Nurse turnover goes beyond numbers and budgets; it affects the core of patient care and the well-being of those delivering it. According to a study by the National Council of State Boards of Nursing and the National Forum of State Nursing Workforce Centers, 800,000 nurses intend to leave the workforce by 2027. 

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We know nurses are leaving their positions, and we know it costs hospitals (the average cost of turnover for a staff RN is $56,300)! So, why are they leaving? 

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We're here to offer more than just a diagnosis of the problem. We're bringing solutions to the table. Immersyve Health is tackling nurse turnover head-on, using practical strategies and innovative approaches. 

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The True Cost of Nurse Turnover

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We can see the cost of nurse turnover in two significant aspects - patient outcomes and monetary loss. 

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Patient Care and Morale 

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Losing a member, or multiple people, on a team is disruptive. High turnover and overall staffing shortages can lead to a dip in efficiency, contribute to burnout (through measures like mandatory overtime), and lead to gaps in patient care. 

Monetary Loss 

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17.5% of nurses will leave the profession in their first year. This alarming number hits healthcare facilities where it hurts: financially, operationally, and in terms of quality of care. According to the 2024 NSI National Health Care Retention & RN Staffing Report, the cost of turnover for a bedside RN is $56,3000! Still more concerning, this number is almost at an 8% increase. 

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Another challenge is the hiring process. The RN Recruitment Difficulty Index estimates it takes 90 days to fill a nursing position. Consider what goes into hiring, the HR hours needed to find candidates, drug testing and background checks, multiple rounds of interviews, salary negotiations, and a significant training period. 

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Now consider the turnover rate - all the work and monetary investment put into a new hire is lost if hospitals can’t retain their staff. 

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The good news is that we can take action to stop nurse turnover. If a hospital can lower the turnover rate, even by 1%, it can save $262,500 per year. 

Partnering with Immersyve Health Reduces Turnover Rates and Saves Millions

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If the true monetary cost of nurse turnover is around 50,000, what can hospitals and other healthcare facilities do to retain talent and save on their bottom line? The team at Immersyve Health wanted to find out.

From 2021 to 2023, our clients asked 1,500 nurses, "How likely is it that you will decide to look hard for a job with another organization within the next twelve months?" After partnering with Immersyve Health, healthcare organizations reduced this turnover intention by 50%. 

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This 50 percent reduction in turnover intention translated into an estimated $1.2 to $1.8 million savings. 

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Related Post: Boosting Nurse Retention: Proven Strategies to Create a Thriving Nursing Staff

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How Did We Do It? 

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Developed by Immersyve Health partners, Self-Determination Theory (SDT) leverages three core psychological needs to create motivation and satisfaction at work: autonomy, mastery, and connection. We use this framework to help nurse managers take action to support their team’s three basic needs.

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Autonomy provides control and influence over one's work, mastery ensures competence and skill growth, and connection fosters a sense of belonging and being valued as part of a team. 

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Retaining talented nurses can be a significant challenge for nurse managers, but focusing on these core needs can make a substantial difference. Healthcare organizations partnering with Immersyve Health saw a 34% decrease in turnover intention - translating into millions of dollars saved. 

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Related Post: Preventing Burnout: Science-Based Strategies for Healthcare Professionals

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Beyond providing adequate compensation, ensuring that your team feels their work aligns with their values and supports their identity and purpose is essential. This alignment helps prevent burnout and boosts job satisfaction.

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Leadership within your organization should clearly communicate that the mission goes beyond financial success, emphasizing genuine care for staff and patients. When nurses perceive this broader mission, they feel more pride and motivation. 

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As a nurse manager, you are critical in conveying these organizational goals and the mission to your team. Effective communication of these elements significantly impacts how staff members experience their work, fostering a sense of alignment and meaning.

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Immersyve Health can support you by providing the strategies and tools to help communicate these values and goals, ensuring your team feels valued and motivated in their roles. 

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Increase Nurse Retention & Prevent Nurse Burnout With Nurse Manager Training 

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Our online Nurse Manager Training Program is accredited by the American Nurses Credentialing Center (ANCC) and recommended by the Joint Commission and the Surgeon General. Our team provides science-backed, proven support to improve nurse retention and prevent burnout.  

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Why Do Nurses Want to Leave? 

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In 2023, a survey revealed that 57% of nurses experienced burnout, while 64% reported their mental health being negatively affected. 

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No one takes leaving their profession lightly, especially nurses. However, when a workplace is detrimental to a person's physical, mental, and emotional health, sometimes they’re left with no other choice.

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Healthcare leadership has the opportunity to provide the professional support nurses need to enhance job satisfaction and reduce burnout. Immersyve Health’s On-Demand Nurse Manager Training Program provides nurse managers with practical strategies for improving nurse retention. 

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Related Post: Preventing Burnout: Science-Based Strategies for Healthcare Professionals

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Contact Immersyve Health to Increase Nurse Retention

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We share real solutions to help reduce turnover and burnout on your team. If you have questions or need more information, book a call with one of our health experts. By investing in your nurses, you're investing in the future of healthcare delivery!