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Turnover is draining healthcare. Is your benefits package helping—or hurting—your bottom line?
Every CHRO knows: the war for talent in healthcare is fierce. But what if you could turn a line-item expense—like student loan assistance—into one of your strongest retention and recruitment strategies?
Let’s unpack how this one benefit delivers measurable ROI—and why it’s time to rethink what value really means.
🚨 Turnover in Healthcare Is Financially and Operationally Devastating
The average cost of replacing a nurse? Over $50,000. For a physician? Well north of $250,000.
Hospitals and health systems face:
- Skyrocketing recruitment costs
- Burnout-driven exits
- Aging workforces
- Stiff competition from travel and telehealth roles
Yet despite investing in signing bonuses and traditional perks, retention still lags. Why?
Because today’s healthcare professionals—especially Millennials and Gen Z—crave financial wellness, not just free coffee or wellness stipends.
And their #1 financial stressor? Student loan debt.
😫 Ignoring Student Debt Is Costing You More Than You Think
More than 70% of healthcare workers carry student loan debt, and many say it affects job satisfaction and career decisions. Here's what that means for you:
🔹 Engagement drops when employees feel financially trapped.
🔹 Turnover rises as clinicians leave for PSLF-eligible or loan-assistance-friendly employers.
🔹 Recruitment struggles grow as your org loses its competitive edge.
Financial stress is a top cause of presenteeism and absenteeism. But here's the kicker: it’s preventable.
💡 The Solution: Student Loan Assistance That Delivers Real ROI
Enter: PeopleJoy, a trusted partner helping healthcare systems turn the student debt crisis into a competitive advantage.
Here’s how student loan benefits with PeopleJoy pay for themselves:
✅ Retention Increases – Staff are 60% more likely to stay if they receive loan assistance.
✅ Recruitment Improves – Use PSLF optimization as a unique selling point for new hires.
✅ Engagement Soars – Financial peace = higher productivity, lower burnout.
✅ PSLF + Coaching = Big Savings – We’ve helped employees save over $60,000 each in projected loan forgiveness.
Hospitals using PeopleJoy’s services report up to 5x ROI when factoring in reduced turnover and hiring costs.
📈 The Data Doesn’t Lie
A 2024 SHRM survey found that:
- 86% of HR leaders say student debt benefits impact loyalty.
- Organizations offering student loan assistance see up to 37% higher retention within 24 months.
- 76% of healthcare CHROs said they’re evaluating loan assistance as part of next year’s budget.
Still wondering if it’s worth it? The question is no longer if you should offer it—but how fast you can launch it.
🌟 Take the Next Step Toward Smarter Talent Strategy
In a world where purpose and payoff intersect, offering student loan help isn’t just a perk. It’s a talent magnet.
📞 Call PeopleJoy today at (267) 310 - 2723
🌐 Visit us at www.peoplejoy.com
💼 Let’s build your strongest workforce yet.
