For chief nursing officers, nurse turnover has become a top priority that impacts all corners of the health system from patient safety to the bottom line. Current research tells us that the national nurse turnover rate is around 17% and replacing one nurse can cost around $60K. For an average 300-bed hospital that represents $5-8M annually. Clearly, nurse retention is a multi-million dollar problem that will only escalate with health care’s expansion as the U.S. population ages.
But addressing nurse turnover, while it’s a national issue, is very specific to each health system, to each hospital, and to each unit. At Laudio, we believe understanding the nuances of nurse turnover is the key to making informed decisions and to taking meaningful action.
This month, our research team completed a study of 12 U.S. hospitals to measure variation in turnover trends. We looked at demographics including age, tenure, and clinical specialty to develop some insights around attrition and the implications for nurse leaders charged with managing it.
Some of the questions we address include:
• Are millennials more likely to leave compared to older peers?
• Does hospital size or setting impact turnover rates?
• What’s the variation in turnover rates between clinical specialties?
• Is a nurse with longer tenure more likely to stay?
In addition to driving our own technology algorithms, the results from the research are designed to help nurse executives develop more informed retention strategies as the problem escalates.
According to Carol Boston-Fleischhauer, JD, MS, BSN Chief Nursing Officer and Managing Director at the Advisory Board, the issue “is a big red flag given the impact turnover has on productivity, staff morale, and maintaining quality and safe standards of care, not to mention the costs: every nurse that turns over costs the organization approximately 1.5 times his or her annual salary.”
This is also the reason why some of the most forward-thinking health systems are investing heavily in retention strategies. Reported by Reuters, HCA, the largest publicly-trade hospital chain, is investing $300M in employee benefits. Tenet, a competitor, offers signing bonuses of up to $25K. And Baylor Scott & White, the largest nonprofit network in Texas offers substantial tuition reimbursement.
Health systems are continually seeking innovation to recruit and retain nurses.
Join Laudio’s research team on Wednesday, August 29, 2018 at 2pm EST for a webinar to preview the study prior to its Fall release. In addition to the research results, we’ll explain how the data is being used to drive new technologies that address the retention issue, starting with the nurse manager role and the powerful impact of staff engagement. There is no cost to attend.