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Still, a majority said they would take less pay for more flexible hours
The vast majority of workers don't feel like they're paid enough, with only around one-third believing that their pay is equitable. This has a number of different consequences, including an increase in employees wanting to leave, and a decrease in engagement with their work.
On top of how those workers feel about their employers and jobs, it can also have negative effects on health, from both a physical and mental standpoint, especially among healthcare workers, a new survey found.
A Harris Poll, commissioned by intelligent nurse staffing company IntelyCare and on-demand pay provider DailyPay, surveyed over 2,068 U.S. adults; of those, 197 were healthcare workers, and it found that a majority cited stress over money as having a negative impact on a variety of issues.
In all, 64% said it affected their sleep, 59% said it affected their mental health, 56% said it affected their self-esteem, 53% said it affected their physical health, and 53% said it affected their relationships at home.
When it comes to their finances, 68% of healthcare workers said they find it stressful to manage their finances, compared to 56% of Americans overall, and 52% said they feel less confident about their personal financial situation compared to a year ago.
Even worse, most don't expect it to get better any time soon: 79% said they are at least somewhat worried that changes in the economy will have a negative impact on their personal financial situation in the next six months, including inflation and a potential recession.
A majority also expressed worry about paying their bills, such as for groceries and food, rent and mortgage, gas, and utility bills; as such, 73% said it is important to them that their employer provides them with tools and resources so they can manage their financial stress.
Given that the burnout rate among healthcare workers reached 60% in late 2021, perhaps its not surprising that one way to give them peace of mind is through more flexible work hours: while 71% said that their employer cares about their mental and physical health, and that their employer gives them the flexibility they need to manage their personal life during work hours, a majority said they would be willing to reduce their pay for even more flexible work hours.
A whopping 30% said they would be willing to reduce their paycheck by 10% or more if they had more flexible working hours.
Founded in 2015, IntelyCare is a platform that give nurses the flexibility of being a gig worker, meaning they can pick up extra shifts and augment their income when it’s convenient for them. It uses artificial intelligence to schedule and match nursing professionals with open assignments, while also giving the healthcare organizations more control over their staffing.
The company partners with post-acute facilities who post available shifts which are viewable by company's tens of thousands nurses, who get to choose how much, how often, when, and where they want to work.
The company's AI incorporates dozens of data elements, and more than 600,000 observations, such as past behavior, time or day of shift, medical specialties and certifications, geography, pay rates, and familiarity with a facility, to present nurses with the shifts they’re most likely to accept. The wages that nurses earn through IntelyCare are dynamically priced based on the ease or difficulty of filling a shift.
The company raised a $115 million round of funding earlier this year.
"With the ongoing healthcare labor shortages plaguing this country, it's very disheartening to see that so many of those who remain are struggling. With inflation and the holidays coming, we need to get smart about how we help our healthcare workers. Hiring bonuses and raises that are offset by rising living costs will not translate to building sustainable workforces," David Coppins, co-founder and CEO of IntelyCare, said in a statement.
"We've spent the last few years at IntelyCare actively listening to our 50,000 nurses and aides. We've had tremendous success in terms of hiring and retention in large part due to offering differentiated financial benefits and working with partners like DailyPay."
(Image source: apcoworldwide.com)
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