As Covid-19 volumes decrease and staff begins to heal from the trauma of the past year, many healthcare leaders will reflect on important lessons learned. An unfortunate reality rapidly surfacing for healthcare leaders today is staffing won’t get any easier. Research predicts a mass exodus of healthcare workers due to burnout, accelerated retirement and natural attrition. Now more than ever, analyzing your hospital’s employer brand and reputation is a critical component for building up your workforce.
According to The Society for Human Resource Management, “An employer brand is essentially what the organization communicates as its identity to both potential and current employees.” Because 80% of HR leaders think an employer brand plays a significant role in hiring talent, organizations make concerted efforts to develop tangible and intangible benefits to achieve the distinction as a “great place to work.”
But it’s so much more than getting a fancy badge to put on your website and an annual report; a strong employer brand impacts the bottom line. LinkedIn estimates that organizations with a strong employer brand had a 50% lower cost per hire and 28% reduction in turnover. When the average annual cost of RN turnover for a hospital is million, a 28% reduction in turnover could save $1.37 million.
In fact, a hospital’s employer brand and the experiences of contingent workers impacted cost during the Covid-19 pandemic. For the healthcare systems and facilities that participate in our managed services program (MSP), we found that clients whose hospitals received higher net promoter scores, or had a higher likelihood to be recommended as a great place to work by a contingent worker, paid lower bill rates for contingent labor throughout the pandemic than our clients whose hospitals received lower NPS….
Source: The Staffing Stream