In today’s competitive job market, healthcare companies must actively work to attract, retain and motivate top talent. Offering incentives, both financial and non-financial, is key to developing an engaged workforce that drives business success. Here are some of the ways incentives boost engagement:
Financial Incentives Drive Performance
Financial incentives like commissions, bonuses, and profit-sharing directly tie pay to performance outcomes. When employees exceed targets and key performance indicators (KPIs), their compensation increases. A PayScale study found that 73% of high-performing employees are motivated by pay for performance, compared to only 58% of typical employees. Performance-based pay gives talent a stake in company growth and success.
For healthcare companies, financial incentives optimize activities and behaviors that improve health outcomes, enhance patient experience, build brand loyalty, or advance business goals. Reps may earn bonuses for prescription volume, brand mentions, formulary additions, or other KPIs. Nurses and physicians could receive incentives for patient satisfaction scores, re-admission rates, or cost controls. When pay depends on results, motivation for exceptional performance rises.
Non-Financial Incentives Enhance Satisfaction
While money motivates to an extent, non-financial incentives also drive engagement by making employees feel valued and satisfied. Things like additional paid time off, flexible work schedules, public recognition, career development programs, and health/wellness benefits enhance work experience. An Officevibe survey found that 76% of employees would work harder and stay longer at their company if they were offered more non-financial incentives.
For healthcare, non-financial incentives may include patient testimonials or success stories shared company-wide, “employee of the month” type recognition, opportunities to attend industry conferences, or in-house education on latest treatments or technologies. When companies invest in wellness and development programs, healthcare talent is motivated to perform at their best.
Incentives Must Evolve with Priorities
Effective incentives evolve to match changing business priorities, opportunities, and talent motivations. While a compensation structure that worked initially may become outdated, reducing engagement and performance over time. Regular reviews of KPIs, activities, and rewards help ensure incentives continue driving key behaviors and outcomes as strategies shift.
According to HR Technologist, 32% of executives say outdated or poor compensation management practices have a significant impact on employee retention and performance. And PayScale found that employees who receive routine pay reviews, feedback, and adjustments are over 15% more likely to be satisfied and engaged.
For healthcare brands, the pace of change is rapid – whether new technologies, treatment options, patient experiences, marketing platforms, or growth initiatives. Incentive offerings must align accordingly to keep talent focused and motivated by priorities that matter today…and tomorrow. By proactively managing incentives, healthcare companies benefit from an engaged workforce, optimized performance, patient satisfaction, and business success.
Well-designed incentive programs play a pivotal role in developing an engaged and effective healthcare workforce. When companies offer the right mix of financial motivation, non-financial satisfaction, and continually evolving plans tailored to their current priorities, the result is talent that drives performance and outcomes critical to company mission and growth. The future of healthcare workforce excellence begins with incentives that inspire today and adapt for tomorrow. (edited)
