Reducing Turnover in Healthcare [TIP SHEET]

Avoid the High Costs of Turnover

Learn how much turnover truly costs in the healthcare industry and how you can reduce it.

Reduce turnover

reducing turnover in healthcareReducing Turnover in Healthcare

How much does nursing turnover cost? The cost of turnover is 1.5 times the base salary for exempt employees. The average hospital is estimated to lose about $300,000 per year for each percentage increase in annual nurse turnover.

Consider a hospital with 2,000 employees of whom 35% (700) are nurses. Average annual base salary is $67,000 and annual turnover is 20%. Assuming turnover cost of 1.5x average annual base salary, reducing turnover by a mere 5% would result in $3,517,500 annual savings.

Just from those stats, you can see that turnover is a costly problem and decreasing it by small percentages can have huge impacts.

This Tip Sheet discusses the high cost of turnover and three ways your organization can reduce it, through a better healthcare hiring process.

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