6 Essential Strategies for Boosting Healthcare Employee Retention

[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!