The real causes and consequences of healthcare provider turnover are difficult to summarize completely. One can certainly look to the numbers: up to $88K to replace a nurse, and up to $1M to replace a physician (per this review). But it’s difficult to quantify the other consequences: erosion of company culture, decreased quality of patient care, and plummeting efficiency of disengaged staff. This leads to even more turnover, and a hospital can soon find themself in a trench they can’t stop digging.
Recruiting is important, but retention is paramount. This review found that the following can reduce employee turnover, often significantly:
- Comprehensive onboarding programs
- Options for transitioning to a different unit within the organization
- Social support initiatives
- Team building programs
Most of these are relatively low cost compared to the financial implications of insufficient staffing, but require focused attention and dedication to the cause.
As the provider shortage continues, the market will eventually reach a breaking point at which financial incentives hit a ceiling and employers will have to redirect their efforts.
Healthcare providers, after all, are human. Money is important, but so are the intangibles: feeling supported, valued, and recognized for valuable work. It’s time for employers to recognize this and adapt their strategies accordingly.
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