Kansas City, Kan. – As the national unemployment rate continues to drop slowly, turnover rates are inching up. The average total turnover rate reported for healthcare employers in 2015 is 19.2 percent, according to Compdata Surveys’ national survey, Compensation Data Healthcare, surveying 10,250 healthcare facilities. That’s up from 17.7 percent reported in 2014. The average voluntary turnover rate also increased this year, at 14.4 percent in 2015, up from 13.1 percent the previous year.
Voluntary turnover rates vary by sub-industry. At 19.0 percent, long-term care facilities had the highest voluntary turnover rate in healthcare. Medical groups reported the lowest voluntary turnover rate in healthcare, at 10.3 percent.
“Employers are reporting rising voluntary turnover rates, indicating the workforce has increasing confidence in the job market,” said Amy Kaminski, Vice President for Compdata Surveys. “Your key employees have options when it comes to where they want to work. Understanding turnover trends allows you to put programs into place for retaining your quality employees, as well develop a solid plan for recruiting new ones.”
In order to fill the vacancies created by departing employees, healthcare employers exercise a variety of methods to find skilled workers. 90 percent of healthcare employers advertised open positions on the internet. 47.6 percent of participating companies offered sign-on bonuses to recruit new employees, up 3.8 percentage points from the previous year. As a recruiting tactic, Trade/Professional association advertising saw the largest increase in usage at 51.8 percent, up 7.5 percentage points from the previous year.
About the Survey
Compensation Data Healthcare 2015 provides a comprehensive summary of pay data, benefits information and pay practices with an effective date of January 1, 2015. More than 350 industry-specific job titles and 550 benchmark titles were surveyed ranging from entry-level to top executives, with data collected from more than 10,250 healthcare facilities across the country.
Since 1988, Compdata Surveys & Consulting has provided HR professionals with the compensation tools they need to stay competitive. With an extensive pay and benefits database and experienced compensation consultants, we are a full-service firm providing innovative solutions to complex compensation challenges. Thousands of organizations provide data in each of our 12 industry-specific surveys every year, ensuring the reliability of our results. For more information about the compensation and benefits surveys, contact KC Hall at (800) 300-9570.