The Problem: High Turnover and Low Engagement in Healthcare.
The healthcare industry is in the midst of a staffing crisis, marked by high turnover rates and low engagement levels among healthcare workers. According to recent data:
- 85% of exiting caregivers state that better engagement and communication could have convinced them to stay.
- Hospitals experience 100% staff turnover approximately every five years.
These statistics highlight a critical issue: the staggering costs and operational disruptions caused by high turnover rates. The 2023 NSI National Health Care Retention & RN Staffing Report, which surveyed 273 hospitals across 35 states, underscores the financial implications. The average cost of turnover for a single registered nurse (RN) rose to $52,350 in 2022, up from $46,100 in 2021. Each percentage change in RN turnover can cost or save hospitals an average of $380,600 annually. Moreover, filling an RN position can take between 61 and 120 days, adding further strain on hospital resources.
The Cost of High Turnover
The financial burden of turnover extends beyond recruitment costs. It includes expenses related to training new hires, overtime pay for existing staff, and potential declines in patient care quality. For example:
- The turnover rate for staff RNs was 22.5% in 2022, a slight improvement from the previous year but still alarmingly high.
- Hospitals face significant challenges in retaining staff in high-mobility departments such as emergency services and telemetry, where turnover rates exceed 100% over five years.
- The "Great Resignation" has hit healthcare hard, with an 8.4% increase in RN turnover contributing to a current rate of 27.1%.
These statistics paint a clear picture: high turnover rates are unsustainable and costly for healthcare institutions.
The Solution: Adni’s Automated Talent Engagement Platform
To address these challenges, Adni has developed AI-powered talent engagement software designed to enhance workforce retention and satisfaction. Adni acts as a white-labeled healthcare workforce super app, providing clinicians with instant access to everything they need from anywhere.
Here’s how Adni is revolutionizing healthcare worker engagement:
(1) Career Development: Adni's career hub allows clinicians to explore internal opportunities, track career progress, store credentials and resumes, access career support, manage timesheets, submit referrals, and view benefits. By facilitating professional growth and development, Adni helps healthcare workers feel valued and invested in their career paths.
(2) Marketplace: With over 3,000 products and services, Adni’s rewards marketplace offers everything clinicians need to thrive. From scrubs and nursing shoes to continuing education, childcare, and financial health coaching, Adni consolidates essential resources in one place. The platform also automates reward point distribution, enabling clinicians to earn and save on purchases, thereby enhancing job satisfaction and loyalty.
(3) Community Building: Adni fosters a sense of belonging through its community center, which includes a customizable news feed for internal communications, public recognition, and event sharing. Clinicians can access a team directory and policy manager, ensuring they have the right information at their fingertips and feel supported within their organization.
(4) Analytics and Feedback: Adni’s analytics provide real-time insights into workforce engagement, tracking metrics such as moral distress, burnout, and turnover risk. Using AI-powered tools, Adni enables healthcare organizations to monitor and respond to staff needs proactively, ensuring a healthier, more engaged workforce.
Transforming Healthcare Workforce Dynamics
By leveraging Adni’s automated engagement platform, healthcare organizations can achieve significant improvements in staff retention and satisfaction. Key benefits include:
- Reduced Turnover Rates: Hospitals using Adni have reported up to a 30% reduction in turnover rates, leading to substantial cost savings.
- Enhanced Employee Morale: Regular recognition and support through Adni's platform boost job satisfaction and morale among caregivers.
- Improved Patient Care: A more stable and engaged workforce translates to better continuity of care and improved patient outcomes.
- Cost Savings: Lower turnover rates mean significant financial savings, which can be redirected towards patient care and facility improvements.
Conclusion
The healthcare industry’s struggle with high turnover and low engagement is a complex issue that requires innovative solutions. Adni’s platform offers a powerful tool to address these challenges, providing a seamless, data-driven approach to retaining and engaging healthcare workers. By fostering a supportive and appreciative work environment, Adni helps healthcare institutions not only save on turnover costs but also enhance the overall quality of care they provide.
In an era where the demand for skilled healthcare professionals is higher than ever, investing in workforce engagement and retention is not just a necessity but a strategic imperative. Adni stands at the forefront of this transformation, ensuring that healthcare workers feel valued, supported, and committed to their mission of delivering exceptional patient care.
Interested in seeing the Adni platform in action? Schedule a 15-minute demo with our team here: https://calendly.com/anthonyscarpone-lambert/adni-demo