Reduce the Headaches of Turnover, Starting with the First Interview.
Simple changes during the Interview & Orientation phases can dramatically reduce your turnover, in addition to lowering training costs and boosting morale (and thus productivity!).
We currently in a Candidates' Market, like it or not. The philosophy that "the employer writes the check so employees should comply and be happy" no longer applies in terms of retention and securing top talent.
The incredibly fast pace of the Healthcare industry, ever-changing compliance and regulatory standards, mergers, and now a global pandemic converge to make hiring and retaining employees the perfect storm.
The average unemployment rate in 2020 is 3.5 %, the lowest since 1969. "Voluntary" employee turnover is also up almost 8 % from 2017 to 2019. These figures illustrate a costly and challenging situation for owners, hiring managers, and human resources.
The bottom line is that Employees have the power, especially in industries with a skilled talent shortage, such as healthcare. They have options, and they know it. Employees are no longer leaving to retire or relocate. If they are unhappy and feel that there are greener pastures elsewhere, they are quick to move on. This creates a considerable strain on any organization, including costly forced overtime, executive burnout, lowered morale, and ultimately – more turnover! A recent study revealed the top preventable factors that cause employees to resign: