{"id":2770,"date":"2024-05-21T15:23:58","date_gmt":"2024-05-21T19:23:58","guid":{"rendered":"https:\/\/www.dailypay.com\/2018\/11\/14\/employee-turnover-rates-in-the-healthcare-industry\/"},"modified":"2024-05-21T15:45:10","modified_gmt":"2024-05-21T19:45:10","slug":"employee-turnover-rates-in-the-healthcare-industry","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover-rates-in-the-healthcare-industry\/","title":{"rendered":"Healthcare Turnover Rates [2024 Update]"},"content":{"rendered":"\t\t
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In the past five years, the average hospital turned over 106.6% of its workforce.<\/i><\/b>1<\/sup><\/i><\/b><\/h2>\n\n

The global workforce has been reshaped over the past few years, including the healthcare industry. According to the <\/span>2024 NSI National Health Care Retention & RN Staffing Report<\/span><\/a>, the hospital turnover rate stands at 20.7%, a 2.0% decrease from 2022, and Registered Nurse turnover is recorded at 18.4%, a 4.1% decrease.<\/span>2<\/sup><\/span><\/p>\n

Although employee exits have recently decreased, labor shortages, employee burnout and retirement have kept hospital turnover rates elevated. In the past five years, hospitals have turned over 106.6% of their staff.3<\/sup><\/span> Further data shows that voluntary terminations accounted for 95.4% of all hospital separations.4<\/sup><\/span> For 2024, hospitals aim to decrease turnover by 3.0%.5<\/sup><\/span><\/p>\n

According to the NSI Report, time-to-fill for Registered Nurse positions decreased across the board, but it still takes about three months to hire an experienced RN and many hospitals indicate they can\u2019t find experienced RNs. Not only is the healthcare industry experiencing high turnover rates, but recruiting is also very difficult. Medical\/surgical Registered Nurses were the most difficult to hire, taking 80 to 109 days to fill, with the average being 94 days.6<\/sup><\/span><\/p>\n

The average cost of turnover for a bedside Registered Nurse is $56,300, costing the average hospital between $3.9 and $5.8 million per year. With each percentage point increase or decrease in the Registered Nurse turnover rate, hospitals will lose or save $262,500 per year.7<\/sup><\/span><\/p>\n

The Registered Nurse vacancy rate within hospitals currently stands at 9.9% nationally, which is 5.8% lower than last year.<\/span>1<\/sup><\/span> The U.S. Bureau of Labor Statistics estimates the employment of Registered Nurses and healthcare practitioners in the diagnosis and treatment fields will <\/span>grow faster than the average for all other occupations<\/span><\/a> between 2022 and 2032.8<\/sup><\/span><\/p>\n

As labor gaps grow, it\u2019s important to identify the areas within the healthcare industry that are particularly susceptible to turnover and learn what can be done to slow rates.<\/span><\/p>\n

Retention Patterns in Healthcare Based on 2024 Data\u00a0<\/b><\/h2>\n

Turnover rates in long-term care facilities like nursing homes are significantly higher than in hospitals. For example, <\/span>According to the Long-Term Care Community Coalition (LTCCC), the average nursing home reported a nursing staff turnover rate of 53.3% and a registered nurse turnover of 51.9%.<\/span> 9<\/sup><\/span><\/p>\n

Nursing homes often struggle with lower staffing levels, leading to a heavier workload and increased stress among the staff. Additionally, the compensation and benefits in these settings are typically less competitive compared to hospitals, which offer more robust pay scales and career advancement opportunities. The emotional toll of working closely with elderly and chronically ill patients who may not significantly improve also contributes to burnout. These challenging conditions drive many healthcare professionals to seek employment in hospital settings, where they perceive better support and job satisfaction.<\/span><\/p>\n

2024 Turnover by Position<\/b>10<\/sup><\/h3>\n