According to a recent study, two-thirds (62%) of healthcare workers are willing to quit their job if their benefits package does not improve.
According to a poll conducted by employee benefits technology provider Zest, nine out of ten workers (87%) in the healthcare industry want their employer this year to invest more money in employee benefit packages.
The research found that they will be disappointed because only one out of five (18%) healthcare companies plan to invest in employee benefits in this year.
Zest warned that the result could be a talent exodus. In addition to the 62% who stated that they would quit their current company if they were offered a better benefit package by another company, 38% said they might even consider switching industries.
The warning comes as NHS England will now be abolished, and the health system will undergo significant reform and upheaval.
In a survey of 2,000 UK workers and 872 HR decision-makers, more than eight out of 10 (81%) healthcare workers wanted more financial assistance at work. This is higher than the UK median of 74% across all sectors.
The most desired extra benefit by healthcare professionals was increased pension contributions, as cited by 45 percent of employees polled. Currently, less than half of healthcare companies (18%) offer this.
The other benefits that healthcare workers deemed most important were private medical insurance (PMI), and wellbeing allowances (38% and 30%). Zest said that the two-thirds of healthcare employees who thought their benefits package was insufficient was the highest percentage among all sectors.
Only 48% of respondents felt that their benefits package was worth the money they paid for. This is the second lowest rating of all sectors. The education sector (42%) ranked highest.
The research found that the root cause of dissatisfaction could be a lack of communication.
Six out of ten healthcare workers (60%) said that they knew what benefits they were entitled to. This is the second-lowest percentage in the research.
It was surprising that 99% of health care businesses believed their employees knew about the benefits available.
The benefits packages offered to healthcare employees are generally not satisfactory. Only a quarter of healthcare employees (26%) felt their employer listened and responded to their needs through the benefits offered. 56% said they didn’t use most of their benefits.
Matt Russell, CEO of Zest said that healthcare professionals demand increased financial support from employers and are not afraid to switch to other sectors to obtain it. A talent drain would be disastrous for the NHS given the current pressures.
Without increased investment in benefit packages and a better understanding of what employees want, healthcare organisations risk losing talent. It appears that many HR leaders in the healthcare industry are unaware of how apathetic their employees are when it comes time to engage with their benefits packages. This results in poor value for both the employer and employee.”
Personnel Today offers HR opportunities in Healthcare
Subscribe to our weekly HR news and guidance
Every Wednesday, receive the Personnel Today Direct newsletter.
Browse for more Healthcare HR Opportunities
