Guide to Employee Turnover in the Healthcare Industry

SECTION I: THE TURNOVER RATE IN THE HEALTHCARE INDUSTRY

SECTION II: RETENTION PATTERNS IN HEALTHCARE

SECTION III: HARDEST POSITIONS TO FILL IN HEALTHCARE

SECTION IV: THE COST OF TURNOVER AND STAFFING GAPS

SECTION V: CAN DAILYPAY FIGHT TURNOVER?

SECTION I:

The turnover rate in the healthcare industry has risen nearly 5% — across all jobs in the industry — over the last decade.

According to the National Healthcare Retention & RN Staffing Report, the average hospital turnover rate in 2019 was 17.8%, a decrease of 1.3% from the previous year.

However, since 2015, the average hospital turned over 89% of its workforce. Market analysts say that healthcare’s turnover is second worst, only to hospitality.

And while COVID accounted for a 9.5% decrease in healthcare employment from February through May 2020 (mostly in ambulatory healthcare settings) offices, this is far less than the drop in employment in other sectors.

A recent American Hospital Association report estimates a financial impact of $202.6 billion in lost revenue resulting from COVID-19 from March through June 2020.

As hospitals and other health facilities begin to rehire, it will be critical to identify the areas where cost-savings can be realized and one of these is a reduction in turnover.