Top 5 ways to retain healthcare talent
For businesses to achieve growth and maintain a competitive advantage, it is important to retain talent.
Based on the average UK salary of £11,000, employee turnover costs can be as high as £100,000 for specialist roles. This cost will quickly add up if the healthcare business continues to experience high turnover rates. With the cost of living crisis still causing stress for many organisations it is important to not only become an employer of preference, but also keep your staff happy.
In addition to cost, focusing on talent retention also plays a major role in employee satisfaction. When businesses put their focus on keeping employees happy, it is natural that they will stay longer.
Retaining talent in healthcare is increasingly important. The sector has a turnover rate of 28.7%. There is a shortage of skills in the sector and it is important for companies to retain their employees.
In order to do so, the healthcare sector needs to ensure that their employees feel valued. By building trust and recognizing employees. Stacey Allen Haye, Director of Corporate Partnerships, Arden University, shares her five top tips for businesses to act now in order to retain their talent.
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Investing in learning and development
Offering learning and development programs that help your employees grow and progress in their role is a great way to show them you care.
LinkedIn’s Workplace Learning Report 2024 shows that companies who prioritize learning have a 27% increase in employee retention.
But it’s also important to create a learning plan that is targeted. Businesses should tailor their offerings to their employees’ career goals. Some people will benefit more from more intensive courses such as degree apprenticeships. Good learning providers will ensure that their courses are also relevant to your industry, and your employees. The business will grow as well with the knowledge that their employees acquire.
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Don’t be afraid of lateral hire
Businesses should encourage their employees to apply for new positions within the company, and promote them from within when possible. As mentioned above, providing opportunities for continuous learning will help create an environment that is more conducive to this.
Hiring from within shows that you value your employees and encourage them to try new things. It will also make employees feel valued, and help them achieve their career goals.
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Keep open communication
Poor communication costs business leaders an estimated 7.47 hours per team per week. Employees can feel more comfortable in an open workplace by sharing ideas, concerns, and feedback. It is based on mutual respect, trust and transparency, which creates a positive working environment.
It has many benefits. This allows employees to better understand the goals and objectives of the company, as well as their own role in this. It allows employees to speak up and manage conflict, which boosts the team’s morale.
Open communication allows employees to express their desire to change certain aspects of their job or to find a new challenge. You can then offer them alternative solutions or opportunities that will keep them interested in working for you.
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Promote empowerment
Businesses should empower employees to make decisions, give them responsibilities and include them in strategic discussions. Employees who are empowered feel 50% more engaged than employees who do not feel empowered. Moreover, most employees are willing to act when confronted with a problem or an opportunity.
It helps workers feel valued and trusted, resulting in them feeling more motivated to do their jobs. Offering bespoke training and development and open communication will empower your employees and give them the confidence to act if they are currently uncomfortable.
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Strong Leadership
According to the Chartered Management Institute in the UK, 82% new managers are ‘accidental’ managers, which means they lack formal management and leadership training. This can negatively impact employee engagement and the return on investment.
Training managers in empathy, transparency and justice is essential for businesses. Leaders who are strong and supportive contribute to employee satisfaction. This can be achieved by allowing those who know your company to upgrade their skills and learn in the workplace. These skills also allow them to be confident leaders.
It’s not easy to make employees feel respected. But with the increasing competition in the healthcare industry and the skills shortages that continue, it is vital that more efforts are made for talent retention. These strategies will help companies create an environment in which employees feel valued and supported, as well as motivated to stay for the long term.
The original version of this article Top 5 ways to retain healthcare talent appeared first on HR News.
