2018 Healthcare Career Concerns

Dec 18, 2017 | Knowledge Center, Leadership, Management

Last month we tackled the topic of healthcare job satisfaction and the top 3 reasons for changing employers. Those reasons included: the desire for more rewarding or challenging work, the preference for a different manager, and most popular, inadequate salaries. Based on the 2017-2018 Health eCareers Salary Guide, 68% of respondents are dissatisfied with their salary and would leave for a higher-paying one. What does this mean for employee retention in 2018?

Though 41% of healthcare workers saw their salaries increase over the last year, many are still worried about the future of their paychecks. 38% of the 20,000 professionals surveyed said “lower or no salary increases” is their biggest concern for the upcoming year.

As a result, increased turnover will continue to be seen on the horizon. 36% of the more than 350 healthcare providers surveyed in the Health eCareer’s separate 2017 Healthcare Recruiting Trends Report say turnover at their organizations grew last year. 49% said the time required to fill positions grew, mostly due to trouble finding qualified candidates.

Employers are combating these statistics by increasing new-hire salaries to lure in interviews, stepping up bonuses, flexible work hours and vacation. To meet demand, organizations are relying on temporary workers. Some healthcare professionals see temp positions as a way to supplement their primary income or continue earning between jobs.

11% of respondents say they accept some variation of temporary work assignments. 90% reported they are paid an hourly rate versus a flat rate and typically receive a higher rate for temporary work.

How will you keep your valuable employees around in 2018 to avoid turnover and the need to hire temporary help? Start here:

1. Review your organization’s current compensation philosophy and communication strategy to determine strengths and weaknesses.

2. Make sure you are offering competitive pay with the local market and opportunities for variable pay (bonuses, overtime, etc.) and raises.

Incremental goals based on performance and value motivates employees to push to their full potential.

3. Reevaluate the employee benefits and perks. Are you proud of the benefits package, vacation time and bonus offerings? What would encourage you to stick around as an employee?

4. Promote internally. Limited internal opportunities may discourage people from staying. Those who strive to advance in their career are typically the ones you want to keep around.

5. Recognize high-performing employees. From a simple “thank you” for a job well done to a public acknowledgment, everyone likes to be recognized for their contributions.

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