From Paycheck to Peace of Mind: How Financial Wellness Benefits Drive Employee Retention in Healthcare

In today’s high-pressure healthcare landscape, employee retention is more than a staffing metric—it’s a mission-critical priority. Hospitals and nonprofit systems are facing rising vacancy rates, workforce burnout, and mounting competition from private employers and travel nurse agencies. One solution gaining momentum? Financial wellness benefits.

Far beyond buzzwords, financial wellness programs have emerged as a powerful strategy for improving healthcare retention, reducing burnout, and promoting workforce stability. When executed well, these benefits go beyond the paycheck, helping employees reduce stress, plan for the future, and feel truly supported by their employer.

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Why Financial Wellness Matters in Healthcare

Healthcare professionals—from nurses and doctors to administrative and support staff—face unique financial challenges. Many enter the workforce burdened with student loan debt, live with unpredictable shift schedules, and face rising living costs. According to the American Association of Medical Colleges, the average medical school debt exceeds $200,000.

A 2023 PwC Employee Financial Wellness Survey found that 57% of employees said financial stress negatively impacted their performance at work. In healthcare, where performance can mean life or death, this is a red flag employers can’t afford to ignore.

The Link Between Financial Wellness and Retention

Studies show that employers who provide meaningful financial support programs see stronger workforce outcomes. For example:

• A PeopleJoy survey found that employees with student loan support were 58% more likely to stay with their employer for at least two additional years.
  
• Healthcare organizations promoting Public Service Loan Forgiveness (PSLF) and offering tools to enroll saw 22% higher 5-year retention rates.

These benefits aren’t just perks—they’re strategic tools that reduce turnover, improve morale, and protect institutional knowledge.

What a Strong Financial Wellness Program Looks Like

To support retention, hospitals should focus on high-impact, high-usage benefits, including:

• Student loan repayment assistance (SLRA)
• PSLF education and enrollment support
• Access to financial coaches
• Emergency savings tools
• Tuition reimbursement programs
• 403(b)/401(k) retirement contribution matching

Tools like PeopleJoy’s platform provide end-to-end management of these benefits, helping HR leaders scale support across departments and locations.

From Burnout to Belonging

When employees feel financially secure, they’re more engaged, present, and loyal. In a world where healthcare workers are constantly asked to give more, financial wellness is one way organizations can give something back—and ensure their teams stick around for the long haul.

Ready to Build a Healthier Workforce?

Empower your staff to move from paycheck to peace of mind. Schedule a discovery call with PeopleJoy to learn how we help hospitals implement financial wellness programs that drive real results—and get access to our latest white paper featuring key findings from our employee retention and financial wellness survey.