The nursing profession is facing significant retention challenges, with an alarming 23% of nurses considering leaving their roles for travel nursing or entirely different fields. Many cite compensation concerns and burnout as key drivers. As the Head of Rewards and Benefits, you play a critical role in designing programs that can help healthcare organizations retain their nursing workforce by addressing their financial, professional, and personal needs.
Here are strategies to help retain nurses, particularly those considering travel nursing or leaving the profession, and how targeted benefits can make a difference:
1. Leverage the Power of Public Service Loan Forgiveness (PSLF)
One of the most powerful benefits available to nurses working at non-profit hospitals is Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on federal student loans after 120 qualifying payments for those working in public service roles, including most non-profit hospitals.
Why it matters:
Highlighting PSLF in your rewards package can be a game-changer for nurse retention. Nurses who leave for travel nursing or for-profit roles lose eligibility or severely delay their loan forgiveness, forfeiting tens of thousands of dollars in potential financial relief. Communicating the long-term financial benefits of PSLF—such as the ability to have large portions of their student debt forgiven—can incentivize nurses to stay in their current non-profit positions. Use case studies and examples of nurses who have benefited from PSLF to make the program’s value clear.
2. Offer Competitive Financial Wellness Benefits
Financial concerns are a primary driver of nurse dissatisfaction, with 78% of nurses reporting that their household income only meets basic needs. While travel nursing may offer higher immediate pay, there are significant financial advantages to staying in a role that provides consistent benefits like healthcare, retirement savings plans, and financial wellness programs.
What to do:
As Head of Rewards and Benefits, consider offering or expanding programs like student loan repayment assistance, financial counseling, and retirement savings matching. These benefits not only help alleviate nurses’ immediate financial concerns but also show long-term investment in their well-being. Nurses need to understand how these benefits, over time, outweigh the short-term gains offered by travel nursing.
3. Promote Work-Life Balance Initiatives
Nurses are frequently drawn to travel roles because of the promise of flexibility. However, burnout due to long shifts and high patient ratios remains a top reason for turnover in traditional nursing roles. While increasing salaries is important, addressing work-life balance can be just as critical in preventing nurses from leaving.
Actions to take:
Implement flexible scheduling options, such as part-time roles, self-scheduling, or compressed work weeks. Create benefits packages that include mental health support, resilience training, and paid time off policies that are designed to reduce burnout. Offering competitive paid leave and vacation time can encourage nurses to stay in full-time roles where they feel more in control of their work-life balance.
4. Foster a Supportive Work Environment
Building a culture of support and professional development is key to reducing turnover. Many nurses leave the profession because they feel undervalued or unsupported. Travel nursing roles offer a way out, but not necessarily a long-term solution to job satisfaction.
Strategies:
Incorporate mentorship programs, professional development opportunities, and team-building initiatives into your organization’s rewards and benefits packages. Recognizing and rewarding excellent performance—whether through bonuses, awards, or other means—can build loyalty and a sense of belonging.
Additionally, regularly surveying nurses about their needs and satisfaction can help the organization respond proactively to areas of concern.
Conclusion: A Comprehensive Benefits Approach to Nurse Retention
As the Head of Rewards and Benefits, your role in addressing nurse retention is critical. By leveraging programs like PSLF, expanding financial wellness offerings, improving work-life balance, and creating a supportive work culture, you can significantly reduce the number of nurses leaving for travel roles or exiting the field altogether. A targeted and well-communicated rewards strategy that speaks to nurses' personal and professional needs is the key to keeping them engaged, satisfied, and loyal.
Source:
- U.S. Department of Education – PSLF Program
- Employee Benefit Research Institute – Financial Wellness and Workplace Benefits
- National Academy of Medicine – Nurse Burnout
- American Nurses Association – Nurse Retention Strategies
- Incredible Health. "2024 Nursing Trends and Salary Survey Results." Presented by Iman Abuzeid at Monday Session, Sept. 9, 2024 10:30-11:00 AM.
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