In both professional and personal worlds alike, one may discover that finding the right match can be challenging. As an employer, one may struggle with finding the best employee for the job and keeping that person on board, which is not unlike finding the right "significant other" - someone that looks good on paper, a real "keeper" as it were.
Hiring the right employee is tough and hiring the wrong employee is expensive. The message an employer sends to potential talent is important and drives initial attraction. Crafting a message promising career and professional growth, teamwork and/or a family-oriented environment can help drive people in the door. Delivering on these promises can have a direct effect on retention.
Employers are empowered when they understand what motivates employees to join their company and how those motivators impact retention. The exit interview surveys in the TMP database include over 10,000 records from approximately 20 different healthcare organizations across the country. Statistics from these exit interviews show that the number one reason people join healthcare organizations is for the career opportunity. Drilling the data down further indicates that most people join specifically for advancement opportunities and training/educational opportunities. When reviewing the recruitment message from a few of the clients in our database, I found messages such as "Build a career" "Our focus is staff development and career growth" and "We will encourage you to grow professionally." The exit data indicates that these messages are coming in loud and clear and helping drive people in the door as prospective employees.
Delivering on these promises appears to fall short for some employers. The exit research shows that of those claiming to have joined a healthcare organization for the career opportunity, almost a quarter of these people leave for a better career opportunity elsewhere. In addition, tenure statistics show that over half of these people left within the first two years of employment. Turnover is costly. Recruitment, lost productivity, loss of intellectual property, and training are just a few of the components to consider when calculating the cost of turnover.
"Looking good on paper" does not always work in the dating world, which is also true in the professional world, especially considering this exit interview data. Employers need to understand what attracts candidates to their company as well as what motivates their employees to stay. Employers who listen to their employees and implement retention strategies will see a positive impact when it comes to retaining good talent.