Revolutionizing Healthcare HR: Employee Retention Tools with Laurel Road

Human Resources (HR) can play a critical role in mitigating compounding challenges in the healthcare industry, including medical personnel shortages, burnout, and high student loan debt among the healthcare workforce.

According to the Association of American Medical Colleges (AAMC), there will be a shortfall of 37,800 to 124,000 physicians by 2034, with similar forecasts for other healthcare workers.

These challenges – many exacerbated by the COVID-19 pandemic – have changed the landscape of healthcare employment and highlight the need for employers to play a significant role in helping their employees find solutions. With the right tools, employers can design benefits packages that help healthcare employees reduce stress, find financial peace of mind, and improve workforce morale.

Challenges facing the healthcare industry

Some of the factors contributing to the staffing shortages that are impacting hospitals and healthcare systems around the US post-pandemic include:

To help alleviate the problem of medical personnel shortages, healthcare employers can focus on understanding the financial challenges facing their workers and design solutions that improve their financial wellbeing, and attract more talent to the field.

The financial challenges facing healthcare professionals

One of the top financial challenges faced by healthcare professionals is student loan debt, and the high cost of advanced medical training deters many from entering the field.

Healthcare professionals are also dealing with the consequences of inflation. Increased costs of living combined with resumed student loan payments after the COVID-19 pandemic have compounded financial stress for healthcare workers.

By offering employees student loan debt assistance that reduces financial stress, healthcare employers can boost recruitment, improve  and help rejuvenate an industry suffering from chronic personnel shortages.

Partnership with Laurel Road

Laurel Road works directly with HR leadership and hospital staff to help employers improve financial resources and services for all eligible employees. We provide turnkey financial solutions that can help healthcare employers attract and retain top talent, and increase employee job satisfaction.

Get started

The setup process for our comprehensive partnership program is simple, efficient, and hands-off for employers. From easy, zero-cost implementation to a toolbox of customized solutions, Laurel Roads offers the expertise to help employers surmount retention challenges, including student loan debt and personnel shortages.

Visit our Healthcare Employer page to download our free guide, or email us to learn how our team can design a tailored program to empower your employees. Get the tools to help your organization not just cope but thrive in the challenging healthcare environment.

Sources:

• https://www.aamc.org/news/press-releases/aamc-report-reinforces-mounting-physician-shortage
• https://www.aacnnursing.org/Portals/42/Policy/PDF/Debt_Report.pdf
• https://pmc.ncbi.nlm.nih.gov/articles/PMC8994131/
• https://www.ama-assn.org/practice-management/sustainability/doctor-shortages-are-here-and-they-ll-get-worse-if-we-don-t-act
• https://www.shrm.org/topics-tools/news/benefits-compensation/employers-explore-repaying-student-loan-debt