By David Alemian
There is a huge talent shortage in this country. In every industry, good help is hard to find. But nowhere is the problem more critical than in healthcare.
For the last 12 years in a row, the top two challenges for healthcare CEOs have been rising costs, and talent recruitment and retention. In rural areas, those numbers are reversed and talent recruitment and retention, is the number one problem, and rising costs are number two.
This is a big problem that is only going to get worse…a lot worse.
By 2025 the U.S. will be short 500,000 nurses, let that sink in for a moment, and think of it… a half-a-million short. Moreover, we’ve got some very serious challenges when it comes to training new ones. Every year, over 70,000 nursing school applications are turned down because we don’t have the professors, the classroom space, or the clinical space to train them.
Where is this shortage coming from?
- We’ve got an aging population that’s living longer and developing chronic illness. In addition, that aging population is growing fast…10,000 people a day turn age 65. This is an active group that relies on modern medicine to keep them going.
- The nursing workforce is largely made up of women, and women have a lot more career choices today than they did in the past.
- Hospital staffing shortages are causing nurses to be overworked, stressed, and burnt out. As a result, many have left the profession. Presently, there are about 500,000 licensed nurses who are not in the nursing workforce.
The question is how to incentivize this group of nurses to return to the workforce. The average age of this group of nurses is 49 years – it’s the age when most people become seriously concerned about ever being able to retire.
Healthcare organizations looking to attract experienced nurses, should focus their attention on the long-term desires of this group of experienced nurses. A benefits package that includes a lifetime retirement income would be very attractive. To retain these nurses long-term the employer attaches a 20-year vesting period to the benefit. It’s a win-win for both parties. The employee gets a lifetime of financial security, while the employer saves money on enormous turnover costs and expenses associated with understaffing.
If you have questions or comments send an email to David@theAlemianfile.com, or visit my website The Alemian File Facebook page. Please make sure you “Like” the Alemian File Facebook page when you visit.
About David Alemian
Successfully creating affordable retirement plans guaranteed to last a lifetime is a unique, specialty skill. It’s a challenging arena but respected writer David Alemian makes it look easy. Alemian is a leading retirement expert and nationally recognized authority whose expertise is shared via video columns, numerous journals, and talk-shows.
His national recognition results from both revolutionizing and revitalizing how organizations and individuals like you and me plan and save for retirement. Alemian is considered “The Go-To Guy” for creating and implementing absolutely irresistible, lifetime retirement pension programs.
Formerly the host of “It’s About Money” Radio Show, Alemian has also produced and is featured in over 200 financial education videos. Additional content can be found in many well-respected, publications including: MD Magazine, Physician’s Money Digest, Physicians Practice, Journal of Clinical Oncology, Consultant Live, Psychiatric Times, Cancer Network, OB/GYN.net, and The Healthcare Executives Network.
This article reflects the thoughts and opinions of the author and is being provided for educational and informational purposes only. It should not be considered financial or tax advice. Please consult your financial or tax advisor about your situation.