Stop Team Deterioration-- Part 1
Your team may be deteriorating.
This may be in the form of employees that are detrimental to the team are allowed to continue on this rampage without recourse or termination.
Your team may be losing members in the form of turnover.
If this is the case, you need to find out how much this is costing you! Find out how expensive Employee Turnover is by getting my Doctor's Employee Turnover Calculator Program. Email me at articles@extremesuccesscoaching.com with the subject line "Doctor's Employee Turnover Calculator Program". Include your name and address and I will be happy to send it to you immediately.
Turnover is time consuming, money consuming, and stress causing. Turnover rates in healthcare are higher than in most other professions at over 20%. This is believed to be because of high stress situations with patients and short staffed long hours.
You may or may not have a problem with turnover, but I will discuss it nonetheless because it is quite widespread and very expensive.
Usually physicians are shocked to see the price they pay every time they lose or fire an employee.
It is worth your time and effort to acquire an estimate of lost fees to turnover in order to determine exactly how serious the situation is. This makes decisions for allocating funds to retention strategies easier and less stressful.
Why do employees leave?
The reasons are many and complex. But to summarize the most common reasons…
Poor Pay Rate
Manager or immediate boss's attitude or
Loss of trust and confidence in leaders often in the form of a "dangled carrot" promotion
Stress among employees
Feeling devalued and unrecognized
Stress of practice
The Bad News
Employee turnover costs can be substantial. The U.S. Department of Labor states that it costs a company at least one-third of a new hire's annual salary to replace an employee.
It has been estimated that replacement costs can average 100 percent of a position's salary. A VHA study showed that the dollars saved by reducing turnover are considerable. The study also found that organizations with low turnover have lower costs per adjusted discharge, a higher return on assets, a lower adjusted mortality index and a shorter adjusted length of stay.
High employee turnover affects the quality of care, which can causes patients to go elsewhere and affects the bottom line.
The workers who stay on the job are challenged by short staffing, and lack of knowledge among co-workers who enter the incessantly revolving door. This causes employee dissatisfaction unnecessarily. Patients are less likely to be pleased with their care when they experience constantly changing staff.
At more than 20 percent, the employee turnover rate in health-care organizations is 5 percent higher than average in most other types of establishments.
Take into account though, in some practices it is quite a bit lower than in others. Hence, turnover is not simply a fact of life. Some facilities are finding ways to keep staff.
More Bad News About Turnover
Productivity continues to be negatively affected even after a new employee is hired. Other staff members must devote time to assist in training the new employee and help resolve errors that inevitably occur in a new employee's work. Human resource professionals have estimated that even when employees receive the highest-quality training, a new employee's productivity level is only 25 to 50 percent that of experienced employees during the first three months of employment, and the new employee is likely to take at least a year to become fully productive.
High turnover sometimes means that patients are simply turned away, or that those patients who are admitted do not receive essential care from overworked staff. In short, high turnover rates "produce the antithesis to consumer-defined quality".
You need to allocate part of every week to being among the staff members connecting with them at every level possible. Tap into what motivates each employee. You need to know what stimulated their interest in health care in the first place, what keeps them coming back day after day and what saps their energy or enthusiasm. Herein lies the key to making a better team and better service for you patients.
In Part--2 of this article series I will go over each of the mentioned reason why employees leave in depth and give strategies for eliminating these! Are you ready?
You may reprint this article in it's entirety as long as you include the following information: Author: Christie Scott The One Physicians Call When They Are Tired of Their Stressful Practice! http://www.extremesuccesscoaching.com |
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