The shocking cost of turnover in health care

An article in the latest issue of Health Care Management Review looks at turnover costs at a major medical center. Here, turnover includes hiring, training, and productivity loss costs. Minimum cost of turnover represented a loss of >5 percent of the total annual operating budget. Cost of turnover-a non-value-adding element in the organizational budget-forces managers to focus on retention. The huge recurring expense created by turnover offers opportunities to improve employee satisfaction, reduce turnover, improve quality, and cut costs by diverting the current financial drain into programs and policies that encourage retention.
NSW Health staff can access the fulltext of this article via CIAP.
Health Care Management Review
Issue: Volume 35(3), July/September 2010, pp 206-211