- Today’s historically low unemployment rates are a good thing for many workers but can pose significant challenges for healthcare organizations. Here are some of the numbers*:
- There will be 4 million NEW jobs in healthcare in the next 7 years
- Overall unemployment is at historic lows and in many areas the appropriated talent pool is not unemployed
- 17.2% average turnover rate for nurses and the average cost to replace one nurse is $48,050
- It costs the average hospital $337, 500 for every 1% increase in RN turnover
- Automation is resulting in a huge skills gap – soft skills will matter (i.e., up to 1/3 of healthcare jobs/tasks moving to automation). This means that retraining is going to be a bigger issue for job seekers and healthcare organizations as they strive to “Practice at Top of License” or “Practice at Top of Job Function”.
2. First Year Turnover is a growing concern for most employers, especially in healthcare. Many companies are using an “Onboarding to Offboarding” or “Hire to Retire” strategy to maximize early engagement, build employee trust and reduce turnover. Here are some things to consider:
- Organizations on average experience 30%+ turnover with first year employees.
- Organizations are starting to create recognition touchpoints PRE-HIRE (ecards, voicemail and text messages from Senior Leadership, etc.) to show that they are a different and better place to work.
- More focus is being considered on a variety of unique recognition touchpoints during the first year.
3. The Generational makeup of the workplace is rapidly changing. This offers some challenges, but also some tremendous opportunities as we develop new and effective ways to reward, award and engage the growing younger workforce. Here is a look at the current breakdown:
- Veterans/Traditionalists (74+) = 1%
- Baby Boomers (55-73) = 23%
- Gen X (40-54) = 28%
- Millennials (25-39) = 37%
- Gen Z (24 and younger) = 11%
4. Here are some of what thought leaders on engagement are sharing:
- The pool of talent you are after will not be found as “unemployed” – so it has become mission critical to hold on to the talent you have.
- Engagement is NOT about having parties – it’s about changing culture. Pizza parties and Ice Cream socials are great, but they are not the most effective drivers of long-term engagement any longer.
- The top three drivers are more complex than just keeping everyone happy. They often referred to as the Power Items for Leaders –
- Involvement in Decision Making
5. Patient Experience continues to be a huge objective, but the measurables and tactics to achieve it are changing as the workforce changes. Here are a few reasons why:
- It’s more than just HCAHPS or patient satisfaction, today’s healthcare consumer is looking for more. They want quality care, but also a reassuring environment and consistency of service.
- Now more than ever, successful companies are bringing together the silos of – safety, quality, and patient-centered care to create the ultimate – PATIENT EXPERIENCE
- Engaged employees drive safety, quality and experience, so you have to make it easy for them to engage, grow and thrive within your work environment.
6. Make the distinction between recognition & rewards. It’s not what you think you’re doing; it’s about how your people perceive what you’re doing. Here are a few thoughts:
- Appreciate the person
- Acknowledge the circumstance
- Recognize effort and progress
- Reward results
- Award standout behavioral performance, as well static service milestones
7. Here’s a great idea to consider with everything you do as an organization to communicate to, elevate, engage and honor your employees:
“Every one of our touchpoints is an opportunity to show that every moment matters”.