Nursing benefits and the power of appreciation
The US Bureau of Labor Statistics estimates that 203,200 additional nurses will be needed in the workforce each year from now until 2031. This shortage is impacted by the growing number of nurses reaching retirement age, high turnover rates, and increased demand due to the aging population and higher instances of complex health issues.
Indispensable but undervalued
Part of the problem lies in the way nurses are paid, which often makes them feel undervalued. A nurse’s duties do not fall under the same fee-for-service payment model hospitals use to bill for a physician’s care. A recent Vox article states, “Patients end up charged for nurses’ work in the same way they are for housekeeping or Jell-O, as part of the cost of a hospital room.” This payment method fails to represent the scope and importance of a nurse’s work.
Most agree that something needs to be done about the way nurses are compensated, especially now that healthcare organizations are struggling to find ways to combat high nursing turnover rates. While policy is slow to change, there’s one thing organizations can do today to express their appreciation for their nurses: Implement benefit programs designed specifically for their needs.
It’s time for better benefits
Traditional benefit plans for nurses were not designed to account for today’s nursing shortage, and they weren’t designed to account for the differing needs of the various types of nursing professionals. As a result, they do nothing to address the fact that nurses often feel undervalued by their organizations.
MaxWorth has a solution for rewarding every type of nurse, from RNs to nurse executives. Since these solutions are tailored to specific professionals, they can have a bigger impact on an organization’s attraction and retention goals. Furthermore, to ensure longevity, our plans typically include a cost-recovery feature for the organization, so they’ll be prepared to face future shortages and continue to make every nurse on their team feel appreciated for the work they do.
We can help
If you’d like to discuss your nursing benefit programs and how they can be updated to have a bigger impact, schedule a call with one of our plan consultants today.
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