The U.S. is experiencing a critical nursing shortage that is expected to continue through at least 2030.1
And the U.S. isn’t the only nation experiencing a nursing shortage. A recent report from the World Health Organization noted that the world may be short 5.7 million nurses by 2030.2
More than a third of U.S. hospitals say their nursing vacancy rate is now greater than 10%.3
The average turnover rate stands at 19%.4 The Health Resources and Services Administration projects that more than 1 million R.N.s will hit retirement age in the next 10 to 15 years.5
And some experts forecast that by 2023, health care will be 1 million nurses short.6
That’s one million open nursing positions and millions more patients unable to get the care and attention they need.
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The Financial Impact of Nurse Turnover
The average cost of nurse turnover to an organization is between $37,700-$58,400 per nurse, with additional challenges on the horizon.7 Total R.N. turnover costs the average hospital between $5.2M–$8.1M annually.8
While the cost to train a nurse varies amongst organizations, the Journal of Nursing Administration estimates that replacing a nurse costs $82,000 before onboarding and training even begin.9 In response, nursing leaders and H.R. management have had to implement new strategies to hire and retain nurses.
What nurses want
Nurses who remain in nursing do so because they love their profession. And those nurses who leave one health care system often seek a position with another.
According to proprietary Incredible Health data, when seeking a new employer, nurses consider these points:
- Career advancement and opportunity for upward mobility
- Shift availability and flexible work options
- Reduced commute time or relocation
- Compensation
We conducted a poll of three Los Angeles area hospitals:
- Hospital A offers the highest salary
- Hospital B is the best-known hospital
- Hospital C is the fastest to hire nurses
At first, the results surprised us. Hospital C hires the most nurses per month, despite the fact that their competition has a more prominent brand and higher compensation. Here’s what sets them apart: speed.
Why does speed matter? 68% of nurses accept the first offer they receive, and 61% accept it even if a second or third offer has higher compensation, according to proprietary Incredible Health data.
An efficient hiring process creates a fantastic first impression. Candidates feel valued and important, and the positive first impression reflects well on the rest of the health system.
The Incredible Health Difference
Incredible Health flips the script, with health systems applying to nurses, not the other way around. Nurses join Incredible Health for free tools, community, and to find new jobs. Incredible Health’s software pre-screens active job-seekers and custom matches nurse candidates with the right role at the right employer. Software automatically schedules candidates’ first phone screen, and the healthcare system’s HR team takes over, completing hiring manager interviews and the offer process.
Hiring managers find our algorithms and analytics efficient and accurate. Our custom algorithms recognize over 70 nurse specialties and 250 skills, including specific ICU and OR skills to find the right hire. Incredible Health candidates undergo a rigorous pre-qualification process that screens for both skills and preferences. We then match nurse candidates with roles that meet both the hiring manager’s and the candidate’s needs.
Incredible Health allows recruiters to spend less time on administrivia and more time building relationships with both candidates and hiring managers. By focusing on the humans in human resources, hiring specialists can be innovative, flexible, and creative—enabling them to attract and hire more nurses.
Less Turnover and Greater Retention
According to the healthcare research firm Advisory Board, average bedside R.N. turnover in 2020 rose to an all-time high of 19%. This jump, up nearly 2% from 2019, also represented the most significant annual increase in seven years.10
Nurses hired with Incredible Health have a 15% higher retention rate at one year, compared to nurses hired through traditional channels. We help nurses complete a thorough job search, accurately match skills and preferences to the right role, and allow recruiters more time with each candidate, ensuring greater job satisfaction and less turnover.
Overall, more than 500 health systems and hospitals have more successful new hires and greater retention when they trust nurse sourcing and pre-screening to Incredible Health. Ready to hire nurses faster? Let’s talk.
