Shifting healthcare pay model to prioritize essential workers

The pandemic has put stress on the healthcare industry in many ways, including those not often thought of – timely payment and high turnover. In this guest post, Jeanniey Walden, CIMO of a provider of earned income software, will explain how hospitals can quickly evolve their pay model to better support their work culture and reduce stress.

From the essential health workers tasked with treating patients while adhering to intense health and safety guidelines, to the back-office employees that must keep the system running remotely, the entire healthcare industry has reinvented itself in just a few short months.

This reinvention challenged every aspect of the health industry’s infrastructure, costing millions and placing cost-efficiency goals on hold. And through it all, health employers must keep their biggest asset top of mind: their employees. Some organizations were quick to adapt, changing the way they compensate employees, redirecting project dollars to avoid furloughs or pay cuts, and designing new benefits to help the entire household.

The coronavirus shows no signs of letting up, creating continued health risks, financial strain and stress for workers – all of which could yield higher turnover rates across the industry this year. The need to provide healthcare workers with flexible access to their earned income has created a new urgency for an employee-centric pay model that decreases turnover while increasing productivity.