TIAA Institute report finds one in five
full-time healthcare employees at risk for turnover within the next
two years: holistic Employee Value Proposition may slow
trend
NEW
YORK, May 21, 2024 /PRNewswire/ -- Health
insurance, paid time-off and access to a retirement savings plan
top the list of benefits valued most highly among healthcare
employees, with no other benefit coming close. That is according to
a new report released today by the TIAA Institute that looked at
registered nurses, physicians and surgeons, other medical and
non-medical professionals and office and administrative staff in
hospitals and healthcare systems.
The report, Toward an Employee Value Proposition (EVP) in the
Healthcare Sector identifies the benefits and features that are
most important to healthcare employees when seeking new employment
or deciding to remain with their current employer. An EVP is a mix
of rewards and benefits that make working for an organization
particularly attractive that should also respond to the needs and
expectations of the organization's workforce.
The report is released during a critical time as hospitals and
healthcare systems continue to struggle with recruitment and
retention in the post-pandemic environment. According to the
report, 21% of full-time employees are at risk of turnover within
the next two years, including 25% of registered nurses and 24% of
physicians and surgeons.
"The key to attracting and retaining top talent lies within the
tangible and intangible rewards of working for an employer," said
Surya Kolluri, Head of TIAA Institute. "Organizations should
recognize key priorities and use the various life stages of their
employees as a guide to create employee value propositions that are
timely and relevant."
Researchers say, when asked to identify the three benefits most
important to them, healthcare survey respondents most often cited
health insurance (83%) paid time-off (83%) and a retirement savings
plan (76%) among their top three. These top three were consistent
across age groups. While a retirement savings plan ranks third
among the most valued benefits, survey responses show having access
to a retirement savings plan is important to both older (89%) and
younger employees (54%).
"Saving for retirement is a top priority for just over half of
healthcare employees under age 40," said Colin Pierce, Head of Healthcare Practice,
TIAA. "As younger employees recognize the value of saving
early for retirement, it is up to employers to offer access to
plans, including lifetime income, to provide the financial security
employees want. A well-crafted employee value proposition extends
far beyond dollars and cents. EVPs are the biggest sales pitch
employers can offer to attract and retain top employees."
In the survey, respondents were additionally asked to review a
list of 11 job features and identify the three most important to
them. While healthcare employees often cited salary as a most
important job feature, 31% nonetheless did not rate it in their top
three. Benefits and work-life balance were next in line, but still
less than 50% rated them in their top three most important.
Workplace flexibility and workplace culture were each cited by
one-third as a top three most important job feature.
Sixty-three percent of those at risk of turnover rate staffing
and resource shortages as a big problem at their current job.
Stress and burnout (56%) and lack of appreciation (48%) are also
big problems for them.
The report is the latest from the Institute around employee
value propositions compared to workforce priorities.
About the TIAA Institute
The TIAA Institute is a think-tank within TIAA , conducting
cutting-edge research in the areas of financial literacy and
longevity literacy, lifetime income, retirement plan design and
behavioral finance in the context of retirement. The Institute
provides consulting services for higher education and the broader
nonprofit sector. For more information, visit
www.tiaainstitute.org.
About TIAA
TIAA is a leading provider of secure retirements and
outcome-focused investment solutions to millions of people and
thousands of institutions. It is the #1 not-for-profit retirement
market provider1, paid more than $5.6 billion in lifetime income to retired
clients in 2022 and has $1.3 trillion
in assets under management (as of 6/30/2023)2.
Learn more about TIAA
Read the latest TIAA news
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1 As of July 21, 2022.
Based on data in PLANSPONSOR's 403(b) 2022 DC Recordkeeping Survey,
combined 457 and 403(b) data.
2 As of June 30, 2023
assets under management across Nuveen Investments affiliates and
TIAA investment management teams are $1,284
billion.
©2023 Teachers Insurance and Annuity Association of America-College
Retirement Equities Fund, 730 Third Avenue, New York, NY 10017
GPS-3592511PM-O0824P
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SOURCE TIAA Institute