[BRIGHT MUSIC]
Today we're diving deep into the world of healthcare employee
retention.
If you're in the healthcare industry
or just interested in the fascinating world of medicine,
you're in for a treat.
Hi, I'm Lauren.
I'm the head of communications at Compt.
Let's dive in.
Healthcare, it's a field where every moment counts
and high turnover rates are a challenge we can't ignore.
Stick with us as we uncover the six essential strategies that
can skyrocket your healthcare employee retention rates.
But first, let's take a quick peek at the numbers.
Between 2016 and 2020, healthcare employee turnover
soared from 32% to a staggering 45%.
In the blink of an eye, the industry waved goodbye to around
460,000 valuable workers.
The current hospital turnover rate
stands at 22.7%, which is 3.2% lower than it was in 2021,
and the registered nurse turnover rate
is about the same with a 4.6% decrease from 2021.
But don't be fooled.
The road ahead is not without its challenges.
By 2030, a staggering 15 million health care workers
will be needed to fill the gap.
Why the shortage, you ask?
Demographics, increased demand, a surge
in patients with chronic illnesses.
Those have all contributed to this perfect storm.
But it's not just about the numbers.
The health care workforce faces unique challenges.
The pressure to deliver quality patient care, combined
with the complex nature of medical procedures
requires a blend of technical expertise
and genuine compassion.
So how can healthcare organizations combat this tide?
First, let's discuss the four pillars of workforce management
for healthcare organizations.
Pillar number one, planning.
In the unpredictable world of healthcare,
having a staffing strategy in place is crucial.
Anticipating patient volume fluctuations
and being prepared for last minute changes
is the name of the game.
Healthcare management software can be your best friend here,
predicting future organizational needs based on historical data.
Next up, we've got scheduling.
Healthcare professionals deserve work-life balance too.
Optimizing shifts based on patient volume trends
and offering flexible scheduling options can work wonders.
Imagine having control over when you work,
reducing social jet lag and boosting morale.
It's a win-win.
Now let's tackle pillar number three, follow up.
Continuously measuring scheduling outcomes
and gathering employee feedback is essential.
Keep an eye on burnout levels, job satisfaction,
and engagement.
A happy employee is a loyal employee.
Lastly, employee engagement.
Creating an environment where healthcare professionals feel
valued and recognized is key to retaining top talent.
From performance coaching to professional development,
a well-balanced approach is the secret sauce.
But wait, we're not done yet.
Here are the six employee retention strategies
you've been waiting for.
First up, strategy number one.
Offer student loan repayment.
Healthcare grads often carry heavy debt loads.
Helping them with student loan repayment
is a gesture that goes a long way.
Less financial stress means happier and more engaged
employees.
Strategy number two.
On demand pay.
Offering competitive pay is essential,
but sweetening the deal with on demand pay, bonuses,
and unique perks takes it to the next level.
Imagine being able to access a portion of your paycheck
instantly or receiving spot bonuses
for outstanding performance.
Now that's a workplace where you're truly appreciated.
Speaking of perks, let's explore strategy number
three, flexible benefits and perks.
From commuter benefits to mental health subsidies,
these extras can make a world of difference
in your healthcare heroes lives.
Strategy number four, flexible scheduling.
Balancing the demands of healthcare with rest is vital.
Unique strategies like staggered shifts and adaptable work
durations can ensure that healthcare workers have
the time they need to recharge.
Strategy number five, improving recruiting and onboarding.
Getting the right people on board
sets the stage for long term success.
From sign on bonuses to mentorship programs,
creating an environment where new hires feel valued
and supported is the way to go.
Last but not least, strategy number six,
encourage continuing education.
Investing in your healthcare professional's growth
pays off in more ways than one.
From tuition reimbursement to sponsorships for conferences,
supporting their learning journey
keeps them engaged and motivated.
With this video, we're just scratching the surface.
Check out our full guide at compt.io/healthcare employee
retention, or skip the reading and chat with an employee
benefits program expert at Compt now.
Compt is your all-in-one solution
to boost employee engagement and streamline
benefits administration.
With Compt, you can reward your healthcare heroes,
create an environment they'll thrive in
and take the stress out of benefits management.
Ready to take your healthcare employee retention
to the next level?
Click the link in the description
to learn more about how Compt can transform your healthcare
workforce.
Thanks for watching!