among employees in the healthcare industry, and it’s also no surprise that 1 in 5 healthcare workers, according to Morning Consult, have left the industry due to COVID-19. However, that’s not the only reason it’s getting harder to keep employees.
COVID-19, burnout, salary, and benefits are among the top reasons why retention rates are getting worse in the healthcare industry. One way hospitals can improve their retention rates is by paying attention to the financial needs of their employees. By integrating a financial wellness program into overall employee benefits, employers show their employees they are willing to invest in their overall well-being, which leads to more engaged and committed employees.
With a financial wellness benefits program, employees will get:
1. Guidance through their personal financial journey with one-on-one coaching
One-on-one coaching is the key to a successful program. While educational materials can be helpful, your employees are unique people with unique journeys. Coaching meets them where they are and helps guide them toward a better financial future.
2. Assistance in creating a plan to pay off student loans
Student loans are the burden of a generation and if your employees are anywhere between the ages of 22 and 50 there’s a good chance they are dealing with student loans in some form. Financial coaching can help employees feel confident they are on the right path to being student loan debt free by helping them prioritize their goals and create a realistic path forward.
3. Guidance through the Public Service Loan Forgiveness (PSLF) program
If you are in a non-profit healthcare system your employees may qualify for the Public Service Loan Forgiveness (PSLF) program. This program has a bad reputation for being difficult to navigate which is why a team of coaches dedicated to walking your team through these steps is absolutely essential. Additionally, your organization plays a role in the application process for your employees so being up to date on what is necessary for getting your employees to forgiveness is a big piece of the puzzle.
4. Programming that’s accessible 24/7
Medical staff works around the clock to serve their patients, so it’s absolutely necessary that their financial wellness benefits be available to them whenever they have the time to invest in themselves.
Although employers can’t solve COVID-19-related stress and burnout, they can provide their employees with a financial wellness benefit that will relieve them of their financial stress, which will help keep them satisfied and wanting to stay. Studies show that healthcare employees are struggling. According to the TIAA Institute, 46% of healthcare workers feel that their financial condition has worsened in the past year, and 70% want help from their employer. Your Money Line is your solution.
Your Money Line takes a holistic and empathetic approach to financial wellness. By providing 12 hours a day, 5 days a week, access to expert guides plus 24/7 access to our dashboard, YML is dedicated to being the financial confidant your employees need. Through our dashboard, we offer tools, articles, courses, guidebooks, and an assessment to determine where participants are financially. Our Financial Guides are all Certified Financial Planners® and/or Accredited Financial Counselors®, and more importantly, they are trained in empathy and meet your staff where they are. At Your Money Line, we provide multiple different approaches to financial wellness because we know that everyone’s needs vary – from triage to accountability. To learn more about how Your Money Line can help contact us here!