Hospitals and health systems can save money, strengthen recruiting and retention, and improve health outcomes by investing in the financial health of your workforces
Personal financial coaching for nurses is smart business.
Happy Certified Nurses Day to all of you nurses out there, caring for our loved ones.
We see you.
We appreciate you.
We think about how to strengthen your financial health, to build a future in which every nurse,
indeed, every (healthcare) worker has access to equitable personal financial coaching, financial products, and services.
Which means, among other things, that we have a message for your employers.
Personal financial coaching for nurses is smart business
Dearest employers of nurses out there, hospitals and health systems:
Save money, boost retention and recruiting, and improve patient outcomes by investing in the financial health of your workers with TrustPlus.
Recruiting and retaining quality staff remain the top healthcare issues according to The 2023 NSI National Health Care Retention & RN Staffing Report, which finds the average cost of turnover for a bedside RN to be $52,350, a 13.5% increase, resulting in the average hospital losing between $6.6m—$10.5m.
The RN vacancy rate remains critical nationally with over seventy-five percent (75.4%) of respondents reporting a vacancy rate in excess of ten percent: “The RN Recruitment Difficulty Index jumped an extra eight (8) days to an average of 95 days. In essence, it takes over 3 months to recruit an experienced RN, with med/surg presenting the greatest challenge.”
Eek. Turnover costs you money and it’s only getting more expensive, a truth you undoubtedly already know.
Personal financial coaching boosts retention, recruiting
Could a modest investment in personal financial coaching—and in connecting your workforce to smart financial products and services designed to help them make the most of their hard-earned paycheck—pay huge retention dividends?
Per PNC’s Financial Wellness in the Workplace Study, 80% of employees say they would stay longer with an employer that offered more financial wellness benefits.
75% of employers say workers’ financial stress negatively impacts business while 96% say financial wellness benefits improve retention.
Expanding your financial wellness benefits to include TrustPlus and personal financial coaching, specifically, is one way to boost retention and differentiate yourself in the battle for talent (See Brittany Trang’s “Is there a nursing shortage in the United States? Depends on whom you ask,” in Stat).
DIY employee financial education resources are becoming a thing of the past.
TrustPlus puts the personal in personal financial coaching
The personal financial coaching element is important. It’s an often-overlooked cornerstone that tends to differentiate successful financial wellness initiatives from human-resource budget black holes:
“One-size-fits-all financial education has little to no effect on changing real-world financial behaviors. A meta-analysis of more than 200 studies found that educational interventions explained only 0.1% of the financial behaviors studied.”
Employee financial education, alone, is not enough.
So, if you’re going to augment your financial wellness benefits package, then make sure you are investing in a personal financial wellness solution, in TrustPlus.
Healthcare workers, especially, are stressed about finances
68% of healthcare workers say they find managing their personal finances to be stressful, compared with 56% of all adults.
A majority of healthcare workers say that stress about their personal financial situation has negatively impacted their sleep (64%), their mental health (59%), their self-esteem (56%), their physical health (53%), and their personal relationships at home (53%).
Roughly 40% of healthcare workers say “their financial stress negatively affected their productivity and relationships at work compared with just about one-quarter of respondents overall.”
There’s more: salaried workers in the survey who do not work in the healthcare industry were significantly more likely to report that their personal financial situation had no negative impact on other aspects of their lives in the past year.
More than one-third (36%) of non-healthcare salaried workers report no negative impacts due to personal finances, compared with just 29% of healthcare workers.
Bananas!
Invest in personal financial coaching for nurses
This Certified Nurses Day, we work toward a future in which all nurses and healthcare workers have access to personal financial coaching, products, and services, free from the financial insecurity they disproportionately experience.
This added stress from financial insecurity negatively affects their productivity and relationships at work and is already costing you money.
What are you going to do about it?
(The improving health outcomes thing is loosely based on connections among financial health and mental health, stress and personal finances being a the top employee stressor, employee productivity and employee wellness. If you’re still reading and thinking about these connections then perhaps we should chat.)
Schedule a time with TrustPlus to discuss personal financial coaching and capturing the benefits of a financially healthy workforce.
