Burnout is a major driver of turnover in healthcare. Long hours, emotional labor, and financial stress create the perfect storm for churn. There’s already a shortage of caregivers, and the demand for these workers is only increasing—and will continue to grow as the US adult population ages 65+ grows substantially over the next several decades. For healthcare organizations, retaining talent isn’t just important, it’s critical.

To stand out in a competitive job market and attract top-tier talent, healthcare organizations must differentiate themselves. Salary isn’t the only factor. Today’s workforce is looking for employers who genuinely care about their well-being. By offering worthwhile, modern benefits that directly address employee pain points, you can distinguish your business from competitors and improve retention. Earned wage access is an ideal option because it directly tackles one of the biggest sources of stress: financial instability.

This article will explore the cost of burnout for healthcare organizations and how providing earned wage access as a benefit can help employers address a root cause of burnout.

The Cost of Burnout on Healthcare Orgs

When employees are disengaged, it can have a ripple effect, damaging team morale and compromising their quality of care. It also has real financial impact on the org:

• Burnout and disengagement in healthcare can cost employers an average of $3,999 per hourly worker annually.

• Turnover can cost 30% to 200% of an employee’s salary.

Earned Wage Access as a Solution

When employees are worried about paying for groceries or credit card bills, their focus and productivity at work suffer. By offering a solution that lets them tap into their wages before payday to cover expenses, you help reduce their stress, allowing them to be more present and engaged when they’re on the clock. Consequently, it’s also a motivator for shift acceptance.

Keeper’s earned wage access platform is strengthening retention in healthcare organizations across the country. By giving employees the ability to withdraw a portion of their earned wages when they need it, they gain a crucial safety net for managing unexpected expenses. This powerful benefit not only reduces financial stress while boosting team morale, but also offers significant advantages for your business.

With no direct or indirect costs and seamless integration with existing payroll and time & attendance systems, Keeper provides an easy-to-implement solution that makes your organization more competitive and supports the well-being of your most valuable asset: your employees.

Want to strengthen retention on your team? Request a demo to see how Keeper helps you retain your best caregivers.