As the job market gets tighter, it will become more difficult for employers to find and retain top talent. In fact, a Kronos report revealed that 87 percent of hiring managers believe that retention should be a top priority.
First-year attrition can be very costly, as it means recruiters will have to begin the search process all over again. Here are three tips to help you reduce turnover rates at your organization:
1. Test for cultural fit
If your organization offers compensation packages that are competitive in your industry, yet you are still having trouble hiring, it could indicate that your culture is driving away new hires. When an employee's preferred working conditions don't align with the reality of their daily responsibilities, they feel uncomfortable, and therefore more likely to find another opportunity.
As you interview candidates, ask questions that will help you understand how they will interact within your organization's existing culture. For example, if previous employees have left the organization due to harsh criticism, you'll want to look for candidates who value direct conversations about job performance.
2. Assess your benefits package
In general, the U.S. jobs market is growing tighter by the day, with unemployment at a near 50-year low. Greater numbers of employed professionals means there are fewer qualified candidates waiting for new jobs. In the medical industry, the supply of qualified candidates is even lower. In fact, the Association of American Medical Colleges predicts that the U.S. could face a shortage of up to 120,000 physicians by 2030.
As unemployment decreases, wages will inevitably go up. CNN reported that wages rose by 3.3 percent in the third quarter of 2018, indicating that the trend is likely to continue. Though wages are already high in the medical industry, compared to others, employers may still have room to increase their offerings. Developing compensation packages that offer more appealing health benefits and 401(k) options could convince new hires to stick around.
3. Solicit feedback during the recruitment process
Your hiring process is a reflection of how your organization treats its employees. A poor candidate experience could lead to negative opinions about your brand. The best way to understand how job seekers feel about your company is to ask them. Adding a survey to your recruitment process gives job seekers a chance to provide feedback. Adjusting your methods to improve candidate experience could therefore improve your first-year retention rates.
Optimize your retention metrics by initially sourcing top candidates found on myHealthTalent.com. Learn more about how can help you find qualified medical job seekers to fill your open positions. Here are three tips to help you reduce turnover rates at your organization.