How has the NHS been affected by financial changes?

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How have NHS staff been affected by recent financial instability? 

With 1 in 7 NHS employees reporting that they have filled a job application out for a non-NHS job, it is clear that the NHS is facing huge difficulty in job attraction and retention. Why is this happening, and what can employers do to retain talent? 

Why is this happening?

1

The NHS saw cuts of between £4 billion and £9 billion in 2022 alone, forcing NHS leaders to make tough decisions about which areas to prioritise. (NHS Federation Analysis) These cuts affect both patient wellfare and staff wellbeing.

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With costs and bills rising dramatically, staff are forced to look for higher-paid jobs to be able to manage their finances and survive amidst the changing economy.

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With staff leaving and little budget to attract new talent, there becomes an increasing demand and pressure on staff who remain in the NHS, having to cover more responsibilities and work longer hours with less support.

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Remaining staff are therefore desperate for more financial support, to stay in control of their finances and support themselves and families.

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How can NHS Trusts support employees?

We have spoken to NHS Trusts across the UK to find out how they have managed to provide some extra support to their employees during this economic uncertainty. Would any of these options suit your staff base?
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Easing the strain within the workplace

Helping employees to reduce costs while on shifts inside the workplace can reduce the stress they feel when coming to work. Options Trusts have chosen include discounted or free meals on shifts, monthly prize draws, one-off bonusses and childcare vouchers.

Reducing travel costs

Travelling to and from the workplace can be a huge expense to those who live further away, have lots of shifts to get and from, or who are in the car park for long hours. Some Trusts have been able to offer free car parking, shuttle busses, cycle to work schemes and travel vouchers.

Partnering with a financial wellbeing provider

Financial wellbeing providers, such as ourselves, offer services free to the employer to help staff access free financial education, and access low-cost loans and advances on their salary.

Interested in learning more about financial wellbeing providers?
Salary Finance
Take a look at how Adam Kirton from Oxford University Hospitals NHS Trust has supported staff through Cost of Living increases.
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