Is Turnover Killing Your Practice?
According to a recent article in Fortune, the U.S. national average for turnover usually runs between 2-3% per month, whereas the top 100 companies have a turnover rate of only 2-3% in an entire year. Obviously, a certain degree of turnoveris unavoidable, but the last thing you want to do is lose your best performers. Turnover sucks the life out of your practice and equates with knowledge loss. Consider the impact when the person leaving is in a key role or hard-to-fill job in your office. It may take six months to find their replacement and a year or more before they are up to speed. To add insult to injury, what if they go to a direct competitor in your community?
Understandably, turnover is not preventable. Employees relocate to different cities, go back to school, and decide to be full-time mothers or fathers. But with some focused attention, reducing turnover is a solid and achievable goal. Here are four important factors that increase retention.
Confront Your Hiring Process
Review job descriptions. Good hires need to have a clear understanding of the job you want them to do. Not only what to do but how you want them to do it. Standardize your interview. Eliminate subjectivity as much as possible by structuring questions that are focused on the real needs of the job and your office environment. Expand your selection tools beyond the resume. With the increasing importance on interpersonal effectiveness for job success, employers who add pre-employment testing have a strategic advantage.
It’s NOT about Money
Focus on improving the level of trust in your practice. High trust is correlated with high retention and boils down to communication, communication, communication. Trust is more than honesty. It’s also about appreciation for others and the willingness to sacrifice personal gain for that of the team. Take the time to extract your employees from the mayhem of everyday work with an event like a team retreat. Explore team synergy, and as a result you will increase retention rates.
Create a Better Future
Express more appreciation and praise to your staff. Let them know when they are doing things right, even if the best you can offer is to acknowledge their efforts to learn. Stop micromanaging. Set your standards at “excellent” and let go of “perfect.” When employees see you collaborating instead of controlling it goes a long way toward building loyalty and longevity.
Spend your time, money and energy on programs and processes that have a positive impact on employee happiness. You will reap the benefits. Dental practices that focus on these four factors will have more employee satisfaction, and that equates to lower turnover and higher retention rates. I’m here to help.
Dr. Haller provides training for leadership effectiveness, interpersonal communication, conflict management, and team building. If you would like to learn more contact her at firstname.lastname@example.org
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