Be confident in your staff’s ability to reduce risk by providing compliance training that changes behavior.
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View All ProductsHealthStream offers performance learning management solutions to help develop your healthcare staff into leaders and reduce turnover.
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View All ProductsHealthStream's proven methods for the improvement and overall engagement of your healthcare staff foster a positive workplace and increase retention rates.
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View All ProductsOur affordable CVO credentialing services establish patient safety by enabling primary source verification for your healthcare organization.
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View All ProductsLearn about our advanced resuscitation training solutions. Our solutions are designed to help improve patient outcomes.
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View All ProductsAddress staffing orientation challenges to easily achieve and maintain certification with our emergency and acute care training solutions.
View All ProductsAs a premier provider of healthcare education, we are committed to promoting safer, more successful surgical and sedation outcomes for each and every patient.
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View All ProductsMitigate risk and elevate your quality of care. Improving both clinical and business outcomes starts with a smarter, more integrated approach to regulatory training, continuing education and quality management.
Learn MoreFor most healthcare organizations, their greatest expense—and greatest differentiator—is their employees. Numerous studies have shown that a competent, tenured workforce is key to achieving positive outcomes and providing a superior patient experience. Conversely, performance can be jeopardized when employee turnover is high. Yet, turnover rates in the healthcare industry continue to rise, fueling increasing anxiety about the quality of care that is being provided. In this paper, we look at the role compensation can play in supporting employee retention and suggest ways healthcare organizations can use a strong compensation strategy to reduce employee turnover.
The Rising Cost of Employee Turnover
Healthcare turnover rates have increased steadily over the past five years. The current rate is now 17.2%, up from 13.5% in 2011. Moreover, the average time to recruit an experienced RN ranges from 53 to 110 days, up dramatically from 36 to 97 days in 2014. With the average cost of turnover for a bedside RN ranging from $36,900 - $57,300, the typical hospital is losing $4.9M - $7.6M annually. These staggering numbers cost the industry billions in hard costs every year in lost productivity, hiring costs, and training costs—not to mention the indirect effects on quality of care, employee morale, patient experience, increased workloads, etc.
Compensation Can Influence Turnover
The good news is that there are actions healthcare organizations can take to improve employee turnover, and the incentive to improve is high. At current rates, each percentage drop in RN turnover will save the average hospital $379,500. According to a 2015 survey conducted by NSI Nursing Solutions, Inc., salary is mentioned as one of the Top 5 Reasons healthcare workers voluntarily resign. It is ranked fourth, along with:
• Relocation
• Personal reasons
• Career advancement
• Salary
• Retirement
This finding is corroborated by a recent study of healthcare workers conducted by CareerBuilder which shows that “poor salary” is tied with “work overload” as the second biggest challenge employees face in their current healthcare organization.
A Strong Compensation Strategy Can Help
In today’s environment, compensation planning is no longer just about making sure everyone is paid correctly (although that is still important); it is a tool that can be used to dramatically improve retention using many of the systems your organization may already have in place. In this report, we’ll share 5 ways healthcare providers can better utilize their compensation planning to improve employee retention, including:
1. Define Your Compensation Strategy
2. Identify Your Critical Healthcare Talent
3. Build a Pay for Performance Model
4. Pay Competitively. Pay Appropriately. Pay Accurately.
5. Create a Compensation Communication Plan
When you enact HealthStream's quality compliance solutions, you can do so with the confidence your healthcare organization will meet all standards of care.
View All Quality & ComplianceBe confident in your staff’s ability to reduce risk by providing compliance training that changes behavior.
View All ProductsDevelop next-level people for next-level care by prioritizing quality and safety improvements.
View All ProductsEstablish a culture of belonging with education supporting DEI, wellness, engagement, and leadership development.
View All ProductsHealthStream’s learning management system and healthcare training solutions support medical training initiatives and allow for the best patient care.
View All Learning & PerformanceHealthStream offers performance learning management solutions to help develop your healthcare staff into leaders and reduce turnover.
View All ProductsHealthStream works with healthcare organizations to create engaging and high-quality training videos for your staff and management.
View All ProductsImprove care quality and save money by making informed decisions about your healthcare facility and staff with HealthStream's reporting analytics solution.
View All ProductsHealthStream's proven methods for the improvement and overall engagement of your healthcare staff foster a positive workplace and increase retention rates.
View All ProductsUtilize patient access solutions and advanced reimbursement solutions to manage clinical denials and improve your organization’s reimbursement strategy.
View All ReimbursementComprehensive, industry-leading provider onboarding and credentialing software that validates health outcomes and supports provider assessment.
View All CredentialingOur affordable CVO credentialing services establish patient safety by enabling primary source verification for your healthcare organization.
View All ProductsIntegrate with Epic to validate and add new providers directly to your provider master file.
View All ProductsExpand the decision-making skills and effectiveness of your healthcare workforce with HealthStream's clinical development programs and services.
View All Clinical DevelopmentLearn about our advanced resuscitation training solutions. Our solutions are designed to help improve patient outcomes.
View All ProductsOur competency development solutions personalize learning for clinicians to bridge the gap between theory and practice for your nurse residents.
View All ProductsEnhance maternal & child nursing care with solutions focused on improving the quality of care for mothers, infants, and children.
View All ProductsAddress staffing orientation challenges to easily achieve and maintain certification with our emergency and acute care training solutions.
View All ProductsAs a premier provider of healthcare education, we are committed to promoting safer, more successful surgical and sedation outcomes for each and every patient.
View All ProductsOur solutions are designed to cater to the needs of patients, healthcare professionals, and organizations dealing with illnesses or chronic conditions.
View All ProductsMake sure your healthcare staff can schedule out appointments and work schedules with ease using HealthStream's line of software solutions.
View All SchedulingHealthcare workforce management is essential. We provide advanced scheduling solutions for organizations to solve issues such as nurse retention
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