Recruiting is just one part of the talent shortage puzzle; the best way to begin refilling a leaky bucket is to seal the leak
by Intelliworx
Recruiting is top of mind for many healthcare employers, and more and more are investing time in the function. For example, “MGMA polling from late 2023,” found “nearly eight in 10 (78%) of medical group leaders spent more time on recruitment and interviewing last year than the previous year.”
The findings were included in a healthcare staff compensation report from the association which includes a mix of polls MGMA has fielded over the last few years.
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Yet recruiting is only one part of the problem. Another key part is retention and retention rates are astonishingly high in some areas. As a case in point, MGMA says clinical staff turnover is at a rate of 33% while office staff turnover is at a rate of 40%. High turnover rates add to the cost of recruiting – and in an already tight market for healthcare talent.
If you want to refill a leaky bucket, the best place to start is by sealing the leak. However, that doesn’t seem to be happening, if the change in benefits offered to healthcare workers is any indication. Despite the high turnover, a whopping, “70% of medical group’s employee benefit offerings have stayed the same since 2023,” the association says.
The report sums this idea up nicely:
“While salaries and wages are a big part of the stay-or-go calculus for these workers, other elements of a compensation and benefits (or “total rewards”) strategy could also substantially impact your medical group’s hiring and retention efforts.”
Importantly, the benefits healthcare workers value change over time, so employers should ask employees what they value the most periodically. For example, newly minted doctors say compensation is the top factor they look for in a first employer. However, work-life balance, family and geography are increasingly influential as tenure lengthens.
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The full report explores a variety of issues related to compensation in healthcare: 2024 MGMA management and staff compensation data report.
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