Talent Recruiting & Retention Strategies
Staff recruiting strategies have become crucial for home care and hospice agencies, especially as talent acquisition continues to decline. The COVID-19 pandemic has exacerbated the situation by causing nurse burnout, even as the pressures wind down. Consequently, agencies are experiencing higher turnover rates, which are detrimental to their success. Join me in exploring strategies to optimize employee acquisition and retention that were discussed in a recent webinar with Melissa Wallace from Human Interest. We’ll cover key takeaways and valuable tips to help your organization’s talent acquisition thrive.
Acquisition & Retention Strategies
In recent years, the home care and hospice agency has witnessed a surge in turnover rates, primarily attributed to the increase in wages leading to nurses and other employees seeking better opportunities elsewhere. Therefore, it’s crucial to identify what distinguishes your organization from others, beyond just offering competitive wages. As a smaller accounting firm, we prioritize this aspect when hiring new talent.
Employee Benefits
Offering a comprehensive benefits package, including medical, vision, and other benefits, is crucial in attracting and retaining top talent in today’s competitive job market. Access to quality healthcare coverage is a top priority for job seekers, and employers who provide such benefits demonstrate a commitment to their employees’ well-being. Beyond attracting and retaining employees, providing benefits can also enhance employee engagement and productivity, as it demonstrates that the organization values its workforce and is invested in their long-term success.
Additional Benefits
In addition to standard benefits, organizations can also provide voluntary benefits like life or disability insurance. Such benefits can be offered at a low rate or with no employer contribution, while still providing employees with the opportunity to enroll in coverage they may not qualify for individually. This approach can be an excellent way to augment your benefits package, allowing your employees to customize their coverage to suit their specific needs and preferences.
Paid Time Off
In some states, companies are obligated to provide a minimum amount of paid time off to their employees. However, offering a more generous PTO policy that aligns with industry norms can aid in attracting and retaining top talent. To determine the optimal PTO policy for your organization, consider your industry’s practices and evaluate what’s most effective for recruitment and retention.
If you choose not to allow PTO rollover, it’s important to consider the timing of when PTO expires. For example, opting for an anniversary date, such as the employee’s start date, can ensure that PTO expirations are spread out over the year, instead of employees rushing to use their paid time off before the year-end deadline. Ultimately, providing adequate PTO demonstrates that you prioritize your employees’ well-being as individuals, not just as contributors to the company’s success.
Signing & Relocation Bonuses
When offering signing or relocation bonuses, it’s essential to structure them in a way that promotes employee retention. For instance, you may stipulate that the employee must stay with the company for a specific period, such as six months, before receiving the bonus. However, relocation bonuses can be trickier to withhold, so you may require that the bonus amount be repaid if the employee fails to meet the minimum agreed-upon time commitment. By implementing retention-focused policies, you can safeguard your company’s assets and ensure that you hire employees who are committed to the long-term success of your organization.
Wellness Perks
In addition to traditional health benefits, many companies are also offering wellness perks to their employees. For instance, health and wellness apps and memberships like Calm and Class Pass can provide employees with on-demand access to fitness classes, meditation sessions, and other wellness resources. Some companies even offer gym memberships or stipends. If your employees work in-person, you can consider unique features like providing healthy snacks or hosting yoga classes on-site. These wellness perks can improve employees’ physical and mental well-being, leading to a happier and more productive workforce.
Should You Hire a Recruiter?
Working with recruiters can be a game-changer when it comes to saving valuable time. The qualification, interviewing, and hiring process is a significant investment that should not be taken lightly, and working with recruiters can alleviate that burden. If you hire a recruiter to help with talent acquisition, I recommend agreeing upon a base percentage so that the recruiter doesn’t only advocate for the highest-paid candidates.
Partnering with recruiters can offer a significant advantage as they can easily find your ideal candidate who is already employed in a similar role at another organization. These top-performing employees are precisely the kind of candidates you desire, and leveraging a recruiter’s expertise can help accelerate your entire employee search and selection process, delivering quick and effective results.
Recruiter fees are not cheap, but it’s essential to consider the alternative use of your time, whether it involves managing your business or personal life.
Continued Success
Congratulations on filling the new role! But the work doesn’t end there. To keep employees happy and loyal, it’s important to maintain best practices that foster a positive work environment. One of the most effective ways to retain employees is to cultivate a genuine and unique culture that emphasizes teamwork, trust, and a shared vision. At Knight, we prioritize these values to ensure employee satisfaction and retention. By embodying a strong company culture, organizations can create a workplace that employees are proud to be a part of, leading to a more successful and cohesive team.
If you want to learn more about hiring and retaining talent, we recommend watching our webinar on Staff Recruiting & Retention Strategies with Melissa Wallace from Human Interest! Melissa is a seasoned HR professional who can provide invaluable support to your organization in various HR domains. We highly recommend getting in touch with Melissa if you or your organization needs support in any area of HR.
