Nursing turnover is a pressing issue in the US healthcare system, with a staggering 22.5% turnover rate costing organizations dearly (NSI, 2023). But the impact goes beyond just dollars and cents. High turnover disrupts teamwork, strains mental health, lowers job satisfaction, and ultimately affects patient outcomes. Poor working conditions resulting from frequent turnover can compromise patient care quality and safety, leading to unnecessary healthcare expenses (Bae, 2022). The costs of onboarding new nurses and filling vacancies are particularly steep, with the average turnover cost hitting $52,350 and ranging from $45,100 to $67,500. This turnover rate translates to an average annual loss of about $8.55 million per hospital. For novice nurses, the turnover rate is even higher at 31.7% within the first year, incurring greater costs due to the need for extended training and supervision (NSI, 2023).
Nurse residency programs are a highly recommended solution to combat turnover among new graduate nurses. Research consistently shows that these programs significantly reduce turnover rates, retaining nurses and boosting their commitment, confidence, competence, and engagement (Mohamed & Al-Hmaimat, 2024). Despite the strong evidence, one major challenge I see when working with nurse leaders wanting to implement the Iowa Online Nurse Residency Program is convincing financial decision-makers of its value. This difficulty likely arises because of the current financial climate in healthcare, but I also believe it is because NPD professionals struggle to communicate the program’s benefits in terms that resonate with financial partners. Bridging this communication gap is crucial for gaining support and funding for such initiatives.
This month, we are talking about key recommendations for gaining buy-in and ongoing support:
Communicate Goals: Leaders must effectively communicate the program’s short- and long-term goals and how these goals align with the organization’s vision, mission, and strategic priorities.
Measure Outcomes: Leaders must measure and monitor outcome data to demonstrate the program’s effectiveness.
Conduct Economic Assessments: Perform thorough economic assessments to highlight cost savings and ROI.
Engage Stakeholders: Communicate goals, outcomes, and economic value with organizational partners.
To ensure the success and sustainability of the Iowa Online Nurse Residency Program or any other nurse residency program, it is essential to effectively communicate its alignment with organizational goals, demonstrate tangible outcomes, and present its economic value. By clearly articulating how the program supports the organization’s vision and strategic priorities, measuring and monitoring outcomes, and showcasing the return on investment, you can build trust and confidence among organizational partners. This approach justifies resource allocation and moves nurse leaders closer to securing the necessary support from leadership. If you are a nurse leader or NPD practitioner struggling to make the case, tune into this month’s Beyond Nurse Residency Podcast episode or join our latest webinar with the National Rural Health Association, ‘Making the Case: Advocating for Professional Development in Rural Healthcare,” to learn more.
Nicole Weathers, MSN, RN, NPD-BC
Iowa Online Nurse Residency Program Director
Wanting a Program Overview? Need to schedule a meeting? Book time with Nicole
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References
Mohamed, Z., & Al-Hmaimat, N. (2024). The effectiveness of nurse residency programs on new graduate nurses' retention: Systematic review. Heliyon, 10(5), e26272. https://doi.org/10.1016/j.heliyon.2024.e26272
NSI Nursing Solutions. (2023). 2022 NSI National Healthcare Retention & RN Staffing Report. Retrieved https://nsinursingsolutions.com/Documents/Library/NSI_National_Health_Care_Retention_Report.pdf.