Technology Speeds Hiring of Qualified Permanent Nurses
The United States is grappling with a significant deficit of nursing professionals, a situation likely to persist until at least 2030. This shortage isn't confined to the U.S.; a World Health Organization report indicates a global shortfall of 5.7 million nurses by 2030. Over one-third of U.S. hospitals report nursing vacancy rates exceeding 10%, and the turnover rate averages 19%. The Health Resources and Services Administration anticipates over 1 million registered nurses will reach retirement age within the next decade or so. Experts predict that by 2023, there will be a deficit of 1 million nurses in healthcare, resulting in unfilled positions and countless patients lacking necessary care.
**Financial Implications of Nursing Turnover** The cost of nurse turnover per organization ranges from $37,700 to $58,400 per nurse, with more challenges emerging. On average, nurse turnover costs hospitals between $5.2 million and $8.1 million annually. Training a new nurse can cost up to $82,000 before they even start working. In response, nursing leaders and HR managers are creating innovative strategies to recruit and keep nurses.
**What Nurses Seek** Nurses stay in the field due to their passion for the profession. Those who leave one institution often find positions at another. When choosing a new employer, nurses consider factors such as career growth opportunities, flexible schedules, reduced commute, and competitive pay. A survey of three hospitals in Los Angeles revealed: Hospital A offers the highest pay, Hospital B is the most reputable, and Hospital C hires the quickest. Surprisingly, Hospital C recruits the most nurses monthly, despite competitors having better pay and recognition. Their edge lies in speed.
**Why Speed Matters** 68% of nurses accept the initial job offer, and 61% do so even if subsequent offers are more lucrative. A swift hiring process creates a great first impression, making candidates feel appreciated and reflecting positively on the healthcare system.
**The Distinction** This service reverses the traditional application process, allowing health systems to apply to nurses. Nurses gain access to free tools and job opportunities. The platform pre-screens active job-seekers, matching them with suitable roles and employers. The system automatically schedules initial phone interviews, leaving HR to handle further interviews and job offers. Hiring managers find our algorithms effective and accurate, recognizing over 70 nursing specialties and 250 skills, ensuring suitable matches. Candidates undergo a stringent pre-qualification, aligning their skills and job preferences. This process allows recruiters to focus less on paperwork and more on fostering relationships with candidates and managers. Emphasizing the human aspect of human resources, hiring specialists can be more innovative and flexible, effectively attracting and hiring more nurses.
**Enhanced Retention and Lower Turnover** According to Advisory Board, bedside RN turnover in 2020 hit a record 19%, marking the largest annual increase in seven years. Nurses recruited through our service have a 15% higher retention rate after one year compared to traditional hiring. We facilitate thorough job searches, precise skill matching, and provide recruiters more interaction time with candidates, resulting in improved job satisfaction and reduced turnover. Over 500 health systems and hospitals experience more successful hires and higher retention rates by using our nurse sourcing and pre-screening service.
