Hospital Employees Seen Jumping Ship to the Competition for Better Offers
The need to retain key employees is now more critical than ever. According to the US Department of Labor, employees currently leave their jobs in record numbers. It is known as the "quits rate" when employees voluntarily leave work. Generally, this occurs when employees feel they can quickly get a better job elsewhere. Indeed, today there are more job openings than there are unemployed workers.
With so many job openings, employees have little to risk and nothing to lose when they decide to leave their current employer to go elsewhere. The exception to the rule is employees who have pension plans. That's because the vesting period of the pension plan gives the employee something to lose by leaving. Without the vesting period on a pension plan, the employee can have an incentive to move to another employer.
Many employers offer higher pay to attract employees, but that strategy can backfire by turning into a bidding war. Another problem with providing higher income is that it does nothing to tie the employee to the company long-term. Suppose one company can offer an employee a higher salary. In that case, another company can lure that employee away by upping the ante. Today, many employees see jumping from company to company as a way to increase their income with every job change. Employers will suffer as they pay higher wages to new hires and spend thousands of dollars training them. The training makes the employees more valuable, but the employee then jumps ship again for even higher wages with another company. It's a cycle that will continue to repeat itself over and over until the employer realizes that they must learn how to tie their employees to the organization for long-term periods.
Hope for employers is on the horizon because one company helping employers increase their critical employee retention is Talent Retention Plans. The company provides hospitals with executive benefits that retain physicians, nurses, executives, and key professionals. A video on the talent retention homepage explains their offerings and how it works. It's important to note that the company is so confident in its solutions that they guarantee its work.
About the Writer - David Alemian is the author of “Talent Retention – How to Attract and Retain Highly Skilled Professionals.” You can get a complimentary copy of the e-book here. His passion is helping healthcare organizations build and retain the skilled workforce needed to provide quality healthcare. He lives in Oceanside, California, with his wife Hillary and their pug Taz. Connect with him on LinkedIn.