Think you’ve thought about everything when it comes to budgeting for benefits in the healthcare industry? Think again! There are super simple ways to optimize your benefits budget that are so easy, you probably aren’t even thinking of them.
Benefits make up 32% of total compensation on average. In this highly competitive market, you can’t afford to skimp. But don’t worry, there’s ways to provide excellent benefits for your healthcare workers, and not destroy your budget.
To ensure you’re getting the most out of your budget, go over every line. Compare what you have to what was spent last year - take industry standards into account too. (Psst. Not sure what those are? We’ve compiled data from top healthcare relocation policies to give you head start.). Don’t just look at the headlines of your budget - examine every line item.
To provide optimal benefits, look beyond your benefits spend. Look at the complete compensation package to get a better picture of what will work best for your employees and your budget.
Moving underutilized money can lend more to the benefits portion of your budget - without asking for an increase in your total budget. For example, in your relocation budget - you could cut back on short-term housing by offering more home-finding trips. Remember, when you’re analyzing your budget, the numbers aren’t written in stone until the final approval.
What are other hospitals in your area offering in their benefits packages? If you can’t answer this question, you aren’t doing your budget any favors. Of course you want to be at or above the competitor’s offerings, but how do you know what those are if you haven’t researched it?
This is the age of information - a simple Google search can tell you all you need to know! Glassdoor is an amazing resource that gets employees to spill the tea on organizations. Check out information on salary, health insurance, PTO, work culture and more. Find your competitor’s weak spots and adjust accordingly to ensure your benefits stand out.
Check out competitors' job postings. Are they offering flexible scheduling? That’s a top priority for a lot of nurses and a benefit that doesn’t impact your bottom line at all. Many hospitals will list their entire benefits package in the job description to entice prospective healthcare workers - use this to your advantage!