Regina Temple: Insights on Employee Retention Strategies
According to Regina Temple, employers typically calculate retention rates yearly by dividing the number of employees with a year, or even more, of service by the total number of employees at the beginning of the year. After that, they multiply that number by 100. Employees hired during the year aren’t factored in.
Examples of employee retention strategies
Organizations try to keep their employees in numerous different ways. Providing competitive pay and benefits is important, but it’s only the starting point. Other sound retention strategies include fostering both a collaborative and supportive work culture, offering training and personalized career guidance, and encouraging feedback. Organizations can also address employee concerns and needs, provide flexible work schedules and conditions, and make employees feel appreciated.
Paying what’s due
The healthcare profession is probably a higher calling for most practitioners. That said, everyone still wants to be paid what they’re worth, especially given all the rigors of the field and how competitive the competition can be. Provider HR organizations have to use external benchmarking data when regularly adjusting their compensation plans for medical staffers as well as contractors, explains Regina Temple.
Rising costs in healthcare
Complicating matters for the healthcare sector is the fact that the costs of all kinds of materials continue to rise. This holds true for systems and supplies, malpractice insurance, heating and electricity, and other goods and services, and this is happening while the workforce shortage is applying upward pressure on salaries and wages.
For instance, the price of traveling nurse services tripled during COVID-19 and remains relatively high. There’s only so much money to go around, says Regina Temple, so healthcare providers have to get creative with how they compensate their employees.
Payment strategies
Financial incentives, in addition to competitive salaries and benefits, include signing and merit bonuses, tuition reimbursements, student loan repayment programs, and subsidies for childcare. Increasingly popular are the relative value unit (RVU) plans that compensate healthcare professionals, in part, based on their productivity and quality of service.
Recruitment, training, and coaching notes
Many front-line managers rate difficult conversations, as well as coaching and engaging their teams, as the biggest challenges they face. Leadership competencies and skills ought to be an essential component in the recruitment process, especially for front-line leaders. In fact, Regina Temple mentions that leadership skills and technical skills should be considered equally when it comes to internal promotions.
Balance out the coaching on performance and development of staff with recognition for contributions and achievements. Front-line leadership skills include the ability to recognize employee performance and milestones, both personal and professional, to make employees feel valued.
Regina Temple has served in the healthcare community for over 30 years with experiences ranging from for-profit to not-for-profit organizations, unionized to non-unionized facilities and acute care settings to outpatient centers. Read similar articles on healthcare and leadership by clicking here.