By Dan McPhee, Manager of Partner Relations at Salary.com, an MHA Approved Business Partner.
It is well known in the healthcare industry that issues of staff turnover, lack of applicants and salary compression were exacerbated in 2020 and 2021. Unfortunately, these trends have continued throughout 2022 with indications that 2023 will be just as difficult. While there are several drivers of long-term employee retention, compensation professionals in the industry note three common challenges when it comes to employee turnover and recruitment:
- Employees leaving health care entirely for higher pay and/or better hours.
- Employees moving from one healthcare facility to another for higher pay, benefits and/or better hours.
- Employees who leave the city or state for higher pay, sometimes responding to economic relocation incentives provided by a hospital system, state, or city.
These are informative topics, but each would warrant a case study for detailed long-term solutions. MHA Endorsed Business Partner (EBP) Salary.com has the data to research solutions to these challenges in its CompAnalyst MarketData tool. With over 8,000 benchmark jobs updated monthly and the ability to focus by industry, geography, and facility size, the team can easily pull valuable data into reports to help HR and compensation professionals to better understand the market, the competition and the remuneration of the sector.
MHA members are invited to try a free trial of the CompAnalyst MarketData tool until September 15 for 30 days or 15 job prices (whichever comes first) and receive full support from Salary.com to use the tool and identify solutions to these challenges. Members also receive discounts on all Salary.com subscriptions and resources.
Please visit the MHA Salary.com homepage or contact the Salary.com team to start a trial. Visit the MHA EBP webpage for more information on available workforce solutions.