NewsHealthcare worker shortage prompts hospitals to raise salaries

Healthcare worker shortage prompts hospitals to raise salaries

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Hospitals are raising salaries and improving benefits to address the nation’s healthcare workforce shortage, particularly among nurses, according to a new Aon survey.

Over the past year, 61% of hospitals reported higher turnover rates among nurses, and 41% experienced higher turnover in non-physician clinical positions. The study also found that 22% of hospitals reported that physicians are leaving their positions at higher rates than last year.
Hospitals reported the highest turnover rates among physicians with 1 to 3 years of tenure.

Hospitals are now taking significant steps to address these workforce shortage concerns. In the past year, 70% of U.S. hospitals have implemented or increased signing bonuses, according to Aon. Fifty-two percent of hospitals have also implemented referral bonus programs to encourage recruitment.

In addition, hospitals are addressing healthcare worker compensation. The study found that 59 percent of hospitals have increased starting salaries and 54 percent have increased minimum wage scales in the past year.

Hospitals have also increased premium benefits for employees, such as more flexible work options, more personal leave, and financial wellness and planning – all up nearly 10% from 2022.

Sheena Singh, senior vice president of Aon’s national healthcare industry practice, said the healthcare workforce shortage “threatens to impact patient care and accelerate burnout among clinical staff. As a result, health systems have prioritized investments in total rewards and support for workforce resilience and mental health.

Despite significant increases in benefits and compensation for healthcare workers, the study found that health systems remain concerned about their workforce in 2024.

More than 80% of HR leaders say they are most concerned about employee access to mental health services, employee burnout, offering competitive rewards to attract and retain talent, rising healthcare costs, and improving health outcomes.

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