By Sarah Sipek
Nov. 22, 2015
Recruitment and retention are important at any organization, but at hospitals they are literally a life or death matter. There is currently an ongoing national shortage of credentialed health care professionals in the United States, and given the fact that recent surveys report that it costs an average of about 62 percent of a registered nurse’s salary to replace an employee, the stakes are high.
In an effort to address this challenge, Tallahassee (Florida) Memorial HealthCare offers a comprehensive employee benefits program that emphasizes retirement readiness in particular.
The Retirement Readiness and Financial Wellness at Tallahassee Memorial HealthCare initiative’s primary objective is to educate participants on the organization’s retirement program as well as retirement in general. Employees are able to delve into topics such as how women should approach retirement, what Social Security really provides and how the 2 percent match program works. Employees are also given the opportunity to work one-on-one with retirement specialists to help with future financial planning.
Since the initiative was launched in 2010, the retirement plan is over $175 million and growing, according to the system. But most importantly, employees are benefiting from the organization’s efforts. In fact, more than 175 retirees have returned to work after their retirement in order to continue to build their retirement savings.
“Employees feel comfortable investing money because they are not only being educated through an entertaining session, but also having access to the retirement team and a full report of other investments,” said Phil Bondi, director of compensation and benefits at Tallahassee Memorial HealthCare.
For its use of retirement planning services to recruit and retain employees, Tallahassee Memorial HealthCare is the gold 2015 Optimas winner for Benefits.
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