Employee turnover is an expensive challenge for hospitals. It costs $19,000 to hire a nurse, and that only includes direct costs — not the extra money spent on covering openings with overtime or agency workers. Turnover is also a contributing factor to your vacancy rate, which manifests into premium labor costs via that overtime and agency spend.

Looking more closely at the problem, you’ll see that nearly a quarter of all new employees, 23.8% to be exact, leave before the end of their first year. You’re wasting recruiter hours constantly rehiring for roles you have already filled.

And the effects of employee turnover don’t just hit costs, they also spill over into the quality of care patients receive as well as associated complications. The vacancy rates affect your staff-to-patient ratios, and the need to constantly hire new staff leads to a learning curve that never goes away.

You need a strategy in place to help you hire the right people in the first place. You need to employ leaders who will build confidence and engagement amongst your staff. And you need to provide your employees with clear career pathing so you can effectively promote from within — after all, internal hires have a significantly lower turnover rate.

Employee Turnover for Hospitals and Providers
DID YOU KNOW?
  • Healthcare’s employee turnover rate was 20.6% in 2017. HealthcareSource Behavioral Assessments can reduce first-year turnover by up to 40%.
  • Our scientifically validated assessments are 2X effective at predicting a new hire’s first-year retention as ibuprofen is at relieving headaches.
  • “Managers/leadership” is a top cause of turnover. Good leaders can reduce turnover by 20% and increase job satisfaction by 17%.

Your Employee Turnover Treatment Plan

The remedy for your employee turnover challenge relies on one or more of these key focus areas.

Data & Benchmarks

The Issues:

  • You need a scientific way to predict a new hire’s performance and loyalty.
  • Researching past performance and other indicators can be time-consuming.

The HealthcareSource Way:

While nothing can replace the instincts of an experienced healthcare recruiter, today’s staggering employee turnover rates suggest that most healthcare organizations need help identifying talent that will stick around. At HealthcareSource, we like to let hard data lead the way. We understand the importance of hiring for fit, as well as clinical capabilities, and have developed the tools to help you uncover the numbers behind behavioral competencies that will validate your instincts. Additionally, you can use this data to hire and promote managers who will lead for retention.

How We Help:

These confidential online surveys track “digital fingerprints” for integrity. Additionally, candidate involvement in the process improves completion rates and cuts down on time associated with this common task. Learn more »

Our scientifically backed behavioral assessments provide real data to help inform your hiring decisions. These hospital-specific assessments measure a candidates’ behavioral competencies that are key for performance in an organization like yours. Learn more »

People & Skillsets

The Issues:

  • Your organization’s leadership can be the difference between your talent staying or leaving.
  • Very few people are born leaders — only 1 in 10 can lead well without training. And only 2 in 10 with training.

The HealthcareSource Way:

By investing in training your leaders, you can see exponential effects on employee retention based on the number of direct reports they touch. Improve your managers’ leadership acumen, and you can expect to see a reduction in employee turnover.

How We Help:

Deliver the right curriculum at the right time and manage all aspects of your workforce’s learning in this paperless system. Create learning curricula, develop blended learning using the tools of your choice, and track it all in one place. Learn more »

Why create your own content when you can choose from more than 4,000 modules developed by HealthcareSource and our trusted partners? Transform your learning with readily available resources that meet your pressing education needs. Learn more »

Process

The Issues:

  • In the rush to fill roles, it is hard for recruiters to look beyond the immediate need for retention.
  • A lot of people play a role in hiring, and they don’t all possess the same hiring skills.

The HealthcareSource Way:

While recruiting for hospitals can be challenging and cumbersome, you can get everyone (including hiring managers) on the same page and recruiting for retention by implementing a hiring process based on scientifically backed data. Incorporate behavioral and reference assessments into all hiring decisions — both external and internal — to recruit for both fit and retention. Then use structured interviews to ensure you are covering all topic areas and have a buttoned-up interview process. Also, invest more in internal mobility and reduce friction for internal movers. Post jobs internally first, and prioritize internal candidates over external.

How We Help:

Our scientifically backed behavioral assessments provide real data to help inform your hiring decisions. These hospital-specific assessments measure a candidates’ behavioral competencies that are key for performance in an organization like yours. Learn more »

These confidential online surveys track “digital fingerprints” for integrity. Additionally, candidate involvement in the process improves completion rates and cuts down on time associated with this common task. Learn more »

This guide, based on the candidate’s assessment scores, arms the interviewer with questions to probe any low scores in the assessment. The behavioral questions help ensure the applicant aligns with the job requirements and cultural fit. Learn more »

Technology

The Issues:

  • Too many hospitals have too many systems that don’t speak to each other.
  • It is hard to put the necessary processes into place without automation to alleviate the burden on recruiters.

The HealthcareSource Way:

HealthcareSource knows that technology should be making your work easier and less cumbersome so it can help decrease your turnover rates and increase efficiency, rather than taking up more of your recruiters’ time. That is why we offer an integrated platform solution tailored specifically to hiring, keeping, and growing a quality healthcare workforce.

How We Help:

These confidential online surveys track “digital fingerprints” for integrity. Additionally, candidate involvement in the process improves completion rates and cuts down on time associated with this common task. Learn more »

Our scientifically backed behavioral assessments provide real data to help inform your hiring decisions. These hospital-specific assessments measure a candidates’ behavioral competencies that are key for performance in an organization like yours. Learn more »

Deliver the right curriculum at the right time, and manage all aspects of your workforce’s learning in this paperless system. Create learning curricula, develop blended learning using the tools of your choice, and track it all in one place. Learn more »

Why create your own content when you can choose from more than 4,000 modules developed by HealthcareSource and our trusted partners? Transform your learning with readily available resources that meet your pressing education needs. Learn more »

This guide, based on the candidate’s assessment scores, arms the interviewer with questions to probe any low scores in the assessment. The behavioral questions help ensure the applicant aligns with the job requirements and cultural fit. Learn more »

Our niche job board leverages Google Cloud Job Discovery, using Google’s advanced search and machine learning capabilities designed to better understand both job content and job seekers’ intent. Learn more »

Ready to Take the Next Step?

Talk with us to see why HealthcareSource talent management solutions are a good fit for your organization.

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