The High Cost of Employee Turnover

With voluntary employee turnover costs exceeding $600 billion nationwide, according to the Work Institute 2019 Retention Report, employee retention needs to be a top priority for every company. As labor-related costs are often the largest line item expense for corporations, companies have no choice but to pay attention to this area.

Prior to the recent COVID-19 pandemic, the US was in one of the tightest labor markets in recent history. Per SHRM’s 2019 State of the Workplace, 83% of companies surveyed struggled to recruit suitable candidates over the past year. For industries like healthcare that were at the top of the February 2020 Bureau of Labor Statistics job opening rates, losing current employees only compounds the problems. Overall hospital turnover is about 18%, according to the NSI 2020 National Health Care Retention Report, showing that even a small decrease in turnover can save an institution millions annually.

Although there is debate about the actual dollar amount of the cost of turnover, from a low estimate of $15,000 per employee to the higher end of a position's full annual salary, everyone will agree that this takes a toll on the bottom line of an organization. Not only are the costs noticed in recruiting and training, but turnover costs can be felt in other areas such as: paying overtime to existing staff for coverage, productivity of new staff, quality and safety concerns, and customer satisfaction.

Help minimize the loss of your valuable employees. As employees are furloughed and new opportunities open up in a post COVID-19 world, it is imperative that your workforce will be available to return when you need them. With profit margins projected to plummet in so many industries this year, you can’t afford to incur preventable turnover costs. We can help your employees stay engaged during furloughs, connect to the resources they need, and help you remain their employer of choice.

For more information about ways achi can help you communicate with your furloughed employees, please download our flyer.

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About achi

achi is a holistic care management company that lowers overall expenses by actively engaging people and connecting them to organizations to address the social determinants of health. Through innovative partnerships, cross-sector collaboration, and creative solutions, we equip organizations across multiple industries to educate the people they serve and connect them with resources to improve their lives from the ground up. By partnering with health systems, educational institutions and corporations, achi empowers lasting transformation in individual lives—resulting in an overall healthier population and data to transform our healthcare payment models. To learn more about achi and its mission, visit www.achi.solutions.

Communication Tips for Furloughed Employees

This week seemed especially hard. COVID-19 continues to impact our daily lives, most of the country remains under “shelter in place” orders, and daily life as we used to know it seems like it was light-years ago. We anticipated coming out of winter into a season of celebration with tournaments, spring break trips, proms, and graduations. Instead, the past week was consumed with increasing numbers of infections and deaths, and a new era that included announcements of thousands of employee furloughs.

It started last week with a few health systems furloughing employees, and now the list tops over 100 systems nationally, with corporations like

Dick’s Sporting Goods adding another 40,000 employees to the soon-to-be furloughed list. It was challenging to listen to the news and realize the hundreds of thousands of lives that will quickly be impacted with uncertainty and additional stress.

The part that struck me as the most frustrating was that this is one of the primary reasons that I decided to leave my job and launch achi. I wanted to create a company that would help corporations care for their employees and help connect them to necessary support resources in their communities. Yet, here I was watching these events unfold around me thinking I should have done this six months ago.

Today I spent several hours listening to the Healthcare Financial Management Association’s (HFMA) Spring Virtual Conference where I heard Joe Fifer, HFMA’s President and CEO, make a Biblical reference to the book of Esther. He reminded the healthcare professionals that although times are hard, we were made for “just such a time as this.” Wow – that gave me a different perspective.

After rereading the story of Esther, I realized that instead of looking at the challenges, we are called as leaders for “just such a time as this.” If anything, this crisis has shown me the increasing need to have support systems in place, to educate employees, and to ensure that people have knowledge of and access to services that can help them in times like this. Now is the time to look at things differently and put new systems and processes in place to communicate with furloughed employees. In many ways, this upheaval has taught us that some things do need to change. How we respond will determine the course for our communities in the future. Let’s use this time to take care of each other and ensure that everyone has the support they need.

For more information about ways achi can help you communicate with your furloughed employees, please download our flyer.

_________________________________________________________________________

About achi

achi is a holistic care management company that lowers overall expenses by actively engaging people and connecting them to organizations to address the social determinants of health. Through innovative partnerships, cross-sector collaboration, and creative solutions, we equip organizations across multiple industries to educate the people they serve and connect them with resources to improve their lives from the ground up. By partnering with health systems, educational institutions and corporations, achi empowers lasting transformation in individual lives—resulting in an overall healthier population and data to transform our healthcare payment models. To learn more about achi and its mission, visit www.achi.solutions.

achi Equips Organizations to Spark Community-Wide Improvement

Longtime healthcare executive Hayley Studer launches a holistic care management company.

After more than 20 years in the healthcare industry, Hayley Studer is moving on from her executive position and using her experience to drive positive change for local health systems, educational institutions, businesses and their communities by founding a holistic care management company, achi, LLC (achi). By partnering with these organizations to take a holistic approach to health and well-being, achi will help reduce overall healthcare costs while making a measurable difference in people’s lives.

“achi’s mission is centered on relationships,” says Studer, who spent several years as an executive at both ProMedica and Credit Adjustments, Inc., before following her passion for making a difference in the community to launch achi. “We want to actively engage people to address the social determinants of health and the root cause of their problems to create better well-being outcomes, as well as improved financial outlooks for individuals and the community as a whole.”

Studer developed achi’s name from Malachi, the last book of the Bible in the old testament. The word “chi,” meaning “life” or “inner light” with the incorporation of the delta symbol, which means “change,” encompasses the company’s mission statement: “changing lives, transforming healthcare.” As Studer works with businesses, she will equip them to educate the people they serve and connect them with resources in the community to improve their lives from the ground up.

Through creative solutions and partnerships, Studer will empower health systems, educational institutions and corporations to invest in their people and drive successful, sustainable outcomes, while ultimately reducing costs.

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About achi

achi is a holistic care management company that lowers overall expenses by actively engaging people and connecting them to organizations to address the social determinants of health. Through innovative partnerships, cross-sector collaboration, and creative solutions, we equip organizations across multiple industries to educate the people they serve and connect them with resources to improve their lives from the ground up. By partnering with health systems, educational institutions and corporations, achi empowers lasting transformation in individual lives—resulting in an overall healthier population and data to transform our healthcare payment models. To learn more about achi and its mission, visit www.achi.solutions.