To compete for many of the same workers that corporations seek, health care organizations have implemented plan design changes to lift plan metrics such as participation and deferral rates. (Photo: Shutterstock)

It's a noble calling to work in the health care industry, and it takes a special person to dedicate his or her career to helping others. However, as most HR professionals of health care organizations know all too well, the demand to attract and retain qualified candidates is tough. In addition to an unemployment rate at a near 50-year low in the U.S., the health care sector also faces a shortage of qualified doctors and nurses. According to industry forecasts, the U.S. will see a shortage of up to nearly 122,000 physicians by 2032, and the demand for registered nurses is expected to increase by more than 438,000 positions (or 15%) in 2026 to fill newly created positions and to replace retiring nurses.

Given this backdrop, taking care of those professionals who dedicate their lives to serving others has never been more important. And a good place to start, especially for those health care organizations looking to differentiate themselves in the "fight for talent," is with their retirement programs.

To help health care providers benchmark their retirement plans, Voya Financial recently collaborated with the American Society for Healthcare Human Resources Administration (ASHHRA) of the American Hospital Association (AHA) to conduct its first survey of retirement plans in the health care sector. The survey included insights from hospital administrators and chief financial officers from across the U.S.