Many Healthcare Staff Depart to Improve Compensation and Benefits
May 13, 2019
If healthcare organizations are going to have an impact on turnover, they must get a handle on the reasons staff members are leaving. The opportunity to improve compensation and benefits by going to a job elsewhere is a powerful motivator.
The HealthStream article, 7 Common Reasons People Leave Healthcare Jobs and What to Do about It, looks at the labor market, examines trends involving salary and benefits packages, and connects these key areas to the retention problem in healthcare. Here is an excerpt from the article:
“My Departure Is Connected to Compensation and Benefits”
Across all industries, leaving related to compensation and benefits has increased by over 26% since 2010 (Work Institute, 2018). Employers need to be concerned about the role of pay in their retention strategies. Missing or minuscule raises, salaries that undercut the market average, and awareness of co-workers who earn more often inspire a departure. Paying close attention to the role of compensation has never been so important.
Healthcare Finance News cites a 2018 poll in which “a third of respondents reported lower turnover after raising wages for non-clinical staff; decision-makers for practices may want to consider researching current competitive rates for these positions and potentially raising wages such that staff would be less inclined to seek higher-paying employment elsewhere” (Sanborn, 2018).
Sanborn, B., “It’s not just physicians and nurses, non-clinical staff are in short supply for medical practices too,” Healthcare Finance News, May 9, 2018, Retrieved at https://www.healthcarefinancenews.com/news/its-not-just-physicians-and-nurses-non-clinical-staff-are-short-supply-medical-practices-too-0
Work Institute, “2018 Retention Report: Truth & Trends in Turnover,” available at http://info.workinstitute.com/retentionreport2018.
Download the full article here