Employee turnover rates can be devastating for some employers. Each lost employee leads to missed opportunities and decreased productivity within the organization, while increasing the burden on current employees. When these factors are combined with the requirements of recruiting, the overall costs can be as much as three times the original salary. The best way to minimize these costs and create a better working environment is to understand how you can minimize employee turnover.
There are 10 key steps in retaining employees, many of which are especially important for those in healthcare settings. The mental and physical demands of healthcare require employers to be proactive in creating an environment that allows employees to thrive. When these needs are met, turnover rates decrease, productivity and morale increase, and the workplace atmosphere becomes one of improved teamwork.
Step One – Understand the Causes of Turnover
Numerous studies have shown that most managers believe that salary is the main reason that employees choose to leave. However, polls of employee exit interview responses have shown that there are more significant causes, including:
- Unfulfilled expectations in the workplace
- Lack of cohesion between the employee and required job functions
- Lack of feedback and coaching to improve employee productivity and performance
- Lack of recognition for superior performance
- No room for advancement or growth
- Imbalance between work and life due to overwork
- Decreased confidence and/or trust in members of management
These employee-provided causes show employers not only why employees leave, but also how management can fix these issues to retain current talent. Employers who address these issues increase employee retention and improve employee performance.
Step Two – Promote Values for Positive Organizational Culture
Organizational culture is a key area of employee retention. Employers who create and follow a value-based culture based on respect, honesty, teamwork, attitude, and excellence of services not only retain current employees, they also attract recruits who value working in a positive environment.
Step Three – Improve Training Practices
Training should become an integral part of both new-hire practices and ongoing development. Employees who receive ongoing training and support feel more valued, better able to achieve their goals, and gain an improved understanding of key job requirements.
Step Four – Institute Mentoring Programs
Mentoring programs provide new recruits with a solid means of developing necessary skills, while also encouraging feedback relationships to assist with achieving personal and career goals. The pairing of experienced employees with new recruits is vital, especially in healthcare settings. The sensitive nature of the job can overwhelm new employees, and the availability of a mentor allows new recruits to openly address their feelings and issues, rather than abandoning the position.
Step Five – Improve Lines of Communication
Employees need to feel that they are valued, and that their input is taken seriously. Institute communication programs that encourage and promote employee feedback and suggestions, and ensure follow through from upper management.
Step Six – Show Appreciation
While salary increases and benefits are important, employees need to know their work is appreciated. Adding scheduled Employee Appreciation activities and rewards builds employer/employee relationships, and promotes a better working environment.
Step Seven – Provide Periodic Coaching
Ongoing coaching improves understanding of organizational goals, and guides employees on how they can meet them properly. Coaching should be used for both under-performance issues and as a way of showing employees whether they are meeting organizational goals.
Step Eight – Learning Opportunities
Providing opportunities for employee growth is essential for minimizing employee turnover. These opportunities also help employees reach important milestones for career advancement. Employers who provide training courses and workshops also retain employees at a much higher rate due to each employee’s perception that management is committed to helping them grow and achieve long-term success within the company.
Step Nine – Motivational Rewards
Employees who receive recognition for their contributions are motivated to increase personal performance. Employees need to know that their efforts are appreciated, and this enhances retention exponentially.
Step Ten – Promote Career/Life Balance
Scheduling practices should focus on providing the best balance between work and family. Flex time, compressed weekly schedules, and telecommuting options ensure employees can meet the demands of their employer and their families. When this balance is addressed, it leads to higher productivity, fewer call-offs, and better retention.
Businesses that focus on instituting these steps will lower turnover rates, and improve the organization as a whole. If you are interested in creating training opportunities to retain good employees and minimize turnover, contact Avidity Medical Design today.