Issue link: https://beckershealthcare.uberflip.com/i/1544994
35 EXECUTIVE BRIEFING The Health-Wealth Connection as Workforce Strategy at BayCare Inside the inaugural TIAA Institute Louise Whitfield Carnegie Award Healthcare is serious business, Care delivery requires sure hands, clinical expertise, physical stamina and emotional intelligence. The people who show up every day to care for others have always faced demanding work, and recent pressures have added considerably to the weight healthcare workers bear. One in four healthcare workers intend to leave their job within two years, with more than 90% citing burnout as their primary reason. The United States faces a projected shortfall of up to 300,000 doctors and nurses over the next decade, according to research compiled by the TIAA Institute.¹ Financial stress, emotional exhaustion, an expanding aging society and a growing disconnect between the demands placed on healthcare workers and the support they receive are converging into an existential challenge for the industry. Yet forward-thinking health systems are finding new ways to support the people behind the care. The TIAA Institute, which has produced landmark research on retirement readiness and financial literacy for over two decades, has studied this challenge closely. And Stephanie Conners, president and CEO of Clearwater, Fla.-based BayCare Health System, has been actively addressing it on the ground in West Central Florida. When financial stress follows you home The TIAA Institute's research mission centers on helping people and institutions make better decisions for financial well-being and retirement security. Increasingly, that aim has led the Institute into healthcare. "Health and wealth are not two separate conversations," said Surya Kolluri, head of the TIAA Institute. "Indeed, we think of them as two sides of the same coin. We simply cannot have meaningful conversations about financial security and well-being without also taking health into account. And on the other hand, we cannot talk about health without acknowledging economic forces that shape access, quality and the outcomes." Almost two in five healthcare workers say personal finances are their top worry outside of work,² according to TIAA Institute research. Growing evidence draws a strong connection between financial strain and mental health conditions, including anxiety, depression and anger. Workers describe finishing grueling 12- hour shifts only to confront debt, uncertainty about retirement savings and a persistent inability to find work-life balance. For healthcare employers already struggling with retention, addressing financial stress may be one of the most practical levers available to keep employees from leaving. TIAA Institute research found that among healthcare workers who received one-on-one financial advice, over 75% felt confident in their ability to retire.³ These findings underscore a fundamental insight: the well-being of the people who lead and staff the healthcare system is inseparable from the well-being of the patients and communities they serve. Addressing workforce resilience requires leaders that prioritize the financial security and career development of all staff. Recognizing leadership that invests in people This conviction is what drove the TIAA Institute to create the Louise Whitfield Carnegie Award, a new honor recognizing exceptional leadership in the healthcare C-suite. Named for the philanthropic leader who championed public health, human dignity and equity during some of the most challenging periods in American history, the award evaluates leaders across five criteria: