Employers are setting aside an average of 3.9 percent of payroll this year for wage increases, but that's not enough with inflation hitting a 40-year high in February, and employees are asking for more pay, according to The Wall Street Journal.
Many surgery centers were already struggling to keep up with labor costs, and a new wave of workers asking for more money would challenge their budgets. Nurse pay has largely flatlined for ASCs, while hospitals offer large pay increases and sign-on bonuses to keep their units staffed amid nationwide shortages.
Insight Global, a staffing services firm, conducted a survey in March of 1,005 workers and found 75 percent think employers should increase pay during economic inflation. Another 66 percent said they are concerned about making ends meet and may need to start looking for a new job to keep up with inflation.
Workers also want the flexibility to work from home, and 25 percent who are seriously considering looking for a new job will ask bosses for work-from-home options to save money on gas. It's not always possible for ASCs to allow staff or nurses to work from home, but building in more flexibility or time off within their schedules could help surgery centers stay competitive.
"The simplest way to ensure your employees are content in their current roles is to ask them," said Bert Bean, CEO of Insight Global. "Find out what they need. Is it a raise, the ability to work from home, or are they feeling disconnected? By taking the time to listen and understand, employers will be better poised to handle the current challenges our economy is creating and find a path to resolution."
The job market is hot, with low unemployment and many "help wanted" signs across all industries, including healthcare. ASCs across the country are seeking nursing, tech, billing and operations talent. Administrators are in such high demand that some centers are offering a $5,000 sign-on bonus.
While workers are seeking higher pay because of inflation, 66 percent of employers in a Mercer survey conducted in February said they weren't changing their budgets because of inflation, according to a report in The Wall Street Journal.