You’ve Got Some Great Team Members – How Do You Keep Them? Revisiting Employalty and Advanced Retention Strategies

Episode 72: You’ve Got Some Great Team Members – How Do You Keep Them? Revisiting Employalty and Advanced Retention Strategies

Welcome to today’s episode of Medical Money Matters, where we dive deep into the heart of healthcare innovation, management, and culture. Today, we’re focusing on a critical issue that every healthcare organization faces: employee retention. In a field as demanding as healthcare, retaining skilled, dedicated professionals isn’t just beneficial; it’s essential for maintaining high standards of patient care and operational excellence.

Drawing inspiration from Joe Mull’s seminal work, “Employalty,” and some of the concepts he and I covered in Episode 22 about Igniting Commitment, and the concept of making your healthcare setting a destination workplace, we’ll explore advanced strategies that go beyond the basics. With insights from our consulting practice, we’ll unveil how financial health and operational strategies are fundamental to creating an environment where employees don’t just stay—they thrive.

Joe’s latest book, Employalty, at its core, is about creating a destination workplace. Joe Mull articulates this concept brilliantly, emphasizing that in healthcare, where the stakes are life and death, employee loyalty translates directly into patient satisfaction and care quality. But how do we achieve this lofty goal? The answer lies in having three things: an ideal job, meaningful work, and a great boss.

A destination workplace in healthcare is more than just a job location; it’s a place where professionals aspire to work. Characteristics of such a workplace include a supportive culture, opportunities for professional growth, recognition of contributions, and a focus on work-life balance. Leadership plays a pivotal role here, creating and nurturing an environment where employees feel valued, supported, and part of a larger mission.

The Financial and Operational Backbone of Employee Retention
Let’s delve deeper into the practical side of things. Over the years in our consulting practice, we’ve observed firsthand how the financial and operational aspects of a healthcare organization directly impact employee retention. A well-managed practice that operates efficiently and is financially stable provides a solid foundation for employee satisfaction and engagement.

Investment in Technology and Infrastructure
Consider the case of a mid-sized clinic that recently overhauled its electronic health records (EHR) system. The transition to a more intuitive, user-friendly platform reduced administrative burdens on staff, allowing them to spend more time on patient care. This technological investment directly contributed to a noticeable uptick in employee satisfaction and retention rates. It’s a prime example of how operational improvements can make a healthcare setting a more attractive place to work. As we mentioned in our last episode, this is even more critical today, given the ongoing migration of professionals OUT of the healthcare industry.

Comprehensive Benefits and Compensation Strategies
Advanced retention strategies often revolve around innovative benefits and compensation. For instance, implementing a tiered benefits system can cater to the diverse needs of your workforce. We’ve seen the success of offering employees a choice between different levels of healthcare coverage or the option to allocate part of their benefits package towards education, childcare, or wellness programs. Such flexibility allows employees to tailor benefits to their specific life situations, fostering a deeper sense of loyalty and appreciation towards their employer. Creative benefits like employee perks of a massage therapist who comes in to do chair massage, or having a mobile barista bar show up occasionally to make everyone a fancy coffee drink show your team that you value them beyond just the normal, everyday ho hum.

Professional Development and Career Advancement
Another cornerstone of retention is providing clear paths for professional development and career advancement. A healthcare organization that invested in creating an in-house leadership training program for its nursing staff found that participants were more likely to stay with the organization long-term. This initiative not only equipped nurses with valuable leadership skills but also demonstrated the organization’s commitment to their professional growth. The same is true for any group of employees on your team – if they can clearly see a career path forward for themselves, and they have someone cheering them along that developmental path, they’re very likely to stay. AND, it should be noted that sometimes the best career path may take one of your superstars out of your organization and either back to school, or on to another organization that has the perfect “next job” for them. In those cases, that’s more of a “graduation” than a departure, and I’d encourage you to celebrate them. You never know when they’ll be back.

One of our clients had a part time high school student who worked in medical records. When one of the physicians in the group took an interest in her, and learned that she was interested in a career in medicine, she encouraged the young woman to follow that dream. She did. She went off to college, then to medical school and residency, and a few years ago, she returned to their clinic to practice there as a physician. I love that story!

Work-Life Balance and Mental Health Support
Balancing the demands of healthcare work with a personal life is a perennial challenge. Organizations that offer flexible scheduling, telecommuting options for non-patient-facing roles, and ample paid time off are more likely to retain staff. Additionally, providing access to mental health resources, such as counseling services or stress management workshops, underscores an organization’s commitment to its employees’ well-being. You never know when your Employee Assistance Program can make a pivotal difference in one of your team member’s lives.

Building a Culture of Appreciation and Belonging
Finally, creating a culture where every team member feels valued and appreciated is crucial. Regular recognition events, employee spotlight features in newsletters, and transparent communication channels where staff can share their ideas and feedback all contribute to a positive workplace environment. A simple, yet effective strategy we’ve observed involves peer-nominated awards for exceptional patient care or teamwork, which not only recognizes outstanding contributions but also strengthens the sense of community among staff.

Building on the solid foundation of understanding Employalty, the characteristics of a destination workplace, and the financial and operational strategies essential for employee retention, we now turn our attention to specific advanced retention strategies. These strategies are not just theories but are actionable steps that can transform healthcare settings into places where professionals not only want to stay but also grow and excel.

Section 3: Advanced Strategies for Employee Retention
In the realm of employee retention, innovative benefits, professional development, work-life balance, and a culture of appreciation are not just perks; they are essential components of a thriving workplace. Here’s how healthcare organizations can implement these strategies effectively:

Comprehensive Benefits and Compensation Strategies
Compensation goes beyond salary. It encompasses a holistic approach to rewards that cater to the diverse needs of the workforce. For example, a pioneering strategy implemented by a leading healthcare institution involved the introduction of a ‘Lifestyle Spending Account’—a flexible benefit that employees could use for a wide range of services, from fitness memberships to continuing education. This approach recognizes that employee needs are varied and personalizes benefits to meet those needs.

Professional Development and Career Advancement
Healthcare is an ever-evolving field, and providing avenues for professional growth is key to retention. One innovative strategy is the creation of a ‘Professional Development Grant’ program, where employees can apply for funding to pursue specialized training or certifications relevant to their roles. This not only supports their professional growth but also enriches the organization with advanced skills and knowledge. Another impactful strategy is establishing mentorship programs. By pairing less experienced employees with seasoned professionals, organizations can foster a culture of learning and growth. Mentorship provides a structured way for employees to advance their careers within the organization, increasing their engagement and loyalty.

Work-Life Balance and Mental Health Support
Achieving a healthy work-life balance is particularly challenging in healthcare. To address this, some organizations have implemented flexible scheduling models that allow employees to have input into their work schedules, accommodating their personal commitments and reducing burnout. Mental health support is also crucial. Establishing a comprehensive wellness program that includes access to mental health resources, stress management programs, and regular wellness checks can make a significant difference in employee retention. One noteworthy initiative is the ‘Wellness Wednesdays’ program, where employees are encouraged to participate in activities that focus on mental, physical, and emotional health, emphasizing the organization’s commitment to their well-being.

Building a Culture of Appreciation and Belonging
A culture of appreciation is vital for a destination workplace. Regular, meaningful recognition—whether through an ‘Employee of the Month’ program, personal thank you notes from leadership, or public acknowledgments of team successes—builds a positive workplace atmosphere. Creating a sense of belonging involves more than just recognition; it’s about fostering an inclusive environment. This can be achieved through initiatives like diversity and inclusion training, employee resource groups, and regular feedback sessions that allow employees to voice their concerns and suggestions in a safe and supportive setting.

Section 4: From Strategy to Implementation: Making It Happen
While these strategies are powerful, their success hinges on effective implementation. Transitioning from theory to practice requires careful planning, communication, and adaptation.

Overcoming Common Obstacles
Implementing advanced retention strategies is not without challenges. Resistance to change, budget constraints, and operational disruptions are common hurdles. Overcoming these obstacles requires clear communication of the benefits of these strategies, not just for employees, but for the organization as a whole. Engaging employees in the planning process can also mitigate resistance, as they feel part of the change.

Case Examples of Successful Implementation
Health e Practices offers valuable insights into successful implementation. One example is a healthcare organization that introduced flexible scheduling. By involving employees in the scheduling process and utilizing technology to manage preferences, the organization was able to implement the system smoothly, leading to increased satisfaction and reduced turnover.

Measuring Outcomes and Adjusting Strategies
The final piece of the puzzle is measuring the impact of these strategies on employee retention and adjusting as needed. This involves tracking key metrics, such as turnover rates, employee satisfaction scores, and engagement levels. Regular reviews of these metrics, coupled with feedback from employees, will inform necessary adjustments to ensure the strategies remain effective and aligned with the organization’s goals.

In today’s healthcare environment, retaining top talent is more crucial than ever. By embracing advanced retention strategies, healthcare organizations can create a workplace that not only attracts but retains the best in the field. Implementing these strategies with care, consideration, and a focus on the unique needs of healthcare professionals will pave the way for a brighter future for your healthcare organization, your employees, and the patients you serve.

Thank you for joining us today. We hope these insights inspire you to innovate and elevate your employee retention strategies. Stay tuned for our next episode, where we’ll explore advanced business continuity planning and focus on what you should plan for to assure that your practice thrives through any number of unforeseen events.