2020 Vision: Retention Tops Recruitment in Healthcare
Healthcare is the fastest-growing sector of the U.S. economy, employing over 18 million workers1. And with predictions for employment poised to explode over the next decade, how will healthcare providers find workers? Not only do healthcare leaders need to focus on widening skill gaps, but they also need to commit to retaining their talent.
And that’s just what they are doing. According to a recent study titled 2020 Vision – Working in the Future of Healthcare conducted by The Workforce Institute at Kronos Incorporated and Regina Corso Consulting, almost all (96%) of hospital HR executives say monitoring turnover and retention rates is critical to their organizations’ success. Additionally, 9 out of 10 HR executives (91%) say it’s more important to retain top performers than hire new talent. Interestingly, only 57% of nurses say their organization is doing all it can do to retain good nurses.
What should healthcare providers do? The survey examined the current state of digital transformation in healthcare, explored expectations for the future of work, and revealed how healthcare providers can emerge as an employer of choice.
4 Actions Healthcare Companies Can Take to Become an Employer of Choice
- Provide healthcare workers with tools and resources that empower them to perform at their fullest potential – that’s something only 41% feel they are in a position to do today.
- Offer more than a paycheck, as today’s workers have choices. Prioritizing competitive employee benefits (75%), work-life balance (74%), schedule flexibility (62%), professional development opportunities (59%) and investing in modern workplace technology (52%).
- Provide schedule flexibility. Less than two-thirds (49%) of HR executives say their organization offers schedule flexibility, and less than half allow staff to pick up extra shifts on other units or in affiliated hospitals and community settings (48%), offer a float or resource pool (42%), or encourage employee input to create best fit schedules (33%).
- Think about employees’ digital experience. Nearly all HR executives (97%), IT staff (96%), and nurses (95%) believe it’s important for organizations to actively think about their digital experience at work.
How HCM can Change the Game
Modern human capital management and workforce management solutions can reduce administrative burdens, streamline processes and provide guidance for better business outcomes. Its importance can’t be overstated; especially among nurses.
- 92% of nurses believe cutting edge, consumer grade technologies can enable new ways of working today, and 89% believe modern HCM technologies have the potential to substantially impact how work is done in their industry.
- 70% of nurses report that the HCM technology they use at work helps them accomplish their daily tasks
- 65% of nurses credit mobile and modern HCM technologies with providing them greater flexibility
As you are rolling out new technologies, take advice from IT. Almost all IT workers said it’s important for employers to provide training (96%), empowering and engaging technical tools (95%), and change management support (94%).
Keep in mind, HCM is important and, for the most part, it’s working. However, the support is soft. HR executives are more likely than nurses and IT to say they're satisfied with the HCM technologies in their organization (74%, 62% and 63% respectively). However, only 21% of HR executives, 11% of nurses and 12% of IT are very satisfied.
Kronos can Help
Attracting and retaining top talent today often comes down to the experiences you provide your employees. As talent in healthcare becomes increasingly selective, employers should focus on the benefits, development opportunities, and technologies that will keep employees engaged for the long haul. That’s where we can help.
At Kronos, we believe great businesses are powered by great people. We understand there is no greater impact to a patient’s experience than having a highly engaged and empowered workforce. Our Human Capital Management (HCM) and Workforce Management (WFM) solutions provide an end-to-end employee lifecycle management solution – everything from hire to retire. Employees and managers want to work smarter. They want real-time access and visibility into their people data. They want the ability to create best-fit schedules, track time and attendance, administer absence and leave, and measure productivity – all which are vital to managing and retaining a highly engaged and empowered workforce that delivers a quality patient experience.
1 “2020 Vision: Working in the Future of Healthcare.” Workforce Institute, December 2019. https://workforceinstitute.org/wp-content/uploads/2019/12/2020-Vision-Working-in-the-Future-of-Healthcare.pdf