In today’s world of highly competitive talent acquisition, HR teams are the most important Brand Advocates for hospitals and health systems.
Recruitment marketing can be sexy and provocative to entice the right people to join an organization, but not unlike customer service, employee service must be a constant incredible experience. When we put our own people first, we build a positive workplace culture. Building a positive workplace culture, leads to increased employee engagement. Increased employee engagement, leads to significantly better outcomes for talent acquisition.
Employee Retention Concerns Grow across many Organizations.
One of the largest growing concerns among employers across all industries is retaining high-performing and high-potential employees. In fact, 46 percent of HR professionals cite employee retention/turnover as the top workforce management challenge in 2016, an increase from 25 percent in 2012.
As healthcare organizations continue to face labor shortages and the pool of quality talent tightens—due to growing opportunities domestically and abroad—retaining valuable employees has never become more vital. Here are six practices to consider as you review or develop your employee retention strategy for today’s and tomorrow’s changing workforce.
“Any company can be the next Google or Apple with the right people,
culture, and set of HR practices in place.” – Geoff Ho, Director of Organization Development at Rogers Communications.
If employees are our source of innovation, it’s clearly important to retain them. But not only that, retention is crucial for the bottom line. Employee turnover is very costly for organizations and can directly impact business performance. SHRM (Society of Human Resources Management) says that direct replacement costs can reach as high as 50%-60% of an employee’s annual salary.
And it doesn’t have to be this way. According to Retention Report: Truth and Trends in Turnover more than 3 in 4 people who resigned from their role could have been retained. All told, when factoring in advertising, training, interviewing and onboarding – Total costs associated with turnover can range from 90% to 200% of annual salary.
Here are some ways HR teams can help lead organization-wide retention initiatives.
1. Ask for Feedback
Asking for feedback not only makes employees feel heard and valued, it has the often highly lucrative benefit of gathering ideas to improve the entire business – not just an employee’s day-to-day life. By creating an inclusive culture that’s engaging, creative, and highly sought-after, people feel part of something greater than themselves. Culture is built on a strong mission, vision, and values that employees have bought into.
Asking for feedback through employee engagement surveys helps you to understand your employees’ attitudes at work and how they view your company. Highly engaged employees are 87% less likely to leave your organization.
2. Analyze – and act on – the results
Don’t bother asking for feedback if you’re not going to analyze and act on the results. That can cause more harm than not asking at all. Why? Because then you’re not really listening. Analyzing and acting are crucial steps in the listening process. Your people will soon lose faith with the process if they don’t see changes being implemented.
3. It’s not about all the perks, but the right ones
It’s great having nice perks, but your people might surprise you with the benefits they care about most. By offering the right perks you’re saving money on underutilized benefits and creating a better employee experience. According to a study by LinkedIn, employees actually care most about healthcare coverage, PTO (paid time off), and flexibility.
4. Nurture your employees growth
According to Qualtrics 2020 Global Employee Experience Report, the top three drivers of employees retention included:
- My company provides me with the opportunity for learning and development: 62%
- My manager is effective in helping me resolve work-related issues: 62%
- I can see a clear link between my work and this company’s strategic objectives: 58%
5. Embrace a Family Friendly Workplace
Many women don’t return from maternity leave because their companies don’t offer flexible work environments or on-site childcare facilities. The Child Care Aware of America says the average cost of childcare is more than $9,000 per child, and for single parents, this can amount to 37 percent of their household income. Childcare costs are on the rise and unaffordable for many families.
6. Do ‘stay’ interviews
Companies often perform exit interviews when an employee is leaving, but rarely do they incorporate stay interviews to help with employee retention. A stay interview is a conversation with an employee to help managers understand what’s important to the employee. It should be an individual conversation with an employee and their manager.
7. Regularly review pay
PayScale research found that only 1 in 5 employees feel like they’re fairly paid, and this can make or break your company culture. Many employees leave because they get a better offer from another company. Ultimately it could cost you more to find another employee than it would to simply give them a pay raise. Not to mention the knowledge drain that comes with losing a valuable employee.
How are your organization’s recruitment and retention activities performing? If you’re ready to improve your recruitment ROI and outcomes, then let’s talk about your current issues and, importantly, opportunities. Contact me today at email@example.com