What is employee retention?
Employee retention is a workplace statistic that indicates the quality of the employee experience in a company. A high employee retention rate, which means employees stay at a company for long periods of time, is often a reliable sign that the company knows how to take care of its people.
However, several organizations today have failed to provide the proper patient care, materials, and leadership style their workforce needs.
According to a PeopleKeep research, losing an employee costs 200% of their annual salary. Healthcare organizations should consider numbers like these for they oversee assuring quality care to critical roles in the form of healthcare providers.
With that said, you don’t always need to resort to hiring new roles. Before anything else, you must strive to build a healthy workforce and increase job satisfaction with your current employee. This can also help reduce the cost of turnover. The question is, how can you do this? Let’s dive in.
Healthcare employee retention strategies
1. Provide great onboarding
According to a study by Brandon Hall Group, great onboarding can improve employee retention by 82%. Think of it this way, the saying “first impression lasts” can also be applied in workplaces. An onboarding period can make or break your company’s initial image to an employee.
2. Offer scheduling flexibility
Ever heard of work-life balance? To provide quality of care to patients, healthcare professionals should embrace balancing work and life to carry on with their duties well. Practicing this can also reduce emotional exhaustion.
3. Offer competitive salary
Perks and benefits are more than just offering competitive salary. It may be in the form of giving paid time off or offering comprehensive health insurance. Consider perks like wellness stipends, mental health support, or professional development. These benefits show employees that their well-being is valued and increase job satisfaction and loyalty.
4. Recognize and reward your employees’ efforts
Acknowledging hard work through bonuses has a positive impact on employee happiness. Financial incentives show appreciation for employees’ dedication and motivate them to continue excelling.
5. Listen and act on employee feedback
Your human resources team can stay on top of this by listening to employee feedback and taking action. These builds trust and boosts engagement, satisfaction, and productivity. Engaged employees are more committed and full of fresh ideas.
6. Provide stipends for necessities
Providing stipends for employees’ needs shows you value their well-being. Investing in education and mentoring programs keeps employees motivated and creates professional growth, enhancing both individual and organizational success.
7. Provide up-to-date technology and equipment
Giving employees the latest technology and tools, like electronic health records, makes their jobs easier and more efficient. This not only boosts productivity but also increases workplace satisfaction by simplifying their daily tasks.
Why employee retention is so important
Your employees are your company’s backbone. Investing in their well-being and capabilities can nurture positive long-term effects for your company.
Actively monitor and prevent employee burnout
Employee burnout is a serious concern in the healthcare industry. Long hours, heavy workloads, and high levels of stress can lead to burnout, which can lead to decreased productivity, increased absenteeism, and even employee turnover.
Increase employee productivity
Motivated employees are more productive and engaged in their work. By recognizing their efforts, offering competitive wages, and providing unique benefits, you create an environment where employees feel valued and driven to perform at their best.
Reduce employee turnover
Create a positive work environment by being supportive and inclusive workplace culture helps retain employees. Providing opportunities for growth, recognizing achievements, and offering competitive benefits contribute to employee satisfaction and long-term commitment.
Bonus: Providing financial management can help increase employee retention
Effective financial management can also help reduce turnover. By managing resources wisely, you can offer better salaries and benefits, showing employees they are valued. Leichter Accounting services can assist in optimizing your financial strategies to support these efforts.
Conclusion
Employee retention shows how much a company values its frontline workers and healthcare workforce. Make an effort to build a supportive work environment, and high retention rates will follow.
For healthcare organizations, keeping your staff satisfied is crucial. Losing employees is costly and, more importantly, negatively affects patient care. Instead of always hiring new people, focus on your current staff. Offer great onboarding, fair pay, flexible benefits, and recognize hard work. Listen to feedback, provide necessary stipends, and keep technology up to date.
Your employees are your greatest asset. By prioritizing their well-being and growth, you can reduce turnover and create a positive workplace. These strategies help build a dedicated team ready to deliver the best care.
We’re here to help.
Leichter Accounting Services is an experienced CPA firm with a passion for accounting and dedication to our clients. We devote our energy to ensuring you have a solid financial foundation for growth. We offer a range of accounting and financial services, including bookkeeping, financial reporting, tax preparation, and more.
