Are employers missing the boat on nursing benefits?
Where do employers miss the boat on nursing benefits?1.Tuition reimbursements or payments
Although most employers offer nurses their 401K, medical and dental benefits the number offering to pay continuing education tuition is lower. It might be a mistake by employers as a survey on a new generation of nurses show that they consider furthering education as the way to boost the salary potential. Nearly 75% of nurses rank salary as the most important thing in job satisfaction. Most of the nurses in millennial and generation X age group consider education as a way to increase their salary potential. The findings show that employers should consider giving tuition reimbursement or pay for continuing education as a recruitment and retention strategy.
Offering nurses salary and benefit packages should not just be attracting good employees, but it is critical to retain them considering that there is a huge demand for nurses. More than 60% of nurses have no problem with changing employers, and about 14% does not mind leaving the profession.2.Tax saving plans
Tax saving plans might contribute party of salary to a saving account. The employer also provides an equal amount. For instance, a hospital might contribute a full amount of 4% of a nurse’s salary. It means that if the nurse earns an annual salary of $200,000 and contributes $8,000, the employer will also add $8,000 increasing the total contribution to $16,000. Nurses like other people want to save and the contribution by an employer towards increasing their savings is a benefit that gives them a boost to work at the facility.3.Fringe benefits
Registered nurses relish fringe benefits throughout their job tenure. Fringe benefits allow them to enjoy their life because they facilitate them to do things that they desire without entire reliance on their contribution. Many employers are now paying total expenses for continuing education for nurses who work for them. Additionally, most free lab work annually to nurses working at their facilities. Besides, these professionals might also enjoy these other benefits.
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- Sick leaves
- Paid holidays
- Paid –time off(PTO)
PTO benefits mean that nurses receive payment for the hours that they do not work. For instance, some hospitals offer between 160 and 180 hours (13-15 days) of PTO to nurses after working for a year. A nurse of paid time off will get pay for all the hours.4.Life insurance
An employer can pay health insurance, but employees will achieve more benefit by receiving life insurance. An employer pays for life insurance at a particular insurance company. It assures nurses that family members will get a lump sum of the amount paid for life insurance in the case of an accident. Most employers offer plans that enable employees to set pre-tax earnings for medical as well as childcare expenses.
Nurse employers can stay competitive be conducting reviews to provide benefits that fit their educational backgrounds, experience and life ambitions. Providing the appealing benefits helps employers to retain experienced staff, maintain high morale and prevent the strikes.