Understanding Employee Turnover in the Healthcare Industry
Section I: The True Cost of Healthcare Turnover
Section II: Ways to Solve Employee Turnover
Section III: How an On-Demand Pay Benefit Can Fight Turnover
Turnover in the healthcare industry is at a record high. In the past five years, the average hospital saw 100% turnover of its workforce.* According to a study conducted by NSI Nursing Solutions, the hospital turnover rate in January 2022 was 25.9%, a 6.4% increase over the prior year. Further data reveals that 95.5% of all hospital separations in 2022 were voluntary terminations.*
Turnover can have a huge impact on the company’s bottom line as every employee that a company loses results in substantial costs to the employer.
There are also indirect ways that turnover affects revenue. High turnover rates often cause low employee morale, and unhappy employees tend to be less productive.