Quantum Workplace reports, “Turnover can cost organizations anywhere from 16% to 213% of a lost employee’s salary.” Whatever the reasons your caregivers quit, you must get to the bottom of it because your bottom line matters. But even more, your employees’ matter.
There’s an easy way to calculate your turnover rate, according to National Business Research Institute.
Count the number of people who leave either your department or organization in a period of time and then divide that number by the average number of people working in your department or organization. Multiply that number by one hundred.
Now that you know your turnover rate, you need to gather data around the reasons people leave. Consider these 5 areas of analysis and then create a report to understand areas of weakness at your community.
Here’s a list of 5 data points to gather and analyze when studying employee turnover:
- Analyze compensation rates and benefits in the market
During the Great Resignation, employees are leaving their current job to find more desirable work elsewhere, all while being paid significantly more than what they are now.
Do a market check: do your caregiver wages compare to others in your area? How much are agencies paying caregivers per hour? If your employees can be paid more by leaving your community, you have problem.
Also consider fair pay when looking at compensation rates. Pay equity is divided into two groups: controlled and uncontrolled. Payscale says, “The controlled gender pay gap measures ‘equal pay for equal work’…The uncontrolled gender pay gap is an indication of what types of jobs — and the associated earnings — are occupied by women overall versus men overall.”
For instance, women in the uncontrolled pay gap are paid 82 cents for each dollar earned by men. As women become more seasoned in their careers, the pay gap widens, with men being “disproportionally promoted faster and more often than women.” Pay inequality is even more problematic for women of color, with Black women at 79 cents to each dollar earned by men, and Hispanic women at 78 cents.
When analyzing turnover data, a salary audit based on equal workload, experience, and education should be considered to see where your community is missing the mark.
Along with salary, don’t feel uninhibited to get creative with benefits. Be open to alternative work schedules, paid mental health days, and spot bonuses for excellent performance. The best way to analyze this measure is to candidly talk with your employees.
- Measure your internal promotion rate
Workplace event planning firm, TeamBuilding, states, “According to a report from Gallup, 87% of millennials shared that opportunities for growth and development are one of the most important factors for career satisfaction. Roughly 70% of professionals in other generations echoed the sentiment.”
The Society for Human Resource Management reports that about 40% of millennials expect to receive a promotion every one to two years and one in three will leave their current job in search of a promotion.
When there’s no room for growth or opportunities for a raise, your loyal employees can become discouraged and begin to explore other communities that might value them more.
Staying in a stagnant role isn’t good for your staff members or residents. Find out what levels or positions would rekindle your employees’ passion for their careers and boost morale. Don’t forget– it’s cheaper to promote from within than to hire and train someone new.
Strengthening employee satisfaction is also a good way to keep your seniors at their happiest, comfiest, and safest in their mature years.
- Create exit surveys
Quantum Workplace says, “Exit surveys can help paint a better picture of why an employee transferred. It could be because they were interested in a new role or a growth opportunity. Or it could be that they are running from a bad manager, distrust in coworkers, or lack of growth.”
It’s important to honestly seek answers about supervisors who manage unfairly, discriminate, and withhold opportunities from deserving employees. It’s a tough topic, but not every manager is manager material and can hold back great team members, even sending them to another company. Listen to unhappy employees if they give feedback in their exit interviews.
Hard-working employees being passed over for promotions, two personalities not clicking, or a boss’s lack of accountability for staff will leave you with exasperated workers who, when it’s all said and done, will leave you.
“According to an employee retention report from TINYpulse, employees who rate supervisor performance as subpar are four times more likely to look for a new job.”
- Survey your work environment
Favoritism, competitive posturing, or double standards are all ways to fast-track an employee to a disgruntled status. TeamBuilding lists a variety of reasons that incentivize individuals to move on:
- Unclear or insufficient communication
- Failure to address conflict
- Unfriendly coworker competition
- No accountability or ownership
- Unequal work distribution
- Lack of support from management
- Inappropriate and unprofessional conduct
- Emphasis on punishment over growth
- Micromanagement and arbitrary rules”
Management must get to the source of the micro-aggressions and unfair systems or the problem will continue, and retention will be increasingly difficult to sustain.
Ask the tough questions, and if you feel like employees prefer anonymity, gift them with that type of survey. A culture of low morale and mistrust might not easily divulge information. Give them a chance to be honest without fear of repercussions. While you may feel like everything’s humming right along, getting right in the thick of work culture and attitudes can reveal hidden problems that are overdue for resolutions.
- Access caregiver burnout
Deloitte’s Workplace Burnout Survey reported, “87 percent of professionals surveyed say they have passion for their current job but 64 percent say they are frequently stressed, dispelling the myth that passionate employees are immune to stress or burnout.”
The result of layoffs and the Great Resignation have created leaner work teams, and extra responsibility on employees’ plates. Trying to squeeze out as much work as you possibly can from your staff may seem economical, but in the long run, you’re leading employees to a quicker exit. Extended periods of being overworked and not having the needed time off to recuperate are giving workers a reason to go.
Many caregivers have family obligations or childcare needs that make putting in long hours more complicated. Offering flexible scheduling is one way to prevent burnout.
Another common mistake that many businesses make is depending on singles or those who aren’t parents to take on extra hours, work on more assignments, and cover for those who have childcare obligations. Check to see if you prioritize parents over all other lifestyles in your own community, especially with today’s blurred lines of working remotely or putting in the overtime.
Senior reporter, Sarah Todd, with Quartz at Work says, “The expectation that single people clock longer hours than their paired-up counterparts is one common complaint.” She adds, “Even in 2021, companies often default to the nuclear family when considering their employees’ lives outside of work.”
Todd suggests special sabbaticals for all employees, not just those requesting maternity or paternity leave. If you haven’t considered a cafeteria-style benefits menu, you should, according to CBS News. Employees can opt for packages that suit their unique situations and circumstances. If an employee doesn’t have children, but spends their paychecks caring for a beloved fur baby, pet insurance is one idea to consider. Perhaps, a married employee gets time off to care for their spouse, so an unmarried employee should be offered an equivalent program for a family member or close friend.
When analyzing why your employee left, consider how you could better align to the needs and values of every employee, not just to those with traditional families.
Deloitte reports why. “Nearly half of millennials say they have left a job specifically because they felt burned out” and “nearly 70 percent of professionals feel their employers are not doing enough to prevent or alleviate burnout within their organization.”
Everyone needs a break. Ask each member of your team what would make a difference to them.
Conclusion – Run a report on the new data you’ve gathered
ASAE, The Center for Association Leadership advises, “After completing your analysis, create a brief cover memo that summarizes relevant data and suggests how to resolve problems, along with any associated costs. Attach relevant articles and highlight appropriate information. Then, track and regularly report back on the ROI generated by your solution.”
Happy employees make happy communities. If you need help getting employees in the door, contact SeniorVu about our applicant management services. We know once we help you get them hired, your team can do the rest!