Let’s face it, your team is one of the most valuable assets that your company has, and unfortunately, the retention rate (especially right now during late 2021) is incredibly difficult! To make matters worse, it takes time to foster your employee’s interest, thus, medical entrepreneurs forget to focus on retention! As a result, business owners are losing their staff at an alarming rate. So here are a few of our favorite tips to retain your staff during trying times!
Salary and Benefits
It may seem obvious, but oftentimes, medical entrepreneurs forget to review their staffs’ salaries and benefits. Doing so is one easy way to retain your staff! Frankly, great employees know how much their skills are worth, and also know the going industry rate. Therefore, If you’re not willing to pay your employees what they’re worth, or slightly more, they’ll find another company that is and will!
As the owner of a medical practice, you, of all people, should know the benefit of offering benefits (especially medical)! In fact, about 56% of employees here in the US admit that great medical benefits often play a major role in their decision to stay at a job. Therefore, if you are not in a position to offer a competitive salary, perhaps consider offering amazing benefits!
Listen To Your Staff
If you want to retain your staff, then listen to them! Seriously! By giving them a voice, employees will feel valued and therefore, they will feel invested.
To do so:
- always encourage feedback
- schedule regular team meetings specifically give them an opportunity to voice their thoughts and concerns
- make an effort to actually implement some of their suggestions
Additionally, it is also wise to allow them to provide anonymous feedback! Typically, this will help quickly bring significant issues to light.
Leaders and Bosses are Not the Same
Yes, we intentionally chose this image. Usually, this would represent a sales funnel, but in reality, it also represents how LEADING vs BOSSING AROUND will typically increase profit because teams will work together!
A leader will help employees screw up and grow whereas bosses often bark orders and do not tolerate mistakes. Realistically, when an employee leaves their job, they are really leaving their manager/boss!
So, when choosing individuals to fill leadership roles, make sure they have the following characteristics of an inspirational, and motivational leader.
- The ability to calmly handle challenges
- quickly think on their feet
- know when to say no
- be able to set boundaries — and stick to them
- think outside the box
As the owner of the practice, be sure to empower your leaders and offer training to help them manage both positive and negative feedback, and help their teams achieve their goals.
Invest in Your Employees’ Future
Great employees really like to grow because it makes them feel more valuable! So, offer them a chance to do so! By Offering training and educational opportunities your staff members will feel confident and know that they are moving in the right direction.
Foster Company Pride
Your team members want to feel like they’re working for a company that is in line with their values and is making an impact in their field. In today’s activism-fuelled environment, you’re either part of the problem or part of the solution. (Even if you personally view the problem as silly, it might be important to your staff.)
Learn about your team members’ passions, and when appropriate, how the company could get involved. The key phrase here is, “when appropriate”. It doesn’t make sense for all companies to support every single cause.
Now keep in mind, the company should clearly state its mission, vision, and values! By doing so, it will allow potential employees an opportunity to identify whether or not they would be a good fit!
Ultimately, if you hope to retain your staff, invest some time in doing so! Try to implement one or all of the tips listed above! That said, cut yourself some slack, too! Sometimes, when employees leave, it is actually a blessing in disguise! OR, it has nothing to do with you or your company. (Maybe their spouse has to transfer to a new city).