Article
Solving the Nursing Shortage and Cutting Turnover Costs
By 2025, the US will be short 90,000 physicians and 500,000 nurses. The Bureau of Labor Statistics projects that between 2014 and 2022 there will be over one million job openings for nurses because of growth and the need for replacements.
By 2025, the US will be short 90,000 physicians and 500,000 nurses. The Bureau of Labor Statistics projects that between 2014 and 2022 there will be over one million job openings for nurses because of growth and the need for replacements.
Recently, there were over 70,000 nursing student applications turned down because there aren’t enough teachers, classroom spaces, or clinical spaces to train them. The current situation prevents us from training enough new nurses to fill the void. The nursing shortage is causing many currently working nurses to leave the profession because they are understaffed, overworked, and stressed.
Presently, there are about 500,000 licensed nurses who are not in the nursing workforce. About 80% of them could return to the nursing workforce in a relatively short period of time. The average age of this group of nurses is 47 years old. It’s about the age when most people become seriously concerned about ever being able to retire.
Healthcare organizations should focus on using pension plans to attract and retain nurses. The pension benefits can work as a powerful magnet to draw enough of that group of 400,000 nurses back into the workforce and make a serious dent in the nursing shortage. The vesting period would hold them there until they reach retirement age. The pension benefits could also effectively keep the current workforce of nurses on the job and stop the exiting. Moreover, pension benefits will also work to attract physicians.
American Medical Association studies show that having enough money to retire is the top financial concern among all US physicians.
How much does it cost to start a pension plan?
The first year cost of a pension plan for over one hundred employees is less than half the cost of one employee turnover.
I just reviewed a case yesterday where the increase in cash flow for the company was over five million dollars in the first year alone.
Want more information? Send an email to David@theAlemianfile.com, and ask for my free report. Put "Report" in the subject line and I’ll send it to you right away.
