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Medical Groups are Rounding out Compensation Packages With More Benefits
Healthcare workers typically accept new positions based on the wages and salaries associated with the role, but more medical groups are recognizing the importance of providing a comprehensive compensation package.
The healthcare industry is increasingly focused on providing a host of add-ons such as paid time off, bonuses, health insurance contributions, and professional development reimbursements that help to attract qualified medical professionals.
By creating dynamic packages that combine monetary benefits with other forms of compensation, these medical organizations can appeal to today’s workforce in creative and meaningful ways.
Where Medical Groups are Investing
MGMA found that almost half (45%) of medical groups added or increased benefits for employees in the past year. Here’s where they’re investing:
With an increasingly competitive labor market, medical employers are offering employees more paid time off in order to differentiate themselves from other healthcare organizations. This can include parental leave, floating holidays, birthday PTO, flex days, and changes to PTO rollover/accrual policies to adjust when new employees can attain increased PTO accrual rates.
As a way to help healthcare workers with stress and burnout, medical groups are adding access to paid counseling services and discounts for wellness retreats.
–Reduced Health Premiums
Employer contributions to health insurance plans are rising, and many medical groups are looking to hold premium increases to a minimum.
Increased matching in 401k plans is becoming more commonplace as medical organizations look to provide employees with a more secure retirement plan.
Staff are getting access to new benefits including short and long-term disability plans, life insurance, other supplemental health coverage, and pet insurance.
More funding for professional development and for paying down existing student loans.
Doubling Down on Engagement
Beyond benefits, and pay healthcare workers want their jobs to be inspiring. They want to feel vital to the organization and appreciated in their work. Workers perform their best when they see how the quality of their work matters to the big picture.
VISTA Staffing is committed to helping. Whether you’re a healthcare organization looking for a specific provider or a clinician looking for locum tenens or permanent opportunities, VISTA is your full-service staffing partner.