The Retirement Readiness Crisis in Healthcare: Crisis calls for customized benefits
Main Article Content
Abstract
The healthcare industry plays a vital role in the U.S. economy, employing almost 15% of all U.S. employed workers. Of this group, an estimated 2.5 million plan to retire over the next 15 years. Healthcare employers feel responsible for helping these employees achieve retirement readiness, but most fall short of this goal. There is a looming crisis in the industry because millions of healthcare workers lack sufficient retirement assets. Industry executives generally acknowledge that their one-size-fits-all approach to employee retirement programs has not been successful in helping their aging workers achieve retirement readiness. Differentiating the healthcare workforce by financial needs and goals can help HR specialists design customized, realistic retirement plans that respond to specific employees’ needs. This customization process will help healthcare employers develop the type of robust, realistic retirement programs that can make retirement readiness a definitive priority in the healthcare industry.
Article Details
How to Cite
MORRISSEY, Sean P.; JOHNSON, Joyce E..
The Retirement Readiness Crisis in Healthcare: Crisis calls for customized benefits.
Journal of Economics and Banking, [S.l.], v. 3, n. 3, aug. 2017.
ISSN 2376-2160.
Available at: <https://esmed.org/MRA/econ/article/view/1481>. Date accessed: 22 dec. 2024.
doi: https://doi.org/10.18103/jeb.v3i3.1481.
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Articles
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2. Fidelity. Fidelity study shows increase in nurses’ retirement savings, yet many not confident they will have enough to retire. 2013. Available from: http://www.fidelity.com/inside-fidelity/individual-investing/fidelity-research-shows-more-women
3. Fidelity. Fidelity® report finds physicians in need of financial check-up, as many face retirement income shortfall. 2014. Available from: http://www.fidelity.com/inside-fidelity/employer-services/fidelity-report-finds-physicians
4. Lincoln Financial’s Retirement Plan Services Financial Group. Is retirement readiness an employer or employee responsibility? A survey of healthcare employers on preparing employees for retirement. 2015. Available from: https://www.lfg.com/lfg/DOCS/pdf/wrkplcret/PreparingEmployeesForRetirement.pdf
5. Aon Hewitt. Redefining retirement in the health care industry: Report on retirement benefits in the health care industry - Part Two: Looking deep inside retirement plans in the health care industry. 2015. Available from: http://www.aon.com/attachments/human-capital-consulting/redefining-retirement-part-II.pdf
6. Barlas, S. Hospitals struggle with ACA challenges. Pharmacy and Therapeutics, 39(9), 627-629, 645. 2014. Available from: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC4159055/
7. Bureau of Labor Statistics. Healthcare workforce outlook to 2022. 2012. Available from: http://www.nasrecruitment.com/uploads/files/healthcare-workforce-outlook-to-2022-72.pdf
8. U.S. Census Bureau.. Health care industry statistics. 2015. Available from: http://www.statisticbrain.com/health-care-industry-statistics/
9. American Psychological Association. Fact sheet: Age and socioeconomic status. Washington, D.C. 2016. Available from: http://www.apa.org/pi/ses/resources/publications/factsheet-age.aspx
10. Wilson, B. Registered nurse salary and career outlook. 2015. Available from: http://nursejournal.org/registered-nursing/rn-careers-salary-outlook/
11. Peckham, C. Medscape physician compensation report 2015. 2015, April 21. Available from: http://www.medscape.com/features/slideshow/compensation/2015/public/overview
12. Rosenthal, E. Medicine’s top earners are not the M.D.s. New York Times. 2014, May 17. Available from: http://nyti.ms/1jpkhLo
13. U.S. News. Home health aide: Salary. 2015. Available from: http://money.usnews.com/careers/best-jobs/home-health-aide/salary
14. Cussen, M. P. 9 Factors that affect when you retire. 2017, June 24. Investopedia. Available from: http://www.investopedia.com/financial-edge/0610/9-factors-affecting-when-you-retire.aspx#ixzz3esI4H2PN
15. Aegon. The changing face of retirement: The Aegon retirement readiness survey 2012. 2014. Available from: http://www.aegon.com/Documents/aegon-com/Research/2014-Retirement-Survey/Aegon-Retirement-Survey-2014.pdf
16. Smith, WR. Product differentiation and market segmentation as alternative marketing strategies. Journal of Marketing. 21(1), 3-8. 1956).
17. Wilkie, WL, & Moore ES. What does the definition of marketing tell us about ourselves? Journal of Public Policy & Marketing, 26(2), 269-276. 2007.
18. Perreault, WD, Cannon JP& McCarthy JE. Basic marketing: A marketing strategy planning approach (17th ed.). New York, NY: McGraw-Hill. 2009.
19. Armstrong G & Kolter P. Marketing: An introduction (11th ed.). Upper Saddle River, NJ: Pearson. 2013.
20. Hawkins DI & Mothersbaugh DL. Consumer behavior: Building marketing strategy (12th ed.). New York, NY: McGraw-Hill. 2013.
21. Turkina E.& Surzhko-Harned L. Generational differences in values in Central and Eastern Europe: The effects of politico-economic transition. Journal Of Common Market Studies, 52(6), 1374-1397. 2014.
22. Williams KC & Page RA. Marketing to the generations. Journal of Behavioral Studies in Business, 3, 1-17. 2011.
23. Boudreau JW & Ramstad, P M. Talentship, talent segmentation, and sustainability: A new HR decision science paradigm for a new strategy definition. Human Resource Management, 44 (2), 129–136. 2005.
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25. Mahrer N. Workforce segmentation elicits strongest potential. HR & Talent Management. 2013, December 13. Available from: http://www.hrtalentmanagement.com/2013/12/13/workforce-segmentation-elicits-strongest-potential/
26. Roberts B. . Celebrate differences: Meet diverse needs through employee segmentation. HR Magazine, 57: 1-5. 2012. Available from: http://www.shrm.org/publications/hrmagazine/editorialcontent/2012/1212/pages/1212-employee-segmentation.aspx
27. Author, 2015
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30. AMA Insurance. 2012 Report on U.S. physicians financial preparedness: Segment focuson employed physicians. 2014. Available from https://www.amainsure.com/2014-report-on-physicians-financial-preparedness.html
31. Carnevale AP, Smith N, Gulish A & Beach, BH. Healthcare. Washington, DC: Georgetown University Center for Education and the Workforce. 2012. Available from: https://cew.georgetown.edu/wp-content/uploads/2014/11/Healthcare.ExecutiveSummary.090712.pdf
32. Transamerica Center for Retirement Studies. The retirement readiness of three unique generations: Baby boomers, Generation X, and Millennial. 2014. Available from: https://www.transamericacenter.org/docs/default-source/resources/center-research/tcrs2014_sr_three_unique_generations.pdf
33. Mishel L, Bivens J, Gould E, & Shierholz. The state of working America (12th ed.). Economic Policy Institute. Ithaca, NY: Cornell University Press. 2012. Available from: https://www.stateofworkingamerica.org/files/book/Chapter4-Wages.pdf
34. Fidelity. Retirement savings assessment: America’s retirement score in fair shape – but fixable. 2016. Available from: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/about-fidelity/RSAExecutiveSummary.pdf
35. Beames C. Workforce segmentation: Analyzing and understanding your workforce. 2014, March 5. Available from: http://www.hr.com/en/magazines/all_articles/workforce-segmentation-analyzing-and-understanding_hsf0bvu7.html
36. Spence G. Retirement Readiness: Specialized Care for the Healthcare Community. Lincoln Financial Group. 2012. Available from: http://www.naylornetwork.com/ahh- health/pdf/Feb_Retirement_Readiness_Lincoln_Financial_Group.pdf
37. American Management Association. Leading the four generations at work. 2014. Available from: http://www.amanet.org/training/articles/Leading-the-Four-Generations-at-Work.aspx
38. Howe N How the millennial generation is transforming employee benefits. 2014. Available from: https://www.iscebs.org/Resources/BQ/Documents/bq214a.pdf
39 . Lockard P. The 3 most effective ways to reach baby boomers. 2015. Available from: https://www.dmn3.com/dmn3-blog/3-most-effective-channels-for-marketing-to-baby-boomers
40. Lancaster L & Stillman D. When generations collide: Who they are. Why they Clash: How to solve the generational puzzle at work. New York, NY: Harper Collins Publishers. 2002.