3. Strategies for Employees Retention and Overcome the brain drain in the Health care Industry.

 

What is Employee retention?

 

Employee retention refers to the ability of a company to prevent Employee Turnover. In other words, it is the company's concerted efforts to retain its existing staff and keep its best employees on board in order to succeed as a business

Employee retention is something many organizations prioritize due to the high cost of turnover. Different strategies can be employed to retain employees in an organization

 

 Retention Strategies to retain employees 

An employee retention strategy refers to methods that organizations use to ensure that employees stay with that organization for as long as possible. An organization with a good culture is likely to have higher retention rates. It's in an organization's best interest to continually seek new strategies that they can implement to keep employees loyal to them so that they can continue to enjoy the benefits of it.

 

1.Rewards

 Organizations that reward employees for hitting milestones are likely to benefit from more employees putting effort into reaching goals.

As an example, give financial benefits to healthcare employees who are working both day and night.

employees should be paid fairly for their time and work

 Rewarding employees can help increase self-esteem and loyalty to the company. The positive environment that it's likely to create can also help reduce staff turnover. When an employee is loyal to a company, they're less likely to leave it to work for a competitor.

2. The company’s rules and regulations should be made to benefit of the employees

This is about providing flexible scheduling for work.

As an example, since most of the healthcare sector employees work both day and night, allow them to take leaves or make the convenient procedure to take leaves and make a comfortable working environment where they are able to work easily.

 

3. Recognize the employees at their work

 

Employees who feel appropriately recognized and rewarded by workplaces are much easier to retain long term, but studies also show those employees will work harder and be more productive. Employees should be recognized not only for their results but also for their effort.

As an example, the employee who is working more working hours in the hospital can be provided ‘paid time off facilities

 

4. Foster growth and offer professional and personal developments

Provide proper training and development based on the requirements of the employees.

 For most Health care servants, especially nurses their nursing jobs will depend on the type of nursing training they have received. The role of the nurse is multi-dimensional. some nurses can feed, bathe and care for patients while other can also diagnose and treat patients, and assist physicians during operations.

Upskilling your employees by investing time and resources and providing them access to additional education and training within their field not only makes them happier and more likely to stay with your company.

5. Treats the employees equally

This is possible when organizations treat all of their employees, at all levels, with equal measures of respect and dignity. Some favoritism traits that organizations can look out for are management being more lenient with some employees or a gender pay gap, in which male employees earn more than their female counterparts.

When treating all level of employees  equally, work conflicts also can be minimized

 

Benefits associated with Employee retention

 

When an organization is able to retain its employees, there are many benefits it stands to gain in the long run. Some of these benefits of employee retention are

 

 1. It can reduce the Cost

- One of the benefits of effective retention strategies is that they can reduce hiring costs for new recruitments. When hiring new staff, it often incurs some expenses, which include the cost of training. Therefore, organizations can save more money if they don't frequently hire new staff because of turnovers

 

2.    It can boost morale

-      When employees feel appreciated for their initial effort, they're more likely to strive to put in more effort next time. This is another benefit of effective retention strategies because increased productivity levels can lead to the organization's growth.

 

3.   It can lead to improved customer experience

-      The longer an employee stays with a company, the better they can get at satisfying customers. If you've been in the company for a longer time, you may naturally have more knowledge and expertise in solving complaints

4. It can Increase revenue

-      When an organization is able to reduce turnover levels, it means that it's spending less on hiring costs. This allows the company to invest in developing and promoting employees who've worked there longer. An organization can also benefit from increased revenue if it gains more customers, which it can do if satisfied customers continue to give referrals.

References

https://www.cipd.co.uk/knowledge/strategy/resourcing/turnover-retention-factsheet (accessed on 22/4/2023)

https://www.forbes.com/advisor/business/employee-retention-strategies (accessed on 22/4/2023)