Best Employee Retention Strategies for 2021
The nursing market is becoming increasingly competitive. The focus for healthcare companies is not only to attract potential nurses but being able to retain them. Creating and implementing effective retention strategies has become a top priority for HR Directors, now more than ever. Read on to discover 5 useful strategies to maintain a low staff turnover.
1) Be competitive
Most nurses are by no means money motivated. However, in a market where the cross section between demand and supply is drifting further apart, nurses are becoming overstretched. And for that, they need to be compensated. Companies are also offering more and more, not just in terms of higher rates but increasingly better packages. A recent study by Glassdoor, found that 45% list salary as the top reason why they resign. Make it a priority to consistently check if the salaries you are offering are in line with standard rates.
2) Treat an employee as if they were a business partner
Slightly controversial but never the less vitally important. Many company owners and c-suit executives keep their company plans to themselves. And whilst there is need for that, often employees feel left out. Obviously there will be limits to what you can share in the pursuit of protecting a companies intellectual property. However, you need to start seeing employees as investors and partners in the company. Human capital is by far a companies greatest asset. Therefore a way of protecting that asset is by creating an inclusive environment and allowing employees feel as if they are apart of something special. Start by sharing the company vision, going deep into company targets and goals. Don't be afraid to share company financials, headcount targets and long term expansion strategies.
3) Create a culture of transparency & openness
This follows on from the last paragraph. Employees feel valued when their ideas and concerns are listened to. Cultivate a culture where employees feel free to voice their opinions, concerns an ideas. Do this by creating an open communication channels with not only line managers but higher up executives. During and after meetings, create space for questions and input form those in the room. Not only will this encourage people but increases opportunities for collaboration and ultimately increased performance.
3) Have a clear progression plan, but never over promise
Having a clear career and development plan for any new employee, is critical in any organisation. It not only outlines the exact steps to take for an employee to advance their career, it also provides structure and a clear purpose. However, a really important note to add here is never to over promise. Ensure that whatever is written down in the career development plan, the rewards for hitting certain steps are delivered. If promises aren't kept, employees will become disinterested and the risk of a company becoming a breeding ground of negativity and unappreciated employees is inevitable.
4) Choose wisely & implement an effective onboarding strategy
Hire the right person from the start. It's easier said than done, of course but with the right prescreening steps and interview stages, the risk of taking on a not-so-great employee can be reduced significantly. Complete the necessary reference checks, really digging deep into their experiences with past employers and scout out their social pages. For the interview phase, allow for multiple contact stages with stakeholders. Ask open questions, skills tests and create an environment that is friendly and un-formal. You want to get to know their true self right? Once the employee joins, implement a detailed probation plan. Maybe even give them a trial. Be sure to set out clear expectations, provide effective training and development, making sure never to overload them with new information but also not throwing them straight in the deep end either. Make them feel included straight away and set up opportunities for them to get to know their colleagues.
5) Leverage new technology
There are a number of different HR softwares to track retention rates - if you don't measure it how can you improve? Track which teams have the highest turnover, what leaders need coaching the most and how are you comparing to the industry average. Use pooling tools and suggestion boxes to allow for employees to voice opinions in a confidential way. There are incredibly sophisticated softwares that can analyse reasons that contribute to attrition rates and predict what months will see the highest turnover. Leverage this technology t uncover patterns and that you can tackle head on.
I hope you enjoyed this blog and you can use the strategies to reduce staff turnover and encourage to company growth. Be sure to like and comment and fire some questions my way, I'd love to hear from you!
Rob Smith - Freelance Blogger
I'm a business enthusiast with a focus in the Healthcare industry. I'm fascinated by seeing companies thrive and succeed.