Are high employee turnover rates affecting your organization?

Successful health care organizations dedicate a substantial amount of resources in finding the right people to provide the highest level of care. Yet many organizations struggle to retain model employees, leading to high rates of employee turnover. This constant revolving door of hiring, onboarding, and discharging processes is costly to health care organizations, both financially and in relation to levels of patient satisfaction.

According to a report from the United States Bureau of Labor Statistics, hospital workers average 4.9 years of employment with their current organization. For non-hospital health care organizations (assisted living facilities, laboratories and diagnostic clinics, specialists offices, etc.), the average tenure shrinks to 3.5 years of employment.

Yet how much can high turnover rates cost a health care organization? The results can be shocking.

Workplace turnover estimated to cost employers $680 billion in 2020

Yes, billion with a “B”. Work Institute estimates that employers will spend $680 billion in 2020 in expenses related to voluntary quits within their organizations.

The high cost of turnover is even more staggering within the health care industry. In a 2019 survey conducted by NSI Solutions, 221 health facilities reported an average cost of turnover of $52,100 for bedside RNs.

Quality of care is also a consideration for health care administrators negotiating high rates of turnover. Medical Group Management Association (MGMA) points to the negative impact of poor employee retention in terms of onboarding new employees. It can take months for new hires to become fully up-to-speed on an organization’s standards and practices, causing diminished levels of patient care as transitions occur.

Career development opportunities a must for savvy employers

Work Institute research cites a lack of career development opportunities as one of the main contributors for employees leaving an organization. Over one in five employees felt their organization offered no career development opportunities which led to the decision to seek employment elsewhere.

University partnerships can add value to your organization

Quality employees want opportunities to better themselves and advance in their career. Organizations can provide such opportunities by partnering with a well-respected academic institution offering a variety of degrees for its diverse workforce.

The University of Cincinnati offers over 45 degrees completely online, at both the undergraduate and graduate degree levels. Coursework is designed with the working professional in mind, allowing students to complete their degree as they work. For health care organizations, employees can gain valuable education and experience in both clinical, and non-clinical roles. Study areas offered online include nursing, health administration and informatics, respiratory therapy, laboratory science, social work and more.

Factor in a proven track record of university partnerships with organizations such as Cincinnati Children’s Hospital and UC Health, health administrators are beginning to see the vitality of career development opportunities through educational collaboration with the University of Cincinnati.

Reduce the rates of employee turnover in your organization

The time of being reactive is over. The time for being proactive is now. Reduce the rates of workforce turnover in your organization by partnering with the University of Cincinnati, and offer your employees a valuable benefit that will lead to greater employee satisfaction, cost savings, and higher standards of patient care.

Find out more about how a partnership with the University of Cincinnati can benefit your organization.