Your Hiring Problem Is A RETENTION Problem

We know that less than half of workforce members are fully intending to stay with their employers for the next 12 perceivable months (Corporate Quality Index Report 2023; UpDoc, Inc.). In fact, per the 2024 Talent Acquisition and Retention Report, only 23% of talent respondents reported they were happy with their current employer and not actively seeking or browsing elsewhere.

From the 2023 Practice Management Report, we learned that 90% of practice managers were struggling with new hires, retention, or both.

Recently, UpDoc finally went live with our workforce intelligence platform HIYER™. The goal of this platform is employee engagement, retention, and putting employer organizations in a position of advantage for attracting new hires.

One of the benefits with UpDoc running live-trended data is that we can look back on data trends with the perspective of newer insights for clarity on the ever developing workforce quandaries we have yet to glean clear answers for – at least, not yet.

This brings us to the problem of Hiring and Retention.

Is your hiring problem really a hiring problem?

Spoiler alert. No, it’s not.

Now, we’re talking about hiring in terms of the macro of our physical therapy and allied rehab therapy industry. There will always be a statistical curve; and, if your practice or department isn’t struggling here – congratulations!

However, if you’re like the majority of employers out there – hiring is one of the biggest challenges in practice management and has been the case for the last decade or so… only accelerated by the 2020 disruptions.

For the respondents who stated their greatest challenge moving into 2024 was related to staffing, only 42.9% mentioned that resignations were a huge problem for their company.

For respondents who stated their greatest strength moving into 2024 was once again their people, culture, etc. – 57.9% remarked that attracting new hires was an incredible difficulty for them.

For managers who stated their greatest challenge moving into 2024 was once again related to staffing: 92.9% marked they have problems attracting new talent.

Maybe… just maybe… Perhaps this is a case of us clinicians being great at human physiology, and not so great at workforce physiology?

Chasing the pain of workforce strategies.

In an up and coming UpDoc Media blog article, we’ll be covering the true cost of turnover in 2024. However, for now in short, let us run with what conventional wisdom (backed by A.I. calculations) states the general costs are:

1. To fill a PT position in 3 months or less, it will cost 36% of the per annum salary equivalent to that position.
2. To fill a PT position in 6 months or greater, it will cost the company 74% – 85% of the per annum salary equivalent to that position.

As healthcare clinicians, especially in the field of physical therapy and allied rehab therapy, we never advocate masking nor chasing pain around as a symptom of problems. We like figuring out root source causes.

Is it really a shortage?

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