Want to know what caused
the skilled labor shortage?
Today's workforce shortages began way back in 1946 when America's servicemen and women came home from World War II. They were known as the Greatest Generation. They got jobs, married their sweethearts, and started families. It was the start of the baby boomer generation.
In the '50s and '60s, the baby boomers swelled the U.S. population. In the '70s and '80s, they flooded the workforce. Then in the year 2000, the baby boomers began to retire.
For the past 22 years, the shortage of skilled labor has quietly grown. Ten thousand people a day turn age 65, and there aren't 10,000 replacements a day to fill the vacancies. Long before the pandemic came across our shores, employers were having difficulties finding skilled labor.
In 2020, COVID-19 exacerbated an existing problem, and today we are at crisis levels in multiple industries. From logistics to technology to healthcare, highly trained professionals are hard to find and keep. You should expect skilled labor shortages to last until well beyond 2060.
One of the hardest-hit industries is healthcare. In rural areas, talent shortages are having devastating consequences for the local populations. If you have to wait longer for your Amazon delivery, it's one thing. Still, it's an entirely different story when your loved one has a severe medical emergency, there's no doctor around, and seconds count.
We're here to help. We're Talent Retention Plans
Did You know?
Almost 900 small rural hospitals in the U.S. are at risk of closing unless their finances improve. That's nearly half of all rural hospitals, and it puts about 30 million people at risk of losing access to healthcare.
1) Their costs are too high.
2) Their revenues are too low.
3) Skilled labor shortages force many rural hospitals to turn patients away.
The Talent Retention Plans Solution:
Stops Skilled Labor Turnover
Significantly Lowers Costs
Substantially Increases Revenues
Hospitals need a strategy to retain their highly skilled physicians, nurses, talented executives, and other highly qualified professionals long-term. Simultaneously, they need to acquire new talent to meet the ever-growing demands.
Skilled labor shortages in healthcare have sparked fierce competition for highly skilled talent.
Skilled Labor Turnover is Costing Hospitals Millions Every Year
According to the Department of Labor, the cost to replace a highly educated employee earning $100k and up is more than double their salary. Depending on the specialty and the number of patients served, the actual cost of replacing a physician is around a million dollars. When you add up healthcare turnover costs, the price is staggering.
Talent Retention Plans program can significantly mitigate talent turnover and its enormous costs. Moreover, our cost reduction and tax-mitigation services enable our clients to fund our programs with little to no out-of-pocket expense.
The Key to Talent Retention and Talent Acquisition
Supplemental Executive Retirement Plans (SERPs) are ideal to retain your top talent. As the employer, you have complete discretion to choose which employees can participate in the program. Moreover, you can customize each plan participant’s benefit level to fit the employee better.
Healthcare organizations use SERPS as a retention tool that ensures highly valued team members will remain with the organization for many years to come.
SERPs coupled with long-term vesting periods are the ideal way to retain your most valuable employees. SERPs can keep high-income earners happy and on the job by aligning their long-term personal financial goals with the organization.
American Medical Association
reports reveal that physicians
consider retirement as their
top financial concern.
COST REDUCTION and Special BANK FINANCING
- The Key to Funding
Talent Retention Plans offers a unique and innovative funding solution that enables our clients to implement our program with no out-of-pocket expense.
Our funding solution begins with our cost and tax mitigation service—We guarantee to save our clients anywhere from $1,000 to $4,000 per employee per year. After an initial analysis, the expected savings amount is determined and guaranteed.
You can then utilize that savings to create your talent retention and talent acquisition plan using a SERP.
Talent Retention Plans will arrange special bank financing so that you can fully fund your SERP on day one. The funding is an "interest-only loan" explicitly designed for this purpose, and it enables you to fund the SERP fully for as little as three cents on the dollar.
The result is:
Significant reduction in costs
Substantial increase in revenue
Physician and executive turnover stopped
"Cliff Vesting" guarantees protection for the employer by making it possible to fully recover the investment if the employee fails to complete the vesting period.
Do You Want to Learn More?
The best way to learn if our solution is right for you is to schedule an informal discovery call to discuss an overview of your challenges and what you would like to achieve. We will also give you some key takeaways that you can use right away to start you on your way to achieving your goals.
Get in touch with us and schedule your discovery call today.
"The top talent will be
standing in a line
to work for your organization."
- David Alemian, Founder