What Is Employee Retention?
One helpful way for a company to gauge its employee engagement is by measuring retention. Employee retention statistics indicate a company’s ability to keep its employees over a certain time period. Companies that are able to maintain high retention rates can reduce costs, improve employee engagement, increase productivity and see better overall business performance.
Employee retention in the healthcare industry is critical due to the specialized skills and high demand.
What Is the Hospital Turnover Rate?
According to the 2023 NSI National Healthcare Retention & RN Staffing Report, the average hospital turnover rate in 2022 was 22.7%, revealing a 3.2% decrease from the prior year. In the last five years, the average hospital has turned over 105% of its staff, and 94.7% of all hospital separations in that time period were voluntary terminations.1
Frontline workers, such as certified nursing assistants (CNAs), medical assistants, and licensed practical nurses (LPNs), often experience the highest turnover rates. These roles involve demanding work, relatively lower compensation, and can lead to burnout,