Healthcare industry challenges
The healthcare industry is experiencing a severe talent crisis. High burnout and employee turnover is leading to workforce shortages, skill gaps, and higher patient care costs. Recent data highlights the extent of the crisis:
- The annual hospital turnover rate is close to 21%
- Labor costs are outpacing revenue growth – adding more pressure to already tight margins
- Each percent change in registered nurse turnover will cost the average hospital $262,500 annually
Employees hold all the cards – their roles are in demand, and they will have no problem leaving for an organization that prioritizes their employees. That’s why leading healthcare organizations are increasingly turning to family care benefits to give working caregivers the equilibrium they desperately need between their personal and professional lives.