Healthcare is one of those industries with a high turnover rate, the hours are long, the pay is low, and there is often an extremely high-stress level. For some employees these aspects of the job does not seem to phase them but for others, it causes them to quit bringing about a significant problem with employee retention.
“The Great Resignation—the mass exodus of unsatisfied workers—has hit few industries harder than healthcare. According to some reports, the field has lost an estimated 20% of its workforce, including 30% of nurses. This year alone, nearly 1.7 million people have quit their healthcare jobs—equivalent to almost 3% of the healthcare workforce each month, according to the U.S. Bureau of Labor Statistics”(https://www.forbes.com/sites/).
Also, in Elsevier Health’s first “Clinician of the Future” global report, it revealed current pain points, predictions for the future, and how the industry can come together to address gaps. In addition to that 31% of clinicians globally, and 47% of U.S. healthcare workers, plan to leave their current role within the next two to three years (https://www.forbes.com/sites/jackkelly/2022/04/19/).
The best strategy that healthcare organizations can implement right now—to ease the high turnover rate—is to invest in what they already have, which is prioritizing employees. Organizations can minimize or stop a continued mass exodus of employees by investing in improving working experiences and providing high-quality employee training. In this article, we will look at the importance of employee training in the healthcare industry and learn some cost-effective options to combat the lack of training in the industry.
The Importance of Training and Development in the Healthcare Industry
The reasons for employee turnover in healthcare can be diverse, but one of the biggest reasons is that employers do not provide sufficient training and development opportunities for employees. Without these opportunities, employees feel like they are not given adequate time to develop their skills and expertise, leading to high burnout and employee turnover.
Training is the key for any organization, whether it be the military, an educational institution, or any business. It provides employees with the information and training needed to perform their specific roles effectively. If an employee can't perform their job correctly, then there will be problems in the company's performance as well. Not only that, ignoring the importance of adequate employee training can severely impact team morale, financial turnover, and the ability to attract and retain good employees.
Sadly, many healthcare executives and managers give little thought to staff education in the healthcare industry. Making training a low priority can result in the following consequences (https://www.homeceuconnection.com/blog/):
- Low staff morale and high turnover
- Reduced employee productivity
- Stress on management
- Data privacy and security breaches
- Inadequate documentation, impacting reimbursements
- Compliance risks
- Patient safety risks
- Legal issues
Cost-Effective Options to Combat Lack of Training in Healthcare (https://www.homeceuconnection.com/blog/)
There’s no getting around it, training staff costs money, but formal training has a very high return on investment! The payoff includes employee retention, increased morale, practice efficiency, job competency, and higher patient satisfaction scores. The bottom line is a healthcare business will not improve profits without having excellent, caring, and highly trained employees.
The good news is there are ways to train staff with minimal to almost no extra cost to your facility. According to research published in The Journal of Oncology Practice, there are several low-cost training options that benefit healthcare practices:
- Hospital programs- Many clinics or hospitals do free seminars, webinars, or workshops on topics of interest to staff.
- Journal clubs- A staff development option that incurs no cost is a journal club, which can include books and medical journals.
- Government grants- Federal and state grant programs serve specialized populations and provide staff education. To find out about education or grants that may be available to your practice, look for state and county programs funded by the federal Workforce Investment Act.
- Vendor-sponsored education programs- Vendors often offer workshops on customer service or dealing with generational differences in addition to product-related training sessions.
- An in-house education program by subject matter experts- Regular in-office educational programs offer a way to improve efficiency and remediate problems.
Properly trained employees will be happier and more productive in the workplace. This is because they know you value their skills and want to see them succeed. As a result, they will positively impact your bottom line and the overall success of your business.
HWAA can help you!
If you plan to invest in your employees through training and development, you should take the proper financial actions to prevent a significant risk to your organization. HWA Alliance of CPA Firms provides comprehensive financial management services for your business, including planning, evaluation, reporting, and management.
HWA has honed its accounting practices and financial management in specific niche industries, the healthcare industry being one of such industries. Our financial managers, accountants, and client service executives have adapted to innovative solutions and care to guarantee your organization’s efficiency and profitability. It’s time to seek creative financial advice and solutions from experts. Let your financial future be strategized today. Contact us today for more information about our services in the healthcare industry.
