Tackling Retention and Employee Engagement with Stay and Exit Research

In the healthcare industry, every interaction with stakeholders is crucial.  Employee retention is not only beneficial for morale, but quality care. Medical errors remain one of the leading causes of death, and the failure to seek both preventative and reactive healthcare results in countless negative public health outcomes. Experience and builds consistency and the ability to consistently deliver patient-and-relationship driven care.

That is precisely why we support healthcare organizations to strengthen employee engagement and retention through implementing stay and exit interviews. These interviews serve as invaluable resources for healthcare leaders aiming to comprehend the factors that influence employee retention and turnover.

Stay Interviews: A Preventive Measure

What are the mindsets and perspectives of employees who thrive and flourish within their roles? What buffers stress and strain among tenured team members? Stay interviews  pinpoint key drivers of employee satisfaction and engagement, such as integrating work with life, building connections with leadership and colleagues, professional development opportunities, and recognition. By identifying these critical elements, which are often unique by organization and role, healthcare organizations can craft targeted initiatives, building a more engaged and committed workforce, and subsequently improving patient outcomes.

Exit Interviews: Learning from Loss

While preventing turnover is critical, there is invaluable learning to be had when an employee departs. Exit interviews are pivotal for understanding the root causes behind high turnover rates: be it poor management (what was missing?), low job satisfaction (what needs went unmet?), or inadequate training (by role, competency, or level). As a third party, we consult with healthcare organizations to gain insights from these interviews, driving meaningful changes that lead to a more stable and experienced staff, thereby ensuring continuity and quality of patient care. As a third party, we offer participants confidentiality and objectivity that's cannot be achieved by the employer.

The Proven Benefits

Organizations that invest in employee engagement and retention not only bolster their internal culture but also experience tangible business outcomes. There is a direct correlation between employee engagement and higher levels of patient satisfaction, increased profitability, and better patient outcomes. Notably, a survey by the American Society for Healthcare Human Resources Administration highlighted that 60% of healthcare organizations conduct exit interviews, while only 39% conduct stay interviews—a gap that offers opportunities for improvement. In addition, even a small reduction in turnover leads to significant to direct savings. Consider the cost of turnover for each of the following positions; keeping in mind that indirect costs to patient care and employee engagement cannot be fully measured. In total, the direct costs of turnover in healthcare are estimated to be $6.2 billion.

• Certified Nursing Assistants (CNAs): $13,400
• Medical Assistants: $14,200
• Nurses: $52,000