healthcare

Inaugural Winners of Great Healthcare Employers Award

Goodwork author

Goodwork author

— 2 min read
Inaugural Winners of Great Healthcare Employers Award

Key Drivers of Staffing Shortages

Retirement and Workforce Gaps

A substantial portion of the nursing workforce is approaching retirement age. Projections indicate that by 2025, the U.S. may face a shortage of up to 450,000 nurses, exacerbated by the aging Baby Boomer population and increased healthcare demands.

Burnout and Work Environment

Burnout remains a critical issue, with many nurses citing overwhelming workloads and insufficient support as primary reasons for leaving their positions. The average cost of turnover for a bedside RN has risen to $61,110, marking an 8.6% increase from the previous year.

Registered Nurses (RNs)

The national average turnover rate for RNs in 2024 was 16.4%, with variations depending on hospital size and location.Specialties such as behavioral health, step-down units, and emergency services experienced the highest turnover rates.

Advanced Practice Providers (APPs)

APPs, including nurse practitioners and physician assistants, have also seen increased turnover. In 2024, the external turnover rate for APPs was reported at 11%, with the direct cost of turnover estimated to exceed $120,000 per individual.

Financial Implications

Turnover significantly impacts hospital finances. Each 1% change in RN turnover can cost or save the average hospital approximately $289,000 annually . Additionally, the average time to fill an experienced RN position is 83 days, prolonging staffing shortages and increasing reliance on temporary staffing solutions.Physicians Practice+10Davis & Elkins College+10Plexsum Staffing Solutions, Inc.+10LinkedIn+4Becker's Hospital Review+4NSI Nursing Solutions+4OR Manager+1LinkedIn+1

Strategies for Improvement

Enhancing Retention

  • Competitive Compensation: Offering salaries and benefits that reflect the demands of the profession.
  • Professional Development: Providing opportunities for continuing education and career advancement.
  • Supportive Work Environment: Fostering a culture that addresses burnout and promotes work-life balance.

Streamlining Recruitment

  • Efficient Hiring Processes: Reducing the time to hire through improved recruitment strategies.
  • Leveraging Technology: Utilizing platforms that match candidates with suitable positions effectively.
  • Transparent Communication: Clearly conveying job expectations and organizational culture to prospective hires.

Addressing nurse and APP turnover requires a multifaceted approach that prioritizes both retention and efficient recruitment. By implementing these strategies, healthcare organizations can work towards stabilizing their workforce and ensuring high-quality patient care.

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