Edcor Newsletter May 2024 | Edcor

Edcor Newsletter May 2024

Edcor Newsletter
May 2024

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Strategies to Retain Nurses of All Tenures

Hospitals have faced an average RN workforce turnover of 102.6% in the past five years. The turnover shot up to 27.1% during the pandemic, which has now normalized to a median of 18.7% nationally. Turnover rates vary anywhere from 5.6% to 38.8% depending on the size of the hospital according to the 2024 NSI National Health Care Retention & RN Staffing Report. The report also highlights how costly the turnover can get. Replacing a bedside RN, on average, costs $56,300 now – translating to hospitals losing between $3.9 – $5.8 million due to RN turnover.

Each 1% change in turnover costs or saves a hospital about $262,500 annually.

Making a Difference for Nurses

Healthcare being the niche for Edcor, Nurses Week garners a lot of attention and press internally for our focused brainstorming sessions on strategies to make life easier for our healthcare partners. Generally, a lot of data is churned and insights developed. Going with the theme for this Nurses Week “Make a Difference” let’s think about how healthcare providers can make a difference for nurses at all career stages.

Employer-provided Education Benefits:

Education benefits like Tuition Assistance, Student Loan Repayment Assistance, and Scholarships offset the cost of education and help nurses upskill, stay engaged, and secure a better financial future, thereby enhancing their happiness quotient. These are no longer nice-to-haves but must-haves to retain the highly mobile workforce. Education benefits up to $5,250 are tax-free for both employees and employers, making them even more attractive. An optimal combination of two or more of these benefits can yield an ideal retention strategy for Nurses of all tenures. The goal is to be holistic. Let’s briefly discuss each benefit.

Click on Learn More to keep reading. 

To start with, I want to say ‘kudos’ to all our Healthcare HR partners for making this Nurses Week yet another success. We commend the amount of work that you put in to make this week and month special for all Nurses, and it would be an understatement to say that the Nurses deserve every bit and more of the care, attention, and appreciation they get. Edcor and our school network celebrate Nurses, and this month’s newsletter is dedicated to them. We also have a host of educational offerings for Nurses highlighted in the School Network offering sections, so do check it out. 

In the past months, we participated in WBENC and the ASHHRA conferences. The learnings, feedback, and support from all our participating Clients including Healthcare partners were heartwarming. We are glad to be a valuable service provider of choice and promise to continue delivering the service that you deserve. 

The world of education benefits is evolving and Edcor is there with you every step of the way to be your guiding light. To serve our Clients better each day we have come up with a new initiative. If you haven’t already – watch the latest News At Glance snippet

Let’s future together!  

Adrienne L. Way, Edcor Owner, President, and CEO

 

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