Dive Brief:

• Almost 60% of hospital executives feel they must substantially change their business models in order to survive, and talent management is one thing particularly needing to change, according to a new research report.
• Written by The Economist Intelligence Unit (and sponsored by Prudential Retirement), the report, "Tipping Point: Hospital Resilience in a Perfect Storm," surveyed more than 300 hospital executives who identified business model innovation and the rise of Big Data as other critical priorities for the near term. 
• Attracting and retaining top talent requires a total benefits package, including an attractive retirement program that engages employees early and uses creative strategies to encourage them to save.

Dive Insight:

Scott Boyd, senior vice president and head of Healthcare Solutions for Prudential Retirement, said there are several implications related to an aging workforce that can impact a hospital employer’s bottom line. When an older employee delays retirement, for example, it costs an employer more in compensation costs, since more experienced and tenured workers require higher salaries.  

At the same time, it prevents younger workers from transitioning into those senior roles. This may lead to additional turnover because those top-performing young candidates will seek opportunities elsewhere.