Nurse compensation: Know what benefits matter most
Nursing turnover rates are increasing. In 2019, they stood at 18%, and by 2021, they had risen to 22%. Today, that number has reached 37% in some areas. The full extent of the pandemic’s impact on nurse retention is yet to be seen, and the shortage is already expected to intensify due to other factors like the predicted rise in nurse retirement.
Hospital leaders are taking action to better position their organizations to retain nurses and continue to offer quality care in the face of the growing staffing crisis. Many are offering higher wages, more flexible schedules, loan forgiveness, sign-on bonuses, relocation packages, tuition assistance, and enhanced benefits.
These strategies often work together to make a big impact, and can hopefully help hospitals change the trajectory of nursing turnover. But when it comes time to reevaluate benefits with the goal of making them more attractive to nurses, some leaders don’t know where to start.
What do nurses want?
Nurse.com’s 2022 Nurse Salary Research Report outlines the benefits nurses want most but are not currently receiving. Not surprisingly, different types of nurses have slightly different priorities when it comes to which benefits matter most. RNs’ top three desired benefits are bonuses, malpractice insurance, and profit sharing plans. APRNs want bonuses, profit sharing plans, and reimbursement or paid continuing education. LPN/LVNs want bonuses, reimbursement or paid continuing education, and tuition reimbursement.
Nurses’ differing priorities illustrate the importance of tailoring plans to the specific needs of key employees in order to make the biggest possible impact on attraction and retention.
How MaxWorth can help
We have four solutions for rewarding nurses. Each is tailored to a different group of nursing professionals. This gives our clients the opportunity to implement a unique strategy for each type of nurse they employ. This customization enhances a retention program’s effectiveness by ensuring that every nurse’s plan meets their needs. It also communicates a higher degree of appreciation for their work, which can go a long way towards encouraging them to stay.
If you’d like to discuss your nursing retention strategy with one of our plan consultants, feel free to reach out today.
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