Key Takeaways:
- The average cost of nurse turnover for a bedside RN was found to be $49,500 (ranging between $37,700 to $58.400) in 2018.
- Hospitals lose $5.7M on average due to RN turnover.
- Good hiring strategies can be used to reduce turnover improve departmental financial performance.
Hiring for clinical roles presents its own unique set of challenges for hiring managers and hospital administrators. Not only does turnover lead to decreased productivity, but it can also take months of time and resource to train new employees, especially within a clinical setting.
A recent study estimated that hospitals lose $5.7M on average due to RN turnover. To add, “each percent change in RN turnover will cost the average hospital an additional $337,001. As nurse turnover can have such a significant impact on clinical finances, hiring managers are faced with increasing pressure to make the right hiring decisions. Here are 3 tips hiring managers can use to make good hiring decisions in the clinical setting:
- Extensive interview process. By having candidates come in for extensive in-person interviews, it creates an opportunity for them to meet with various stakeholders who can better evaluate whether or not the candidate is a likely fit for the organization. Additionally, it increases the probability of being able to catch any potentially problematic characteristics.
- Standardized interviewing. Hiring managers are encouraged to create interview templates in order standardize the interviewing process. This will allow hiring managers to create standards which they can use to evaluate feedback on candidates. Of course, personalized questions should also be encouraged in order to get in-depth feedback from the candidate.
- Sending requisitions through a hiring agency. Using the right hiring agency can mean streamlining the hiring process. This allows hiring managers to better use their time and resources to oversee departmental performance. To add, hiring agencies specialize in locating candidates who fit the hospital’s clinical and cultural criteria2.
Not only can good hires improve productivity and drive hospital performance, but they can also promote interdisciplinary cooperation and corporate culture.
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In case you missed it:
- Top 4 Reasons Nurses Leave
- The Business Case For Compassionate Leadership
- 3 Ways To Retain Nursing Talent
1The University of New Mexico (The High Cost of Nurse Turnover) November 30, 2018.
2Cheyney, C. (3 Steps To Make Good Hiring Decisions In A Clinical Setting) March 1, 2019.
