Nursing Retention: Tailored benefits may be part of the solution
The correlation between nurse-to-patient ratios and patient outcomes has been well documented. So, the growth in nursing turnover is not a good omen for the trajectory of quality of care in America. Our nurses are concerned, and many are making demands, hoping that higher wages will help keep nurses at their posts.
Nurses fight to be heard
Beckers reports that 15,000 members of the Minnesota Nurses Association plan to picket this month, calling for hospitals to prioritize patients over profits. The union points a finger at executive pay as evidence of hospitals’ misplaced priorities. Its president, Mary Turner, RN, states, “Our healthcare system is in critical condition. Hospital executives with million-dollar salaries have created a staffing and retention crisis, which is pushing nurses away from the bedside.”
The association is asking for a 39 percent increase in wages, which the Twin Cities Hospital Group says is “not realistic.” The gap between nurses’ demands and what their organizations are able to afford might indicate that a more creative solution is needed. At MaxWorth, we believe organizations can start to improve their nurse retention by reevaluating their benefit plans.
Nursing benefits typically come in the form of standard qualified plans like 401(k)s. These plans were not designed to help organizations navigate staffing shortages, and they weren’t designed to account for the differing needs of the various types of nursing professionals. As a result, they aren’t doing much to attract or retain nurses.
The power of better benefits
A benefit plan that’s tailored to nurses’ needs is a more powerful attraction and retention tool. It makes staff members feel valued, and it might even help mitigate demands for pay increases that are higher than organizations can currently afford.
MaxWorth can help
MaxWorth has four solutions for rewarding nurses, and each is tailored to a different group of nursing professionals. These solutions provide organizations with a means of navigating current and future nursing shortages without compromising their bottom lines.
If you’d like to explore our approach to nursing retention, schedule a call with one of our plan consultants today.
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