Poor nurse retention has plagued the hospital industry for many decades. As the years pass, the concern of retention remains costly and harmful to hospitals and patients alike. At a national average RN turnover rate of 17.1% year after year, healthcare holds the dubious distinction for having one of the highest turnover rates among all industries.
Hospitals are losing nurses at an alarming rate. In fact, it’s been estimated that 33.5% of new RNs leave the bedside within the first two years. All of that turnover can affect patient care and satisfaction, and has a significant impact on a hospital’s operating expenses. The average cost of turnover for just one bedside RN ranges from $37,700 to $58,400. A recent Healthcare RN Retention study found that each percent increase in RN turnover costs the average hospital $373,200.
To say that nursing is a stressful career is not news. As far back as 15 years ago, nursing was ranked as the fourth most-stressful job in the country, with high turnover rates to prove it.