Retention Strategies for Healthcare Organizations

In yesterday’s blog we introduced the two top initiatives that are consuming HR Healthcare Professionals—streamlining HR processes and increasing retention. Preventing turnover in healthcare institutions is one of the largest challenges for HR Healthcare Professionals today as turnover happens much too frequently causing high sunk costs. It is estimated that turnover in the US healthcare sector is more than double the national average of 15.6% and the cost each time an employee leaves is equivalent to one year of their salary. Others estimate the cost of losing a single registered nurse is equivalent to 2 years of their annual salary. Regardless, these costs are much too high for already strained healthcare budgets so retention strategies for healthcare organizations must be addressed.

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