"Many executives have turned their eyes away from retention during this economy. Nurse managers, though, have never felt this luxury and probably never will. One reason why is that hospital unemployment maintained its low level of just 1.6% during 2008 as the economy slid into deep recession.
Healthcare executives know the litany of bad news associated with hiring and retaining nurses: Too few nurses today
• Nurses are an aging population
• Not enough new nurses or nurse training facilities
• More patients due to aging baby boomers.
March 2010 reinforced this woe as the Bureau of Labor Statistics told us national unemployment held steady at 9.7% while healthcare added 27,000 jobs. Healthcare unemployment is grouped with education, and in March this figure was 5.2%, a bit more than half the all-industry national average. Based on this data, one can easily argue that hiring and retaining nurses is the number one people-management challenge across our country and our world today."
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Richard P. Finnegan is the CEO of C-Suite Analytics, which helps organizations improve engagement and retention, including one solution that guarantees turnover will decrease 20% in the first year or funds are returned. His experience includes solving turnover and engagement in Siberian banks, African gold mines, multinational corporations in China, and for the CIA.
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