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Executive Summary: 2024 NSI National Healthcare Retention & RN Staffing Report

In the latest NSI National Healthcare Retention & RN Staffing Report, the healthcare sector has shown notable progress in enhancing its workforce amidst ongoing challenges. Over the last year, hospitals increased their overall staff by 341,000, a 6.2% increase, which includes a significant addition of 153,000 Registered Nurses, marking an 8.9% rise in RN staffing. Despite these improvements, a substantial labor gap persists, alongside sustained high turnover rates. The national hospital turnover rate has slightly improved, decreasing by 2.0% to 20.7%, with RN turnover also reducing by 4.1% to 18.4%. High turnover rates are particularly pronounced in telemetry and emergency services, significantly affecting operational costs and efficiency.

The financial burden of high turnover remains a critical concern, with the average cost of RN turnover increasing by 7.5% to $56,300 per RN, leading to average losses of between $3.9 million and $5.8 million per hospital annually. The report also highlights a reduction in the RN vacancy rate by 5.8% to 9.9%, yet nearly half of the respondents reported a vacancy rate exceeding ten percent, underscoring the ongoing difficulty in filling nursing positions. The RN Recruitment Difficulty Index improved, with the time required to recruit experienced RNs now averaging 86 days, down nine days from the previous year.

These findings underscore the continuous need for effective recruitment and retention strategies to mitigate turnover and vacancy rates, thereby ensuring sustained operational success and financial stability within hospitals. As the healthcare landscape evolves, such strategic measures will be crucial for adapting to the demands of patient care and maintaining workforce stability.

Download the full report here.

Reference: NSI Nursing Solutions, Inc. (2024). 2024 NSI National Healthcare Retention & RN Staffing Report. Retrieved from https://www.nsinursingsolutions.com/Documents/Library/NSI_National_Health_Care_Retention_Report.pdf

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