The events of the past few years have reshaped the global workforce, with many leaving, or losing, their jobs. Despite a relatively steady recovery from the chaos of 2020, businesses continue to struggle with retention. The latest report released by the US Bureau of Labor Statistics shows that “separations” which it defines as “quits, layoffs, discharges, and other separations” increased by 3.2 million in 2022 from 2021. “Quits” accounted for 70% of all separations in 2022, the highest annual level in the survey’s 21-year history.
An Industry to Watch
While 2022 saw an increase in new hires, the growing challenge of retaining employees remains at the forefront of many business leaders’ minds. The healthcare industry in particular has drawn public scrutiny for its struggle with this issue. In 2021, voluntary terminations accounted for 95.5% of all hospital terminations, which were at their highest rate in recent years at 25.9%. Facing critical staffing shortages, and the industry’s failure to meet their turnover reduction goals, health care providers are putting even more focus on employee retention strategies. Their research and subsequent application will serve as an outstanding case study for other businesses struggling with the same obstacle.
What Makes People Stay?
While many organizations have invested in well-being initiatives, competitive pay, bonuses, and better technology, it’s still not enough to quell the turnover crisis. These are all essential strategies for recruitment, however, their existence in a setting devoid of a strong work culture limits their effectiveness to retain those new hires. As a visual, imagine planting beautiful, expensive orchids in a gravel parking lot. There’s nothing wrong with the orchids; they’re beautiful and appreciated, but without a proper environment, they can’t function at their fullest. In a survey spanning hundreds of thousands of healthcare workers, The Harvard Business Review found a resounding answer to what makes people stay: pride in their work and loyalty to their colleagues. An organizational culture with a commitment to excellence is the key factor in solving the turnover problem.
A Leadership Challenge
Building a strong workplace culture takes time, strategy, and dedication from all levels of management. A unified effort to embody the organization’s mission and values is imperative to prevent any new initiatives from falling flat. Once the core values are identified, it’s time to focus on definitions of excellence and point of pride. While healthcare workers can take pride in providing excellent care to their patients, other businesses can reflect on what they’re proud of. From there, they can brainstorm metrics for stellar performance. These could be anything from sales goals to positive feedback from customers.
Recognize A Job Well Done
Once businesses have established the performance metrics that work for them, they need to commit to consistently recognizing their employees. Keeping recognition fair and timely will help build momentum, keep up morale, and establish clear expectations. As recognition experts for over 50 years, we at Dion highly recommend a mix of personal, informal thank yous and more formal public recognition. This way, a culture of appreciation can flourish and employees feel celebrated in multiple ways. Peer-to-peer recognition is a great way to involve the entire company and create a positive and encouraging environment. Here at Dion, our peer-to-peer recognition involves our custom jewelry in the form of our Diamond Award. Members of Team Dion nominate their peers when they see someone going out of their way to help a coworker. The nominee receives a silver award pin, an internal newsletter shoutout, and their good deed posted on our Diamond Award board. Not only does the nominee feel recognized, the nominator feels like they have a strong and meaningful way to say “thank you.”
At Dion, we design and manufacture many unique and treasured healthcare pins, brooches, and badge holders. However, we take pride in creating valuable, specialized, and wearable awards to honor high achievers in all industries. If you’re looking for a unique way to boost retention, celebrate excellence, and engage employees, we’re here to help. Browse our gallery of past products, or This email address is being protected from spambots. You need JavaScript enabled to view it.give us a call, or message us to get started!
