The Top 6 Factors Motivating Physicians to Make a Career Move
Physician retention is a critical piece of the recruiting puzzle. Organizations with good Physician retention enjoy many benefits, not the least of which can be financial, as the cost of replacing a Physician can run around $500,0001. To help enhance your retention rates, consider the top factors that Physicians say motivates them to leave an organization and how you might address them to prevent any future departures.
It should not come as a surprise that a top motivating factor for Physicians to leave an organization is related to income. Whether the dissatisfaction lie in an income that doesn't match their workload or that your competition across town is paying better, income drives about a third of Physicians towards other jobs*.
2. Practice Location
A preferred practice location can be a game changer for many Physicians. A good location can have an ideal patient population, less competition or more access to top-level colleagues, making it worth an employment change. According to the 2019 Medicus Firm's Physician Practice Preference & Relocation Survey, about 30% of younger Physicians and 14% of more seasoned Physicians report being heavily influenced by practice location*.
Today's Physicians have evolving practice demands that require a new way of thinking about scheduling. Gone are the days of the country doctor that's available at all hours. Physicians are now motivated by flexible scheduling options that allow for a better quality of life both in and outside of the clinic.
4. Change in Administration
In recent years, Physicians have experienced a shift towards more administrative taskings and a newfound employee status. These changes have many working under a management system where administrative misalignments can become an area of contention. Approximately 10% of Physicians report that issues with administration are a primary driving force behind their departure*.
5. Non-Clinical Work Opportunities
Heavy workloads, Physician shortages, and burnout are on the rise. These factors make non-clinical work opportunities especially attractive for many Physicians looking for a change. Whether it be speaking engagements, research opportunities, pharmaceutical or teaching work, non-clinical opportunities entice about 8% of Physicians away from their current jobs*.
There are some things you can't control when it comes to Physician attrition… or can you? About 10% of Physicians cite retirement as their primary reason for leaving their current job*. While you can't turn back time, you can try some alternative work options to try to keep your older Physicians in the game. Consider offering part-time employment, prn shift coverage, flexible work schedules, or bonuses to your near retirement Physicians as an enticement to stay.
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