Recent studies show that the healthcare industry has the third highest turnover rates of all industries, coming in at 18.9 percent. This means that nearly one out of every five healthcare employees will quit this year alone. This can equate to a loss of millions of dollars for many healthcare facilities. For example, the average cost associated with the loss of just one bedside RN can be as high as $59,700. Multiple this by one of out five nurses at any given facility and it is easy to see how the average hospital can lose between $5.13 million and $7.8 million every year. Add in turnover for higher paid positions, such as Critical Care Nurses, surgeons and ER physicians, and these losses can quickly double. Taking these figures into consideration, it should come as no surprise that healthcare facilities across the country are looking for ways to improve employee engagement, boost workplace morale and ultimately improve retention rates across the board.
Due to these degree and certification requirements, the screening process for healthcare professionals is perhaps more complex than in any other industry. Recruiters are expected to screen all candidates to make sure that they meet the necessary criteria and requirements. Typically, recruiters must screen candidates for multiple positions, all having unique criteria requirements.
Creating a well-defined onboarding process, with the assistance of a comprehensive ERP software system, is imperative in the healthcare industry if medical facilities hope to remain competitive. By recruiting top talent and retaining them for years to come, healthcare facilities will boost morale, lower employee turnover and provide a much stronger bottom line.