6 Ways to Develop a Culture of Employee Retention in Healthcare

The healthcare sector has been severely affected by the pandemic but is thankfully seeing a return to normal hiring practices. Despite this, employee retention in healthcare remains a constant challenge. In the race to attract the best candidates, it's vital not to overlook the importance of retaining current staff. To build a successful company, you need to develop a new culture of retention in healthcare. In this article, we will explore some of the best practices in employee retention in healthcare, trends in healthcare retention strategies, and the importance of creating a supportive, engaging workplace.

The Importance of Employee Retention in Healthcare

Employee retention impacts every part of a healthcare organization, including patient care, budget planning, and productivity. By retaining experienced staff, healthcare companies can ensure consistency in care quality, save on recruitment costs, boost morale, and increase productivity. The economic impact of healthcare turnover presents a significant challenge, making employee retention in healthcare an important factor for financial success.

Ensuring Consistency Through Reduced Healthcare Turnover

Healthcare organizations rely on their employees to provide high-quality care to patients. When experienced staff members leave, the company loses valuable knowledge and expertise. This can lead to a decline in patient satisfaction and even impact patient outcomes. By retaining staff, healthcare companies can ensure consistency in care delivery and maintain high levels of patient satisfaction.

Financial Impact of High Healthcare Turnover Rates

Recruiting, hiring, and training new employees is a costly process. The cost of replacing an employee can range from $2,000 to over $6,000 and take between 84 to 207 days. This financial burden not only affects the company's bottom line but also impacts patient care if it leads to staffing shortages. By retaining employees, healthcare companies can save on these recruitment costs and redirect those resources toward improving patient care.

Boosting Employee Morale and Productivity

High healthcare turnover rates not only affect the organization's finances but also have a negative impact on employee morale. Constantly losing colleagues can create an atmosphere of uncertainty and stress, leading to low morale and decreased productivity. On the other hand, retaining employees creates a more stable work environment, where staff feel valued, supported, and engaged in their work. This, in turn, leads to increased healthcare employee satisfaction and productivity.

Trends in Healthcare Recruitment and Retention Strategies

The problem of employee retention in healthcare is not a new one. In 2019, studies found a 3.2% healthcare turnover rate, which remains even post-pandemic at 3.7%. Some of the factors contributing to this high healthcare turnover rate include burnout, lack of work-life balance, and inadequate compensation. As healthcare companies look for ways to retain their staff, the following trends have emerged in healthcare retention strategies:

1. Conducting Healthcare Stay Interviews
2. Promoting Work-Life Balance
3. Offering Competitive Compensation Packages
4. Revamping the Onboarding Process
5. Developing a Sense of Belonging
6. Focusing on Patient Satisfaction, Too
    

Conducting Healthcare Stay Interviews

One strategy is to identify the cause of employee dissatisfaction so that it can be addressed. Stay interviews can be an eye-opening experience and an opportunity to fix any workplace problems. Stay interviews are voluntary, confidential conversations with current employees to understand their motivations and desires. By conducting these interviews, healthcare companies can identify issues and take proactive measures to retain their employees.

Promoting Work-Life Balance

With increased awareness of burnout and its impact on healthcare turnover rates, many companies are now prioritizing work-life balance for their employees. This includes offering flexible schedules, remote work options, and wellness programs. Due to the nature of patient care, not all healthcare positions lend themselves to flexible or remote work options. However, healthcare companies can show their employees that they value their personal lives and well-being by providing generous PTO that employees are encouraged and supported in using.

Offering Competitive Compensation Packages

While compensation is not the only factor in healthcare employee retention, it remains a top consideration for many healthcare workers. Companies need to offer competitive salary and benefits packages to attract and retain top talent. As competition for skilled professionals increases, healthcare companies must review their compensation packages regularly to ensure they are staying competitive in the market.

Revamping the Onboarding Process

A proper onboarding process sets the tone for employees' experience and can significantly impact their decision to stay with a company. An effective onboarding process should include training, support, and integration with the company's culture and values. By revamping their onboarding process, healthcare companies can better engage new employees and make them more likely to stay long-term.

Developing a Sense of Belonging

Creating a supportive and inclusive healthcare workplace culture is essential for retaining employees. Healthcare companies can develop a sense of belonging among their staff by promoting diversity, encouraging teamwork and collaboration, and providing opportunities for professional growth and development. By creating an environment where employees feel accepted, valued, and supported, companies can help reduce healthcare turnover rates and retain their valuable employees.

Focusing on Patient Satisfaction, Too

While employee retention in healthcare is crucial, it's also important to remember that patient satisfaction is closely linked to staff satisfaction. When employees feel supported and valued by their organization, they are more likely to provide high-quality care for patients. Patient satisfaction is essential for the success and reputation of healthcare companies, making it another reason to prioritize employee retention.

Building a Culture of Retention in Healthcare

Developing a new culture of retention in healthcare is essential to maintaining a successful healthcare organization that provides high-quality patient care. By implementing new retention strategies, offering enticing benefits packages, and creating a supportive company culture, healthcare companies can reduce healthcare employee turnover, saving money and resources. Building a successful healthcare organization starts with a strong foundation of retaining top talent.

Looking for more tips on recruitment and retention in healthcare? Check out iHire’s Resource Library.