Essay On Nursing Turnover

A significant problem for many hospitals is the high rate of turnover for first year graduate nurses. According to Hillman and Foster, the lowest retention rates are those of graduate nurses. Several factors contribute to this number, from a lack of applied knowledge by the graduate nurse to a lack of support from senior staff. Having a high turnover rate, especially for first years, is typically anything but cost effective. Several hospitals around the country have begun implementing nurse residency programs and the results have been quite favorable. Several hospitals in the country have very high turnover rates concerning graduate students within their first year. “There are many reason for turnover among this vulnerable population. Because reasons range from stress to lack of confidence …show more content…
Welding, in her article from 2011, states that the estimated turnover cost per nurse ranges from around $22,500 to almost $77,200. However, in Hillman and Foster’s article, they state that the cost can be as high as $145,000. In Pine and Tart’s article in Nursing Economic$, it says that the cost of replacing an RN can be 75-125% of their annual salary. That is for one nurse! If you have turnover rates of 50% or more that adds up to a huge loss for a hospital. However, the cost of a residency program is significantly less and thus saves the hospital hundreds of thousands of dollars. The example in Pine and Tart’s article is proof of that. They quote that the Methodist Hospital’s UHC Baccalaureate Nurse Residency Program decreased the turnover rate from 50% to 13% and saved the hospital an estimated $823, 680. That is a huge difference that could be put towards several things in the budget. It is being proven time and again that although the cost of a residency program can be expensive, especially in the transition phase, it will greatly reduce costs by vastly increasing retention rates among graduate nurses in their first