#MillenniumLive , Podcast , Retail
Contributed by Avantas
Turnover by the Numbers: Cause for Concern
Turnover data is important for establishing analytical benchmarks. Consistent, detailed statistics are limited. AMN maintains active surveillance on turnover and has assembled an array of data points that together illuminate today’s situation.
A workforce turnover survey of 226 hospitals pegged the 2020 rate at 19.5%, up 1.7 points from the prior year and the highest rate recorded over the past five. Responses ranged from 3% to 43%. All but 6% of the turnover was voluntary. Organizations with 200-349 beds experienced the largest percentage.
Churn at the top has remained fairly consistent for several years. A leading study placed hospital CEO turnover at 16% for 2020.2 While that is an encouraging drop from 17% in 2019, itself a decline from 18% in prior years, the level remains elevated. Extended across the survey’s base of almost 4,400 hospitals, the current turnover represents a substantial 700 CEO departures. It is worth noting that healthcare is no outlier in this regard. A 2018 cross-industry study of 2,500 global companies found a CEO turnover rate of 17.5%.
Healthcare Working Smarter
Healthcare labor management is not easy. Healthcare is not an assembly line, and one solution does not fit all. Getting the right person to the right place at the right time to care for patients is a huge responsibility, and doing it correctly, at the right cost, is a science. We’ve been helping provider organizations do this – and only this – for more than 20 years. We get it. And, we’ve been successful in applying what we’ve learned along the way to help others solve the same challenges. We’d like to share this with you.
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