What solutions exist then to improve the nursing shortage? (continued)
Let’s look at Group 2’s hiring and retention practices. I will end this series with a discussion of retention.
Let’s start by stating the obvious, in a market with severe labor shortages, there is a high retention premium. Staff retention should always be a priority. Today, nurses have a wider range of potential employers to assess than ever before: “everyone” is hiring nurses in the US. And a staggering 1 in 3 nurses left their jobs in the last 5 years.
Nurse retention should be a priority for any health care institution. According to various studies, the cost of hiring and training a new nurse ranges from $22,000 to more than $64,000 and this does not take into account intangible losses: clinical knowledge, productivity or cultural impact.
Here are several ways to improve nurse retention and prevent vacancies from arising:
- Develop employee engagement; Disengaged nurses are detrimental to your institution. They lower morale, discourage other nurses from doing their best clinical work, and provide less than stellar patient care. Unfortunately, only 1 in 5 nurses say they are “highly engaged.”
- Get the right recognition and rewards; Nurses who feel appreciated work harder and stay longer in hospitals, but 2 in 3 say they don’t feel recognized or rewarded. Building a culture of recognition requires routine social and monetary rewards, preferably using a platform that helps everyone get in on the action.
- Provide avenues for professional development. Unsurprisingly, there is a direct link between underinvestment in nurse development and nurse turnover.
- Build a culture that nurses want to be a part of. Culture is critical to attracting and retaining the best nurses. Cultivating a strong hospital culture will deepen existing nurse relationships, pave the way for better clinical care, and attract exceptional talent.
- Offer winning incentives. Incentives are a concrete way to recognize nurses for their fantastic work. There are endless ways to incentivize: first, make sure the compensation your organization offers is adequate; then check out other monetary incentives like referral programs, tuition reimbursement, and profit sharing. Other incentives that keep your nurses healthy and happy: Wellness rewards like gym memberships or subscriptions to meditation apps can help your employees relax and take care of themselves.
- Get retain. The relationship between managers and their direct reports can have a huge impact on the nursing experience. Nearly half of nurses quit their job because of a bad manager and 60% think their managers need training. Based on employee surveys, only 25% of nurses strongly agree that the feedback they receive from managers helps their job/clinical performance.
- Prevent burnout by focusing on employee wellness. 2 out of 3 nurses experience burnout at work. Try to give nurses more flexible hours, make sure responsibilities and expectations are clear and appropriate. Encourage nurses to use their vacation time and help them find activities that ignite their experience.
