The key to a successful business is having a team of talented, committed and engaged people. The employees within an organization are its lifeblood. This couldn’t be truer in healthcare where turnover is high and finding qualified staff can be challenging and time-consuming.
Employee turnover is costly. According to Josh Bersin of Deloitte, the cost of turnover can range from tens of thousands to 2x the employee’s salary. This amount takes into account the cost of recruiting, hiring, onboarding and training a new employee. It also includes the time it takes the new employee to ramp up to full productivity. With costs so high, one would think employers would take a proactive approach to engaging and retaining their quality employees. The sad truth is that many business owners do not realize the actual costs of replacing lost employees.
When good employees leave, everyone in the organization bears the brunt of it. It not only affects their workload, but it also affects morale and can cause people to question their employer. Employees that stick around have greater value over time. They understand the organization; they work well as a team, they are reliable and are productive. Bersin calls employees an “appreciating asset” in that their worth grows the longer they are on the job.
So how does an organization invest in its’ employees rather than spend thousands replacing those that are lost?
Five Fundamental Needs of Engaged Employees
The first step is to understand the employees’ needs. This means putting yourself in their shoes and determining what is important to them.
Security is a fundamental need of all humans. This means financial security as well as job security.
Most employees need growth. Promotions aren’t the only type of growth employees seek. Growth can come from learning new things that enhance their lives professionally, which can also bleed into personal growth.
Employees want to work for a company that makes them feel pride. The “greater good” is important for most employees. Healthcare organizations that are enhancing the lives of their patients and perhaps giving back to their community are going to fare better than those where patients a just a number.
Lastly, employees need to feel valued and appreciated. They need to know that their opinion matters and that management cares about their happiness in the workplace.
If healthcare organizations want to instill stability, they must invest in the people who keep the place running. Rather than having employees cycle in and out, recruit and retain exceptional employees. Focus on boosting employee engagement. Become a business that wants its employees to love where they work. Employee satisfaction is the foundation of patient satisfaction, and happy patients are what keep the doors open. This is a medical marketing and growth lesson that should never be forgotten.