In 2017, the healthcare industry surpassed manufacturing and retail as the largest source of jobs in the US. From high turnover to staff shortages, healthcare has its share of workforce challenges. Several studies have shown incorporating employee engagement and recognition strategies could help.
While it may seem to be a “recession-proof” industry, healthcare faces its own set of challenges.
According to Tower Watson’s global workforce study, less than 44% of those who work in US hospitals are considered highly engaged. One of the markers of high employee engagement is that employees have clear, measurable goals that allow them to understand how their performance drives success for the organization. However, employees also need clear feedback and guidance to reach those goals.
According to the Advisory Board, healthcare organizations have a 30.3 percent first-year turnover rate. More than 90% of U.S. hospital executives have expressed concern, according to a 2017 survey conducted by The Economist Intelligence Unit. With a significant number of baby boomer nurses retiring and a decreasing supply of available nurses to support the growing demand, stang shortage concerns will only continue to increase. And it's not just a nursing shortage problem. Experts predict the next ten years will yield a deficiency of specialists, generalist physicians and other clinicians, which will hamper healthcare organizations' ability to deliver high-quality care.
Employee retention is a challenge in healthcare. According to the Advisory Board, healthcare organizations have a 30.3 percent first-year turnover rate, and the American Health Care Association reports the median turnover rate for direct care sta in skilled nursing care centers is 43.9 percent. In order to reverse these trends, provide better care, and drive patient satisfaction, leading healthcare organizations today are turning their focus toward employee engagement.
Gallup’s well-being model that identifies how healthcare employees relate to their work. The model takes five elements into consideration: purpose, social, financial, community and physical. When employees are thriving in four out of five elements, they are four times less likely to feel burnout at work, according to Gallup.
With just 6% of healthcare workers thriving in all five elements, there is serious room for improvement in healthcare employees' well-being.