Employee Turnover for Hospitals & Providers
Employee turnover is an expensive challenge for hospitals. It costs $19,000 to hire a nurse, and that only includes direct costs — not the extra money spent on covering openings with overtime or agency workers. Turnover is also a contributing factor to your vacancy rate, which manifests into premium labor costs via that overtime and agency spend.
Looking more closely at the problem, you’ll see that nearly a quarter of all new employees, 23.8% to be exact, leave before the end of their first year. You’re wasting recruiter hours constantly rehiring for roles you have already filled.
And the effects of employee turnover don’t just hit costs, they also spill over into the quality of care patients receive as well as associated complications. The vacancy rates affect your staff-to-patient ratios, and the need to constantly hire new staff leads to a learning curve that never goes away.
You need a strategy in place to help you hire the right people in the first place. You need to employ leaders who will build confidence and engagement amongst your staff. And you need to provide your employees with clear career pathing so you can effectively promote from within — after all, internal hires have a significantly lower turnover rate.
Your Employee Turnover Treatment Plan
The remedy for your employee turnover challenge relies on one or more of these key focus areas.