In case you missed our recent webinar with SIA (Staffing Industry Analysts), Branch’s CEO and Founder Atif Siddiqi participated in a discussion with Daniel Hixon Founder of Goodwork, Bridget Hoefling President & Owner of Tri-State Nursing, and Crystal Fullilove Healthcare Analyst for SIA. The discussion centered around what today’s healthcare workforce wants—and how selecting the right benefits and offerings for them can improve retention, boost morale, and drive business growth. 
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Read on to discover three key takeaways from our discussion—and some of the exciting possibilities for the future of this crucial industry.

Takeaway #1: Worker Needs Are Changing

During the webinar, the group touched on the evolving landscape of workforce benefits. We shared results from our 6th annual Branch survey, which found that while hourly workers still want to be compensated well and enjoy traditional benefits like paid time off, new offerings like flexible scheduling and faster pay are also rising on the list. These types of perks give more control and optionality to today’s workforce as they navigate full lives outside of work as well as potentially juggling other jobs, too. 

Workers who aren’t getting what they need from a company or platform have more options than ever to change jobs, whether that’s within healthcare or even exiting the healthcare system. As you evaluate your benefits, it’s important to make sure they’re evolving with the changing needs of your workers—and actually making a meaningful difference in their lives.

Just as scheduling flexibility gives workers optionality and control, fast payments provide another type of flexibility in terms of budgeting and cashflow.

“Workers expect more flexibility and control,” Branch CEO Atif Siddiqi said during the webinar. “Just as they have more flexibility in their schedule and remote work, they’re also looking for flexibility in their pay. This can give them more control over their finances so they are potentially less reliant on more predatory measures such as payday loans, high-interest credit cards, etc.” 

Takeaway #2: Burnout is Real—And a Real Threat to Retention

It’s no secret that healthcare workers have been burned out for quite some time, and that the height of the pandemic exacerbated the issue greatly. Since 2020, 18% of healthcare workers have quit their jobs; and it’s predicted that 1 million new registered nurses will be needed by 2030 to meet demand. 

Healthcare platforms are no longer just competing for talent within the healthcare industry; they’re competing across other industries too, as workers consider all options. 

Providing faster access to pay is one way to address burnout, even offering the potential to boost engagement and shift pickup in the process. As Daniel Hixon from Goodwork said during the webinar,  “when you offer the immediate gratification of getting paid when a shift is over, we see people pick up more shifts.”

He also noted that providing fast access to pay is one way to build trust and establish loyalty with your workforce. 

“Everyone wants to feel respected,” he said. “The most fundamental thing about respect is doing what you say you’re going to do. [Clinicians] need to get paid what you agree to pay them on time—and the more frequently you do that, it instills a greater sense of respect. The frequency of pay does make a big difference. Psychologically, if they’re getting paid once a week compared to every day, that just instills more respect and can at least minimize some of the pain of burnout. People feel like they are getting the money they need to take care of what they need to; and that the agency they work for is trying to do right by them.”

Bridget Hoefling from Tri-State Nursing echoed that sentiment, saying that faster payments “make the clinicians a lot more at ease,” she explains. “When they’re at work, they can concentrate on what they need to concentrate on, which is the patient experience. It also seems to build more loyalty with us because it proves that we mean what we say: if we say we’re going to pay you quickly, we’re going to pay you quickly.”

Related: Read more about Tri-State Nursing achieved real-time payments with Branch.

Takeaway #3: Faster Pay is Great; A Comprehensive Financial Wellness Strategy is Better

All of the panelists agreed that listening to your workers is crucial when it comes to determining which benefits to offer—and how to help people feel supported. 

As Hixon said: “You have to be on the phone having real conversations with employees. You’re not going to know which benefits to offer your people unless you know them.”

Siddiqi pointed out statistics from an Aflac report that found 78% of employers believe their workers are satisfied with their benefits—but only 59% of employees expressed that same satisfaction. “It’s about meeting workers where they are and providing benefits that are actually relevant to them,” he explains. 

“When we started Branch we looked at the traditional benefits employees had access to. They were more focused on long-term needs: FSAs, HSAs, 401(k)s, etc. But we were focusing on how we can also help them meet those short-term needs,” he explains. “Faster pay is just one tool; you need to look at financial wellness holistically.”

It’s what’s inspired us at Branch to add features into our product including a savings goal, spending insights, cashback rewards, and other features that can help people better manage their money. And it’s also why we maintain a dedicated financial hub that allows us to provide financial education targeted to the needs of workers.

For modern staffing agencies and platforms, attracting and retention is about providing the best experience for workers through a mix of compensation, benefits, technology, and perks that makes sense for their lifestyle. Offering faster pay amid a backdrop of a holistic financial wellness platform is one way to bring meaningful benefits to hardworking employees of any industry. 

Check out the full webinar and a free bundle of related resources here!