It Pays to Give Employees Reason to Stay
For the finale of our blog series on employee engagement based on our latest white paper titled, “HARD AT WORK: Employee Engagement Strategies Help Retain Top Talent in Home Care and Hospice,” we’re detailing why it’s important to give employees reason to stay with your organization. In case you missed the last blog describing how surveys can improve communication and employee turnover rates, you can read it here.
Principal Eric Scharber says, “Employee engagement surveys are the single most valuable tool in affecting an organization’s retention strategy. The information that can be discerned from these studies is crucial to decision-making going forward. Between lower turnover rates and the fact that engaged companies grow as fast as three times their competitors, the ROI for doing employee engagement surveys is obvious.”
In an industry that is continuing to grow on a daily basis (the home health care services industry will be the fastest growing segment of the U.S. economy in terms of employment gains through the year 2024 according to the Bureau of Labor Statistics), Home Care and Hospice organizations cannot afford to ignore employee engagement issues. Organizations must work to recruit top talent in the industry and know how to retain them and maintain their satisfaction. When employee turnover rates are high, companies begin to lose their competitive edge in the industry and acquire high and unnecessary costs, as it costs organizations 150% of an annual salary to replace a key employee on average (Gallup).
In order to successfully implement Employee Satisfaction Surveys within your organization, Eric Scharber offers the following tips:
- Work with a third party expert, as it increases your participation rate by as much as 50% due to the understood anonymity of the survey. In addition, this will increase the level of honesty provided by employees.
- As healthcare workforce challenges are ever increasing, satisfaction surveys in organizations must be a top priority. Plan and budget for a survey every year.
- Choose a firm that specializes in your industry, as they can compare your organization (confidentially) to competitors with real data, instead of generalizing data that is not specific to your industry.
- Share the survey results and act on them. Ignoring the issues identified causes distrust within the organization and lessens future staff participation.
The key takeaway: employee engagement matters and it pays off to give your employees a reason to stay based on the costs of high turnover rates.
Want to learn more about employee engagement? Download and read our latest industry white paper titled, “HARD AT WORK: Employee Engagement Strategies Help Retain Top Talent in Home Care and Hospice.”