Successful attraction and retention of industry leading talent doesn’t happen by accident. It only occurs when talented individuals are drawn to career paths and teams that they feel will motivate them to be their best selves and develop personally and professionally. Since the inception of Signature Performance in 2004, our leaders have understood that strong company cultures attract and retain the best talent the healthcare industry has to offer.
A Best Places to Work culture helps organizations become memorable and successful for two significant reasons. The first reason is that a strong workplace culture allows Associates to become proud brand advocates. When leaders support a highly engaged culture, Associates develop a strong connection to the organization’s mission and it shows in their performance. As Shep Hyken, a leader in the client customer service and experience industry, says, “Satisfaction is a rating. Loyalty is a brand.”
This high-level of connection results in a willingness to recommend and refer talented friends and family members to apply for open career opportunities. In 2020, 34% of Associates hired were referred to Signature Performance. This percentage reflects that for every three Associates who joined our firm, at least one of them had been personally referred by a current, high-performing team member. Associates who can speak genuinely about the organization’s mission and culture will naturally attract talented people who want to be a part of a workforce that understands that Associates are their greatest asset when it comes to succeeding.
Even though this past year gave us a platform to learn how to lead during a difficult season, Signature’s turnover rate proved to be well below the national average and controllable, voluntary turnover was also considerably lower. At the end of 2020, our retention rate was 95% of our referral metric within the first 90 days. A talented workforce that is growing in their knowledge is in a great position to solve larger healthcare issues.
Strong attraction and retention strategies, driven by being a great place to work, saves Signature Performance hundreds of thousands of dollars annually. By making it a priority to invest in our Associates as a whole, our leaders at Signature Performance can avoid a repetitive cycle of training new Associates for the same positions. Within the last 60 days, Signature’s leadership team outperformed forecasted turnover levels and reduced the need for two additional backfill classes. This savings alone helped prove a strong return on investment for the firm for the rest of 2021. Not only are these savings an important financial metric, the retention of great Associates means our service levels and contribution to our client’s success is unmatched. With that level of commitment, our clients can be sure they are getting the latest industry expertise from our team.
The second reason great talent is attracted to a strong company culture is the undeniable impact clients feel when they engage with members of our organization. When an energized workforce delivers a service that helps our clients navigate some of the biggest challenges in healthcare, there is something magical about the experience provided. Solutions are uncovered and the experience during the process is positive.
According to the Gallup organization, who bases their findings on scientific assessments, when a company is in a position to attract the brightest talent to the firm, they can expect:
- Less absenteeism
- Less turnover
- Stronger customer metrics
- Higher productivity and profitability
At Signature Performance, this is undoubtedly the case for our team. We have a performance culture that has strong values and beliefs at its core.
Even though 2020 proved to be a challenging year for the healthcare industry, organizations that were led by top talent and driven by a healthy and safe workplace culture continued to thrive. A significant contribution to Signature’s success last year was our foundational commitment to building a great place to work. Despite the pandemic and the many changes that occurred because of it, our strong company culture paved the way for superior results for the clients we serve in healthcare. Across every major line of service that Signature Performance offers, positive results for our clients were produced and an impressive impact in reducing the burdensome administrative fees associated with care was made.
A firm commitment to building a memorable company culture is needed as organizations, like Signature Performance, continue to add value to our clients and the industry we serve. While the post pandemic pressures will continue to challenge players in the healthcare industry, one thing will remain steady. The brightest and most talented people in healthcare will continue to flock to companies who invest in building a strong workplace culture.
Our Signature Way culture and a consistent investment in the growth, development and empowerment of our Associates allows us to work as a united team from anywhere while we continue to serve our clients’ in the center of the healthcare industry with a unique comprehension of the largest problems both payers and providers face today.
Mark Mathia is the Chief Experience Officer at Signature Performance Inc., in Omaha, NE. Mathia is also a Gallup Certified Strengths Coach. Signature Performance is an industry leader in reducing healthcare administration costs for private and public healthcare sectors. Our unmatched experience in serving both the payer and provider side of healthcare financial management allows us to implement innovative solutions for every administrative demand.