Hospitals today are facing higher turnover and attrition rates than ever before, according to a survey from Leaders for Today, a hospital management staffing firm. This increasing turnover isn’t limited to certain healthcare jobs, it is affecting every role from the C-suite to the front lines.
Survey data shows hospitals will need to replace nearly half of their staff every five years. This challenge is intensified by a shrinking talent pool as more employees retire.
Four main takeaways from the survey include:
- Continuity in hospital employment is lacking. Nearly 43% of respondents reported they have been with their current hospital for fewer than two years and 65.7% said they have been there for fewer than five years. More than one-third (37%) of respondents plan to leave their current organization within the next two years, and 68.6% plan to leave within five years.
- The current hospital environment promotes high turnover. More than a quarter (27.4%) left their jobs for a promotion or a better opportunity for advancement. Another 14.4% left for better compensation. The largest proportion (58.2%) left for other reasons, such as long work hours, frustration and burnout.
- The growing proportion of retiring employees poses an additional challenge. As the workforce ages, hospitals are looking at a significantly smaller pool of experienced talent to fill these positions. The survey found 47.7% of respondents indicated they plan to retire within the next decade; 22.1% expect to retire within five years.
- The hospital hiring process needs improvement. Hospitals frequently lose candidates who land job opportunities more quickly elsewhere. Respondents cited speed and transparency as the top two frustrations with the hiring process.