Not only is it cost effective, it is also dynamic in addressing the needs of the hospital and the NGRN. Hospitals that implemented the program have seen and experienced a drastic increase in retention and a drastic decrease in turnover. This also resulted in a reduction of contract labor usage and overtime, which is an additional cost the hospital has to pay for in order to address the nurse shortage rate. Trepanier et al. (2012) analyzed the results of a study that was done and found that in 12 months of starting the nurse residency program, turnover rates went from 36.08% to 6.41%. The rate of retention has been as high as 100% in a one-year time span (Hillman & Foster, 2011). Letourneau and Fater (2015) stated that NGRNs that have participated in the residency program reported being more confident in their skills and …show more content…
According to Marrero (2015), BHSF has had more than 1,100 nurses complete the residency program since it began in 2007. Marrero (2015) also stated that the program offers nursing graduates all of the resources they need to be successful in their transition. The program offers supportive mentoring, coaching, learning, clinical, and leadership skills (Marrero, 2015). South Florida Hospital News (2009) wrote a post about PBGMC partnering with Versant RN Residency to incorporate a nurse residency program at their facility. The hospital was also experiencing high turnover rates and high vacancy rates with their nursing shortage. They have now found employee retention rate to be greater than 90% within the first year and 80% during the second