Fact-the cost of living in Colorado has significantly intensified. Groceries in Colorado (conservatively) have increased 25-30% Unfortunately the UCHealth 3-4% annual raise doesn't make a dent to the cost of living.
Receiving a few thousand dollars after 5 years is not a game changer. Nurses will seek employment elsewhere negotiating a better wage and not have to wait 5 years. Without competitive wages, quality experienced nurses will continue to leave.
Quality experienced nurses will continue to leave until the healthcare industry standards radically and proactively acknowledge and start paying to retain the worth of a quality experienced nurse.
Leadership underestimates the impact of the loss of a quality experienced nurse is far reaching. The exponential fall- out is never fully acknowledged, recognized or even replaced. There is no dollar amount accurate enough to represent the high-cost loss of a quality experienced nurse.
The loss of a quality experienced nurse creates a substantial forfeiture of mentorship and an unrivaled loss for shared knowledge. Both of which healthcare is in desperate need of.
I can't imagine how turnover, hiring travelers or even the cost of a New Hire Orientation is less expensive than increasing nurse wages?
A $5hour increase at 40 hours per week for 52 weeks equals an increase yearly salary of 10K more... Equaling 200$ more earned per week. 800$ 4 weeks.
What’s the total cost for a new hire including orientation and the additional cost for a nurse to precepting? I believe its more than likely well over $800 a month…..
When asked by management how to retain nurses, its clear cut. Pay them what they are Worth! Do not skimp. Skimping is more costly in the long run.
Try offering additional PTO to help retain experienced nurses. PTO that is above and beyond what “years of service dictates.” Bonus PTO that is not related to their years of service at UCH. Bonus PTO for being a nurse for so many years. For example, 12 more hours of PTO for every year you have been a nurse…. actual years of service performed as a nurse regardless of the “time” spent with the company.
Grandfathering PTO allotment when a nurse leaves and comes back to UCH-Regardless of time between employment and reemployment with UCH. Not having to start back at the bottom again accruing minimal PTO could retain nurses. Especially if Nurses already have years of services with UCH.
What’s the appeal between starting a new job and getting minimal PTO verses starting a new job with UCH.
