This report gives an in-depth analysis of the strategies implemented in the Health Care industry in order to maintain a high performance workforce. Health Care is the fastest growing segment of the economy which means more jobs are being created, which has resulted in a high demand of Health Care professionals who have a keen eye for talent.
The three key areas to focus on while trying to maintain talent management accountability in Health Care include attracting employees, onboarding new employees, and retaining existing employees. These processes involve sourcing and finding talent, and training and developing employees. All which are vital to promote a desirable work environment for highly skilled professionals looking for opportunities in the Health Care industry.
In Health Care, it is a universally understood concept that hiring the right people has a direct effect on the quality of an organization’s delivery of healthcare services. The tumover rate in Health Care is quite high in comparison to other industries. That is why recruitment and retention of good workers must always remain a top priority in order to continue to further organizational success. Attracting employees is the first step an organization takes in the process of obtaining great workers.
Organizations need to find people who are suitable to the needs of their company and during the hiring process it must be deemed that the new hire is a good fit and can be put in a position to thrive. There is a shrinking talent pool for healthcare organizations to choose from which makes this process even more strenuous. Employees entering the field who are highly qualified typically have a number of job opportunities at their fingertips which leads to shortages in areas that are not as desirable. New graduates often look at opportunities with places they have had internships which affects the distribution of potential health care workers.
Once prospects are found that suit an organization’s needs, managers need to ensure that they are motivated and put in a position to reduce the amount of drop off that comes with new hires. Finding balance between internal and external recruitment is vital to the hiring process because you have to diversify your talent pool. This shows employees that there is opportunity for advancement in the organization and will allow you to evaluate employees from outside the organization who may bring valuable new ideas. Once you find the people who you may think be the right employees, you must begin the onboarding process. This involves training, educating and getting new employees acclimated to the work environment. Integrating employees sets new hires up to be productive members of the health care organization. Successful onboarding can minimize turnover ratios and increase retention rates by putting employees in positions to succeed as soon as possible.
When managers can effectively communicate the “big picture” to new hires it allows them to understand how their role furthers organizational objectives. Once employees are established at a company, retention must remain a key focus for managers. One in five health care employees quit their job every year. High turnover rates place financial stress on organizations because the onboarding process is costly. For example, it can cost anywhere from $50,000-$100,000 to recruit and train a new nurse. If the turnover rate for nurses is high, it will prevent the organization from achieving its objectives.
That is why employee engagement is critical because you want them to feel fulfilled with their role in the workplace. Ideally, all employees would be engaged in their work because this would lead to an increase of organizational performance in areas such as productivity, patient care, loyalty and retention. If an organization can master these processes of assessing and retaining talent their ceiling for success will become much higher as a result.
