According to the Bureau of Labor Statistics, healthcare employment will grow 15% by 2029 – faster than any other occupation. Yet, while hospitals may hire a lot of staff, they are extremely challenged to retain them. Many healthcare professionals are leaving the industry, retiring or simply choosing not to work with patients anymore. Providing or improving retirement benefits is a smart way to address such retention issues. The following recommendations can help:
- Automatically enroll employees
Automatic enrollment is proven to be one of the most effective features available to plan sponsors for increasing participation rates. And in tight labor markets, you want to make things as easy as possible for employees.
- Offer a financial wellness program
Many employees struggle with paying bills, saving for a rainy day and other fiscal issues unrelated to investments. By providing a financial wellness program, you can help them not only plan for retirement, but also manage debt, save for college and more.
- Make smarter investment decisions
It’s part of your fiduciary responsibility to perform due diligence on investments before they are selected and to monitor their performance to ensure they remain appropriate options for your participants.
For a healthcare retirement plan report card and information on how ADP can become your retirement ally, download our insight.