High employee turnover can be costly and time consuming for your practice. Hiring and retaining productive people for important positions is crucial to keeping your business running smoothly. Whether you’re buying a new medical practice or expanding your current business, make sure you have adequate capital to fund a thorough hiring and training process. The initial investment will pay off in the long run when you have qualified, experienced staff keeping your practice on track. See the below tips for reducing employee turnover, and contact Bankers Healthcare Group to learn how we can help you with financing.
Invest in Proper Training
When you first hire new staff members, don’t just immediately throw them into their daily duties. While it may seem like putting them to work right away is cost-effective, you’re actually at risk of losing your new employees’ loyalty right off the bat. Factor an appropriate training period into your cost of starting a medical practice. Give your new hires adequate time to feel comfortable in their new positions, and provide them with all the training materials and learning resources they need to succeed. Gradually give them new responsibilities while making it clear that they are always welcome to ask questions. Building confidence in your news hires without overwhelming them will help ensure job satisfaction and reduce the number of new hires who quit within the first few months.
Pay Appropriate Salaries
If someone could be making more money doing the same work in a different practice, chances are they won’t stick around. Do your research before setting staff salaries to make sure that your rates are at or slightly above market value for your area. When you consider the initial costs involved in hiring and training a new employee, paying slightly higher salaries is usually more cost-effective in the long run. Don’t forget to offer yearly raises and performance-based bonuses.
A good benefits package can provide enormous incentive for employees to remain at your practice. Consider going beyond a basic healthcare package and offering your employees an employer-funded HSA account and 401k match program. You may also want to consider additional benefits like a local gym membership or subsidized classes at a local college.
Create Room for Career Growth
Nobody likes to feel stuck in their career. Create opportunities within your practice for employees to take on additional responsibilities and advance their careers. Reward consistently good work with promotions when possible, and make sure employees know what is expected of them in order to advance. Offer training opportunities to teach new skills, or create a mentorship program so employees can learn from more seasoned peers.
Foster a Positive Work Environment
You could be paying the best salaries around, offering a generous benefits package, and providing all the training an employee could possibly need, but if your practice is not a pleasant place to work, you are still likely to lose employees. Always treat your staff with respect and maintain a positive attitude in the workplace. Address small problems before they blow up into big ones, and make yourself available and approachable to your employees.