The cost of nurse turnover—and how to maximize retention

Other costs

Beyond the immediate financial cost, high nurse turnover rates impact many other outcomes, including:

• Patient access
• Quality of care
• Patient safety
• Patient engagement
• Lost revenue

How to improve nurse retention  

Many organizations have leaned heavily on base salary compensation investments and talent acquisition enhancements to address retention challenges. However, solutions must be multidimensional. Organizations also need a deeper understanding of their unique situation to develop custom strategies. The framework below illustrates the interconnected dimensions organizations need to address so they can foster nurse retention.

Key elements for nurse retention 

No hospital is immune to nurse turnover. But the financial and care delivery cost is high. The path forward starts with quantifying the cost of turnover across the organization. Next, your organization should work to understand the causes of turnover at a site- and role-specific level. From there, you can develop a comprehensive action plan to reduce turnover and position your organization as an employer of choice.