Guest post by Ben Weber, managing director, Greythorn.
The pace of life has changed over the last few decades, and it’s changed absolutely everything. Now, we expect communication to be instantaneous by email and text. We expect delivery to be two-day (and free), thanks to Amazon. And increasingly, expectations about work and careers have changed as well. The time spent at a single organization has been condensed, going from 40 years down to three, five or sometimes even less. Most people anticipate working for multiple companies over the course of their career, not to mention some may have multiple careers in the course of their working lives. Either way, this is a costly trend for employers.
That’s one reason we here at Greythorn conduct an annual survey of healthcare IT professionals: so we can understand what’s motivating them to stay, or seek out new employment. Have a look at some of our key findings and consider what this may mean for you and your team/organization. Perhaps there’s a nugget or two within that may help you ensure you’re doing everything you can to retain your top talent.
Motivation #1: A higher salary
It should come as no surprise that a higher salary can tempt someone away, even from a job they love. What might surprise you, however, is how many of your employees expect their salary to increase right now in their current roles: a full 87 percent of survey respondents said they expect at least a 3 percent increase in the next 12 months. If this expectation isn’t managed or met, the odds are good that you may start seeing some of your best employees begin to grumble.
According to our research, job security is no longer a top motivator for healthcare IT professionals. In our last survey, it slid from the top three—where it’s remained for several years—to number six. Meanwhile, 71 percent of the full-time employees who participated in our research said they’d consider joining the uncertain world of consulting—mainly, because the money’s superior. They’ve accepted that in consulting, job security is rare, and are choosing to embrace that higher degree of risk to capitalize on their earning potential.
So what can you do? Besides the obvious and often less feasible option of increasing everyone’s salary, you can provide transparency to your staff. Ensure they understand what’s expected of them and are accountable for delivering on your key objectives. Provide documentation to support a salary review and/or a guaranteed raise based on meeting those objectives. Explain some of the obscured issues going on within your hospital or health system, which may make a raise unattainable (for now), and/or why the annual bonus was potentially smaller than what they’d hoped for. Although they may be disappointed with the news you’re sharing, you’ll further a trusted relationship—and their loyalty—with your honesty.