The healthcare industry is booming. That’s just a fact. It’s one of the fastest growing sectors of the U.S. economy, and it shows no signs of slowing down. But with that spectacular growth also comes high levels of stress, heavy financial burdens, and significant emotional burnout for employees in the healthcare industry.
As an HR or benefits professional in the industry, it’s likely that none of this surprises you — but it might be surprising to know just how impactful financial wellness as an offering can be for healthcare employees, or how it can work as an antidote for many of the pains that come to those who work in the industry. Here are five reasons why healthcare organizations are adding financial wellness to their competitive benefits programs.
Healthcare is the fastest growing sector in the economy.
The healthcare industry is the fastest growing sector of the economy, estimated to grow 19% between now and 2024. That means that an increasing number of Americans will be exposed to the specific pain points relevant to working in the healthcare industry.
Add that to the long hours and the high stress, and when can anyone expect to find time to keep their financial affairs and plans in order? That’s where a financial wellness benefit comes in. It helps your team by arming them with the knowledge and skillset to make financially savvy decisions, and to stay on track towards important goals like retirement.
Graduate School Costs for Medical Schools Have Never Been Higher.
As an HR or benefits professional in the healthcare industry, there’s a good chance you’re surrounded by people who have graduate degrees — and that all but guarantees a big helping of student loans. More than 80% of medical school graduates carry debt. Specifically, the average medical school debt is $190,000, and the average pharmacy school debt is $163,000.
Sure, salaries for many healthcare positions can be competitive in some cases and lucrative in others — but that doesn’t negate the heavy strain loans can place on the average American’s shoulders. A good financial wellness program is like a free degree for your workers, one that helps to get them out of the financial hole that their other education might have put them in.
There’s Crazy Turnover in the Healthcare Industry.
The healthcare sector might be growing, but it’s also hemorrhaging — with employee turnover, that is. In fact, the turnover rate for healthcare employees is almost as high as service industry workers. That’s right: nurses leave their jobs almost as often as waitresses do.
As you can imagine, this is a massively expensive phenomenon for hospitals. The average cost for a hospital to replace one nurse can be anywhere from $38,000-$58,000 — and when you zoom out, the annual turnover of nurses for an average hospital can lead to annual losses of up to $8 million. Given that financial stress is one of the top causes for employee burnout, offering financial wellness resources to your healthcare employees can serve as one unique incentive for your team to stick around.
Long hours demand guidance on the go.
Does any industry have stranger or longer hours than those who work in the healthcare? When you consider the average schedule of a nurse or doctor, it’s no surprise that they might not have time to sit down and pore through their finances after finishing a graveyard shift at the hospital.
That’s the beauty of online financial wellness resources like LearnLux. Digital benefits not only provide easily digested information on finances, but they offer that guidance for those who are always on the go. That’s why it’s essential for financial wellness programs to be mobile-friendly: so that a nurse, pharmacist, or practitioner can take a quick crash course on the financial topic of their choice in the fifteen minutes they have free between patients.
Healthcare Is an Inherently High Stress Field.
When you add up the long hours, the years and years of graduate school, the debt from those years of graduate school, and the high pressure to perform, it’s no wonder that employees in the healthcare industry are susceptible to some of the highest rates of burnout of any field of work.
And when you consider that financial stress is the number one cause of stress in the modern workplace, it’s pretty easy to understand why a doctor working 100-hour work weeks with hundreds of thousands of dollars of debt might start to feel the pressure. You can’t solve those hours, and you can’t get rid of the debt — but you can offer your healthcare employees the tools to strive for financial wellness, and that is no small gift.
For more information on financial wellness in the workplace, check out LearnLux’s high tech, high touch solution for companies looking to be a leader in employee benefits.