"Nurse turnover can be very costly for a hospital, especially when they invest so much, not only in recruiting but also in training. If your turnover is significantly higher than the region or state, thereâ€™s significant roomÂ for improvement."
Missouriâ€™s nurse turnover rate has climbed toÂ 15.7 percent, according to a recent report facilitated by theÂ Missouri Hospital Association (MHA). In central Missouri the figure jumpsÂ to over 20 percent. Writer Brittany Reuss of NewsTribune.comÂ interviewed MHA Director of Workforce Initiatives and Special Projects Meredith Carroll about what's being called a "silver tsunami."
What I have heard as far as my research and studying the health care workforce, some might call it a perfect storm, others call it a silver tsunami, but all this happening at the same time definitely increases the demand for the health care workforce,â€ Carroll said. â€œSo, of course that is great news as far as those who are seeking employment and those returning to the workforce. But, it does present a challenge for hospitals, specifically when they invest quite a bit in the workforce as far as recruiting and retaining employees.
By 2030, the Missouri Department of Health and Senior Services projects seniors to account for a quarter of the stateâ€™s population. And to further illustrate the urgencyÂ to solve the nursing shortage, about three-quarters of adults in Missouri are dealing with a chronic disease; more than half have at least two.The MHA surveyed 151 of its hospital members. According to Reuss, the reportÂ found 27 Â facilities with an employee vacancy of more than five percent of the 36 occupations surveyed.As the article states, a large percentage of the nursing population in Missouri is the same age as the Baby Boomers they'll be treating. And because 44 percent of advancedÂ practiceÂ RNs are 50 years or older (half which plan on retiring in the next 10 years), this situationÂ may worsen.There are alternative staffing measures available to combat the shortage. According to a recent USA Today article, the demand for travel nurses has reached a 20-year high.Â But travel nursing is an expensive, short-term solution. Therefore, more CNO's and hospital administration are utilizing foreign-trained nurses to fill voids.Foreign-trained nurses come equipped with a BSN. They're required to pass rigorous language exams to ensure seamless communication. Most encouraging, you can schedule no-obligation interviews with talent and decide if this option is best for you. Furthermore, there's a 30-day cancellation period.There's good information out thereÂ on the benefits of international staffing, but many never fully realize the potential and savings of this option until hearing about it themselves.The reality is, the cost of nursing turnover is too high to continue this trend and hospitals need nurses now. Find out just how much nursing turnover really costs your facility by clickingÂ the link.