The True Cost Calculator will help you uncover the financial impact that staff turnover is having on your long-term care center.
What’ the impact of not addressing staff turnover in your center through focusing on skills training? Use the True Cost Calculator to measure the impact that workforce turnover is costing your care center.
Staff Turnover Rate [STR] refers to employees resigning from their jobs. It can be considered as having three types: voluntary (employees leaving their jobs on their own volition), compulsory (e.g., layoffs or compulsory retirement), and dismissal (involuntary resignation). STR has an important role in healthcare industry since it generates costs and disrupts continuity of care.
The cost of staff turnover for long term care centers can be significant. Facilities can experience a loss of institutional knowledge when experienced staff leave, and this can impact the quality of care provided. In addition, facilities often have to recruit and train new employees, which can be costly and time-consuming. As a result, lost productivity can also be a problem when employees leave. Studies have shown that the cost of replacing an employee can range from 50% to 150% of the employee’s annual salary. This can be a significant expense for long-term care facilities. STR has an important role in the health care industry.
* Official Journal of the Medical Care Section. (2009, October). The costs of turnover in nursing homes (Volume 47, Issue 10). American Public Health Association. https://doi.org/10.1097/MLR.0b013e3181a3cc62