On a previous blog post, we focused on the rising cost of hiring employees. Hiring employees in the hospital sector in the first place can be a huge challenge, but once a talented employee is hired, it can be even harder to retain him or her.
US Government data shows some startling statistics about the healthcare industry:
- In 2012, the turnover rate for healthcare jobs was 28%
- Also in 2012, the turnover rate for the hospital sector alone was 9.5%
- 47% of companies say that finding a qualified employee is too difficult
- The cost of replacing and training a new employee can be upwards of 20% of annual pay
As the rate of turnover increases, the quality of patient care significantly declines. As well as direct costs, hospitals experience indirect costs such as loss of training, loss of institutional knowledge, productivity losses, consulting fees, and overtime expenses.
From the Affordable Care Act to ICD-10 implementation, workers within the hospital sector are going through dramatic change and stress. There are burned out employees; “there’s a whole generation of physicians not inclined to become part of a healthcare system or hospital.” Hospitals need to start considering strategies for employee retention if they want to keep their workers from leaving.
Use a recruiting agency to begin your search:
Utilizing an agency will customize your employee search and starting out with top performers will greater any organization’s productivity. 69% of health care workers said the caregiver-to-patient ratio has gotten worse so it is also important to have sufficient staffing.
Create an environment of growth:
In a career builder survey, 51% of health care workers said that the biggest challenge they face is the lack of advancement opportunities. More than half of those polled claimed that they want to stay in their current organization by taking on new roles and contributing more to their workplace, but don’t see a way to do so.
Conduct “stay” interviews:
If a hospital has a high turnover rate, it is important to find out why. Asking hospital employees why they still work there will provide insight as to the issues the company needs to sort out. Ask if they are inspired by the hospital, if they feel valued enough, and if they need any more tools to perform their job effectively.
Hire a human-resources professional:
Having a professional mentor to provide feedback, guide, and coach an employee will make him or her feel motivated. Allowing employees to voice their concerns can promote a better work environment.
Keep a strong company culture and mission:
37% of healthcare workers say that lack of culture is a workplace challenge. Reminding employees of the company mission and incorporating a clear vision can bring more value to the hospital.