Turnover is Costly

I have heard that there is a study by the United States Department of Labor that confirmed that costs to replace an employee could equal 200% of salary. Regardless of survey, we all know the actual and hidden costs to replace an employee. Some costs of unplanned turnover include:

• Departing employees costs (vacation pay and other benefits);
• Advertising for the new position;
• Management interviewing time for the new employee;
• Conducting background checks (driving, criminal, etc.);
• The time it takes to train the new employee;
• The new employee's initial low productivity;
• Unbudgeted overtime for staff covering the empty position while it is being replaced;
• Possible low morale of remaining staff and its related impact on productivity – staff becomes overworked and stressed during this time.

So my question for you is: How is the turnover in your physician practice? If high, what is the problem and how are you going to fix it?