The benefits packages offered through employers are a driving force to accept a new job offer, or may attract us to stay in the position we are currently in. The American Hospital Association (AHA) estimates by the year of 2026 a shortage of 3.2 million healthcare workers. The shortages are attributed highly to worker burnout from increased work demands and high stress occupations in healthcare. It has become increasingly vital for organizations to consider a competitive employee benefits package to attract new talent and to retain current healthcare professionals. Benefits packages include health and wellness, financial and retirement plans, time-off and leave benefits, and work-life balance perks. Benefits packages are second to compensation when considering whether a job is worthwhile. Today we live in a society where people are quicker to job-hop, and we appear to be living in a “gig” era where this has become the new norm.
Federally mandated benefits provide employees with a universal safety net to ensure they have access to healthcare coverage, financial support when sick or on leave, and a way to prepare for retirement. The federally mandated employee benefits include Social Security and Medicare, unemployment insurance, worker’s compensation, and health insurance. In 1935 following the Great Depression, the Social Security Act was passed to provide financial support to the elderly who could no longer support themselves. Medicare was formed later in 1965 to provide Americans over the age of 65 healthcare benefits. Worker’s Compensation was created in 1911 to help financially support those injured on the job. Funds are withheld from employees’ paychecks to accumulate a balance of benefits which may be used as needed. Standard benefits packages alone are not enough these days to attract prospective employees and often current talent is at risk of resigning when finding a job with better benefits.
Additional workplace benefits include paid vacation time, holiday pay, alternate retirement packages such as 401(k), 403(b), and pension plans, bonuses, flexible work schedules, health promotion programs, student loan forgiveness, caregiver assistance, mental health supports, and additional perks which emphasize work-life balance. Additional benefits which offer tax advantages are available and include FSA, HAS, and DSA plans. Flexible Spending Account (FSA) is a pre-tax benefit employees may use for eligible out-of-pocket healthcare expenses. A Health Savings Account (HSA) is a tax-advantaged savings account for those with high-deductible insurance plans to help off-set the deductible costs by offering a triple tax-advantage since contributions are pre-tax, earnings grow tax-free, and eligible withdrawals and expenses are tax free. A Dependent Care Flexible Spending Account (DSA) allows employees to set aside pre-tax dollars for eligible dependent care expenses which helps with childcare costs, elder care, and after-school programs by reducing taxable income to offset the costs.
In my personal experience as a past business owner who had zero benefits, and an employee now working as a dental hygienist, I have not had the experience of great benefits packages. In dental offices the limited number of employees makes it difficult to receive the benefits larger organizations can offer. Corporate dentistry can offer more attractive benefits packages, but the philosophy on patient care is subpar in comparison to private dentistry and focused on revenue over quality care. As a consumer it is important to decipher what benefits are most important to you. I plan to find ways to increase job satisfaction by advocating for a benefits package to better meet the needs of a diverse population to limit the “one size fits all” approach. I am frustrated in my career in dental due to the lack of benefits available and this is a contributing factor for me to pursue a new career as a healthcare administrator.