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4 Ways Financial Services Companies Can Compete For Top Talent

In our most recent study, we focused on employee engagement specifically in the financial services industry. Surprisingly, we found that nearly two-thirds of employees feel that the 2008 financial crisis still impacts how they view the industry. The better news was that three-fourths of employees believe that the industry can recover from the tarnished image.

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UTEC & the Benefits of Corporate Social Responsibility

utec cafeAt Kronos, our corporate social responsibility program is called GiveInspired. We make a variety of grants each year, a number of which are more significant and ongoing partnerships.  One of these is UTEC, a non-profit organization whose mission is to “ignite and nurture the ambition of Lowell’s most disconnected young people to trade violence and poverty for social and economic success.”

UTEC serves as a great example of the mutual benefits that corporate social responsibility programs can deliver as they make a real impact on their communities while also inspiring their employees.  To help me explore this partnership, I interviewed Ed Frechette, UTEC Director of Social Enterprise Partnerships and Barb Vlacich, Kronos VP of Global Sales Operations and Strategic Programs.  Barb initiated our partnership with UTEC a few years ago.

The UTEC mission statement refers to “Lowell’s most disconnected young people”, people who’ve often been involved in gangs or have done jail time and are ready to make changes in their lives.  UTEC provides them with education support and workplace readiness training, as do many youth oriented non-profits.  One notable difference with UTEC is that they are running multiple businesses in the community in order to prepare these young people for the workplace while also defraying some of the costs of the organization not covered through donations.  The picture in this post is of the cafe they run in Lowell.  One of the ways that Kronos and others support UTEC is to patronize these businesses – which also include mattress recycling, woodworking, and a commercial kitchen.

In this podcast, Ed talks about UTEC’s history, mission, programs and the young people they serve.  We also talk about some of the creative ways that Kronos and UTEC have worked together to involve Kronos employees in the mission.  Whether you already have a mature philanthropy program or are just getting started with corporate giving, Ed and Barb’s conversation with provide you with some fresh perspectives.  You can listen in by clicking the podcast player below.  And if you are as inspired as I am by UTEC, you can learn more about their initiatives and how to support them here.

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Fatigue Impacts 85% of Nurses

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A new Kronos Incorporated survey titled “Employee Engagement in Nursing” finds that 93 percent of U.S.-based registered nurses (RNs) are satisfied in their career choice. Despite this, nurse fatigue is a substantial issue with 98 percent of nurses stating that the work of a nurse is both physically and mentally demanding. Of note, 44 percent say that their managers don’t know how tired they are and 43 percent hide how tired they are from their managers. More than four out of five (83 percent) also say that hospitals today are losing good nurses because corporations and other employers offer a better work/life balance. The survey also finds that gaining more control over their schedules is the top factor that can help nurses alleviate a significant amount of fatigue, with more than half (55 percent) of nurses agreeing to it.

This national survey of 257 RNs who work in a hospital setting was designed to look at the issue of fatigue in nursing, and also what nurses and their hospitals are doing about it. The data shows that nurses, while satisfied with their career choice, are definitely fatigued.

Director of the healthcare practice group at Kronos, Susan Reese, DNP, MBA, RN, CPHIMS, says:

“This survey shows that it’s time to care for the caregivers. It also confirms what we instinctively know – nurses are compassionate, hardworking professionals who love what they do. A workforce that is so inspired by their work is hard to find in other industries and hospitals and health systems need to invest in nurturing and supporting their nurses. A fatigued employee at risk of burnout is not an engaged employee. Combating fatigue can be achieved by giving nurses more control over their work schedules, ensuring they have regular breaks, along with offering adequate rest periods between shifts and access to health and wellness programs. These benefits will ultimately help nurses, patients, and hospitals and health systems.”

Survey Highlights:

  • Nurses are exhausted and fatigue has consequences
    • Ninety-eight percent of nurses say that the work of a nurse is both physically and mentally demanding, and 93 percent state that at the end of a typical day they are mentally and/or physically tired. Four out of five nurses say they find it hard to balance mind, body, and spirit.
    • More than four out of five (85 percent) note that their work causes them to be fatigued overall, and this has consequences:
      • Fifty-six percent of nurses overall and 70 percent of night-shift nurses say they have driven home from work drowsy, and 12 percent overall and nearly a quarter (23 percent) of night-shift nurses have pulled their vehicle off the road  to rest;
      • Forty-four percent of nurses worry their patient care will suffer because they are so tired;
      • Thirty-seven percent of nurses say they worry about making a mistake, and 11 percent state they have made a mistake at work because they were so tired; and
      • Twenty-eight percent of nurses have called in sick just to get some rest.
    • Among the top causes of fatigue, nurses identify the following – excessive workloads (60 percent); being unable to take lunch and dinner breaks during a shift (42 percent); not being able to take any breaks during a shift (41 percent); and not being able to get enough sleep between shifts (25 percent). Additionally, 24 percent of nurses say that 12-hour shifts (as opposed to eight-hour shifts) are key for causing fatigue.
  • Nurse fatigue can lead to job burnout
    • Though nurses love their work, more than three out of five (63 percent) say their work has caused job burnout and two out of five (41 percent) state they have considered changing hospitals in the past year because they have felt burned out.
    • Hospitals and health systems should be concerned as 90 percent of nurses say they have thought of leaving the hospital they work at to find a different job with better work/life balance and 83 percent state that hospitals are losing good nurses because corporations and other employers offer a better work/life balance.
  • Nurses want more control over their schedules
    • When asked who in their organization handles nurse scheduling, 47 percent of nurses say that it is a nurse manager, 35 percent note that they handle it themselves through self-scheduling, and 11 percent say that a central staffing office handles scheduling.
    • Conversely, when asked who they think should handle scheduling in their organization, 43 percent say they think nurses should self schedule, while only nine percent think that a nurse manager should own scheduling. Two percent of nurses say that a central staffing office should be in charge, and 46 percent note that ownership of scheduling should be some combination of the three (self scheduling/nurse manager/central staffing office).
    • While 86 percent of nurses say their scheduling preferences are taken into account when creating their schedules and 55 percent agree they can ask their manager to alter their schedules to reduce fatigue, 49 percent say that it would help reduce fatigue if they could easily swap shifts with another nurse.
    • Sixty percent of nurses say that if they had more say in their shift scheduling they would have a better work/life balance, and 55 percent agree that having more control over their scheduling would help alleviate fatigue.
  • Some hospitals are trying to help combat fatigue but not always in the most effective ways
    • While 60 percent of nurses say their hospital offers a wellness program for employees, only 31 percent agree that their employers make sure they take a meal break, and only 14 percent say their employers ensure they leave on time. A full 20 percent say that their employers don’t offer any program to help with fatigue.
    • When asked what their hospitals can do to combat fatigue, the top answer (55 percent) is to offer better schedules. Providing more breaks (47 percent), offering health and wellness programs (41 percent), and managing overtime more effectively (35 percent) are also top-of-mind solutions.
  • Despite fatigue, nurses love their work and colleagues
    • Ninety-three percent of nurses say that, when they consider all aspects of their work, they are satisfied with being a nurse and 77 percent note they are energized by their work.
    • Eighty-three percent of nurses have helped another nurse when that person was so tired that they needed a break, and 75 percent of nurses say that if it wasn’t for their team at work they don’t know how they would survive

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