The healthcare industry's turnover problem is growing year over year. The pandemic exacerbated the problem, with total employee turnover coming in at just under 40 percent in 2021. Nurses are especially tough to retain, with RN turnover in 2020 at 34.81 percent. And in 2021? That percentage jumps to 40.45 percent.
Losing a single bedside RN can cost hospitals anywhere from $28,400 to $51,700, resulting in the average hospital losing between $3.6 million to $6.5m per year — and that’s if they can find the right people to fill that vacancy.
Healthcare hiring managers and HR teams tend to be strapped for time and resources. When employees quit, they need to get warm bodies in those positions as quickly as possible. However, these conditions can lead to short-sighted hiring approaches and troublesome turnover rates.
The turnover problem can be solved with strategic recruitment. Healthcare organizations that hire the right people from the beginning see improved satisfaction among workers and patients, and they reduce their financial and personnel losses.
Ready to be more strategic in your recruiting process?
Check out the C-Suite Handbook to Strategic Healthcare Recruitment for key points and topics covering:
Recruitment Strategies
Providing High-Quality Care
Better Ways to Engage Your Employees
Click Here to access the C-Suite handbook.