Nearly nine out of ten (87%) healthcare workers want their employer invest more in employee benefit this year. According to Zest, only 18 percent of healthcare companies plan to increase their investment. This makes the sector the least likely.
According to the study, 81 percent want more financial assistance at work. This compares with a UK average of 74% across all sectors. The most valuable benefit for healthcare workers is increased pension contributions. 45 percent rated this as their most important. Only 18% of employers currently offer enhanced contributions to pensions.
The importance of Private Medical Insurance (PMI), and well-being allowances, is also a priority for healthcare workers. 38 percent and 30% respectively identify these benefits as being the most important. Many employees are unhappy with their current benefits packages.
Benefit Unsatisfaction
The highest percentage of respondents in any sector was the two thirds of healthcare workers (62%) who felt their benefits were inadequate. Fewer than half (48%) of healthcare employees feel that their benefits are worth the money they spend. This places healthcare in second place, behind only education (42%).
This dissatisfaction can lead to employers losing their staff. According to the research, 62 percent of employees in healthcare would leave their job if a new company offered a more attractive benefits package. Another 38 percent were willing to consider a change of industry.
Many employees do not know about the benefits they can access. Only 60 percent of employees are aware of the benefits that they can receive, which is the second-lowest proportion in all sectors. The perception of employers is very different, with 99 percent believing that their employees fully understand the benefits offered by healthcare businesses.
The risk of a talent drain
Only 26 percent of healthcare employees believe their employer listens to them and responds with relevant benefits. Only 26 percent of healthcare employees believe that their employer is listening to their needs and responding with appropriate benefits. 56 percent of respondents admit that they don’t use the majority of their benefits.
Employers also recognize that benefits play a key role in attracting talent. Nearly all healthcare companies (94%) report that candidates are most likely to ask about benefits during an interview.
Matt Russell, the CEO of Zest, discusses the risks that employers face if they do not act.
He said that healthcare professionals demand increased financial support from employers and they are not afraid to switch to another industry to obtain it. A talent drain would be catastrophic for the NHS given the current pressures.
Healthcare organisations risk losing talent if they don’t invest more in their benefits packages, and better understand what employees want. HR leaders in the healthcare industry are not aware of the lack of engagement by employees with their benefits packages. This leads to a poor return on investment for both employers and employees.
These findings indicate that healthcare employers might need to reassess the benefit strategies they use to increase employee engagement, retain talent, and attract new employees.
