Hiring great healthcare employees is tough. It is also hard to retain them as well. According to Home Health News, turnover in the healthcare industry is getting worse! As many as 25% of your team will leave you this year.
So, if you are a growing home health provider, that means that up to one of every four members of your team will leave for another opportunity this year. With 59% of the industry reporting to NSI that they will be increasing their staff that makes the challenge of hiring great healthcare professionals that much more difficult.
This challenge leads to high financial costs, as well. The cost of turnover can have a profound impact on diminishing healthcare industry margins and needs to be managed. According to the survey, the average cost of turnover for an RN is $44,400 and ranges from $33,300 to $56,000 resulting in the average hospital losing $3.6m â€“ $6.1m. Each percent change in RN turnover will cost/save the average hospital an additional $306,400/yr.
If you are a Healthcare industry executive, That’s some bad news, and it has never been harder to find good people to fill your job openings. There is more competition than ever for quality candidates. Here are some more startling statistics.
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