Nearly 50% of healthcare workers feel undervalued as employees, with more than 40% considering leaving their jobs for better pay, work-life balance or feeling burned out, according to the Keep Financial’s Healthcare Attrition Report released today.

However, the report also found 85% of respondents would accept an upfront cash bonus, beyond existing compensation, in exchange for staying with their company for a specified period.

Top reasons for healthcare workers considering leaving their jobs include a need for better pay (56%), feeling undervalued (49%), burnout (46%), better opportunities (36%) and improved work-life balance (33%). 

The report noted this is a significant industry challenge as nearly two-thirds of workers who feel undervalued are considering leaving their company in the next year.

If healthcare organizations addressed this retention challenge with upfront cash bonuses, healthcare workers said their financial priorities would be paying off debt (39%), saving for retirement (38%), investing (27%) and setting up an emergency fund (24%).

“We all know the past few years put an extreme strain on an already overextended healthcare system,” Keep Financial founder and CEO Rob Frohwein said. “With the increase in mobility, decrease in geographical commitment and a recognition by many health professionals of the unnecessary overwhelming stress of their roles, we’ve hit the epidemic stage of professional shortages.”

Frohwein continued, “Even still, the industry demands these professionals deliver the highest level of patient care possible. Something has to give, and we believe a more innovative solution is necessary.”

The report includes responses from 300 healthcare workers.