Take a look back at our three most viewed articles in May

As May comes to an end, key trends in healthcare leadership emerged this month regarding the challenges clinical leaders are facing such as how to increase employee engagement and improve nurse retention. Here are several articles that rose to the top of the reading list for clinical leaders looking for new ways to overcome such ongoing challenges:

The Business Case For Promoting Patient Experience And Employee Engagement

• Recent research shows that hospitals that demonstrate improvement over time in specific HCAHPS survey areas of employee engagement and patient experience also experience improvements in patients’ global ratings of their care.
• According to the Harvard Business Review, each five-point increase in HCAHPS score is associated with a 1% increase in net profit margin.
• A five-point increase in hospital rating is associated with a 1% increase in profit margin¹.

10 Steps To Engage The 49% Of Millennials Who Would Quit Their Job Within Two Years

• 49% of Millennials surveyed reported they would quit their job within two years.
• Nurse turnover is estimated to cost organizations between $4.4-$7 million annually².
• Nurses may be influenced to stay in positions by different factors depending on their age group or seniority³.

4 Trends To Watch For Nurse Leaders

• It can sometimes seem like the challenges nurse leaders face on a regular basis are unique to them. Four of the key trends for nurse leaders to watch that emerged during the 2019 AONE conference include:
  • Closing the gap between skills and competencies
    • According to one 2016 study, ‘Improve Nurse Manager Competency With Experiential Learning’, “86% of respondents said they had no formal leadership development when they first became a nurse manager”.
  • Creating a well-defined scope of the management position
    • In order to not over-burden nurse managers, organizations should recognize that managers are the organizations’ chief retention and chief strategy officers.
  • Developing the next generation of nurse leaders
    • According to a 10-yearlong study by the RN Works Project, 17.5% of newly licensed nurses leave their job within 1 year and 33.5% left within two. 
  • Retaining talent   
    • “A 1% decrease in turnover of nurses is worth about $337,000 a year”⁴.

Sources:

¹Bullman, N. and Lee, T. (May 8, 2019) When Patient Experience and Employee Engagement Both Improve, Hospitals’ Ratings and Profits Climb

²Thew, J. (February 15^th, 2019). 4 Reasons You Are Losing Nurses

³Friedman, Z. (May 22, 2019) 49% Of Millennials Would Quit Their Job Within 2 Years

⁴Thew, J.  (May 10^th, 2019)Trends Nurse Leaders Are Facing