Save Money And Hire Talent Through Locqum
While there are many challenges faced by Human Resource (HR) Managers, one of the biggest challenges is retention of exemplary employees particularly, Registered Nurses (RN). HR Departments are in need of cost-effective ways to both retain their best nurses and hire new talent that fit their goal and vision of their institution. Hospitals are amongst the institutions that are in need of a cost-effective method to hire and retain their nurses long-term.
Costs In Gaining And Losing Nurses From A Healthcare Organization:
● Studies have shown that it costs between $22,000 to $64,000 per nurse turnover in the U.S.
● One study found that organizations with lower nurse turnover rates had lower risk-mortality rates.
● Organizations with turnover rates over 22% had patients stay an average of 1.2 days longer than organizations with lower turnover rates.
The Bureau of Labor Statistics predicts a need for an additional 203,700 new RNs each year through 2026. There are a number of methods that HR Departments use to hire and retain employees. From hiring recruiters to using agencies to gain employees, these methods are expensive and time consuming for all organizations. Locqum can mitigate these problems by linking talent with hospitals in need of new nurses.
Ways Locqum Can Help Your Hospital Or Organization:
● Eliminates the need for costly recruiters. The average executive cost-per-hire for HR (i.e, the total costs to hire including third party fees, job fair posting, etc.) was $14,936.
● Aligns your specific needs with highly qualified talent at no cost to sign up.
● By directing the specific needs of your organization and of the employee we can ensure a great fit.
It is becoming more important than ever to retain your outstanding health care employees. Labor demands are increasing with an ever-aging population. By 2060, the number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million. An increasing population of elderly will require even more healthcare workers and we need them quickly and cost effectively.
However, there is a lack of those economical options. Therefore, hospitals and other organizations are being forced to spend additional money on recruiting costly employees such as agencies and/or travel staff. If a hospital were to reduce their travel nurses by 20, that hospital could save around $1.4M. Locqum completely eliminates the need for travel staff and agencies and the savings are immediate.
Excessive Job Postings By Third-Party Websites
Although there are many third-party job websites, many of them have extremely large numbers of healthcare positions posted. In 2019, a third party website, Glassdoor, found there were over 850,000 healthcare jobs open in their Job Market Report. By using Locqum, you have a streamlined method to post your Registered Nurse job openings. This allows a clean and concise way of hiring the specific profession that is needed by your organization.
Fees For Job Postings
Not only is there an immense amount of healthcare positions that are open, there are costs to reap the benefits to fill needed positions through most third-party websites. The websites range from monthly fees to price-per-click. Imagine the outstanding receipt you could receive by using a website that charges “per-click” on your job posting ad.
The charge comes even if the applicant does not submit an application for the position. The website Indeed.com charges $0.10 to $5 per click on their website. ZipRecruiter starts at $249 per month with options for subscription and annual pay. Another third party, CareerBuilder, charges organizations $219 to post one job for only one month.
The cost and time for HR managers of hospitals and healthcare organizations is not the only area that is jeopardized from extreme costs. Hospital’s overall profits suffer from RN turnover costs which can cost between $3.7M - $6.1M for a hospital. Locqum eliminates these excessive fees to ensure that communities in need of RNs are able to reach highly qualified talent in their areas and fast.
Difficulty In Hiring Registered Nurses
Registered Nurses are among the most difficult positions to hire and only 1 in 5 hospitals report a RN Vacancy rate of less than 5%. It can be easily assumed that the lack of nursing staff directly impedes patient health and quality of life. With less nurses to care for patients, more patients are not receiving the care that they need. Listed below are some reasons why.
· Trouble recruiting new-age nurses: Recent college graduates are just not prepared for 12-hour long shifts that many RN positions require.
· Competitive salary: A sharp decline in hospital budgets make it hard for recruiters to be competitive in the job market for nurses.
· Lack of knowledgeable recruiters: Many recruiters don’t know much about the RN job posting and they don’t communicate with nurse managers on what they are looking for in potential candidates.
In a study of hospitals in Pennsylvania, increasing a nurse’s patient load by just 1 was associated with higher infection rates. Another study performed in 2011 shows a 6% increase in mortality risk for patients in understaffed hospitals compared to fully staffed hospitals. It is clear that there is an imminent need for healthcare workers and recruiting costs should not be the reason communities and healthcare organizations cannot thrive.
Process Of Hiring Registered Nurses
Although it varies by their specialty, one of the contributing factors to high RN vacancy rates is the amount of time it takes to hire an experienced and informed RN. The RN Recruitment Difficulty Index (RDI-RN) estimates the time it takes to recruit a quality nurse at a hospital. On average it takes a hospital 2.5 months to recruit a RN. Each day that passes equates to more funds that are lost and less quality of life for patients. Here are some reasons as to why the RN hiring process is lengthy.
· Education requirements: Employers are looking for more specific educational requirements and relevant work experience that many nurses may not have.
· Not enough time in clinicals: Because it is illegal for nursing students to practice on living patients, they are limited to the tasks that they can do, which are done under supervision. Many jobs require that nurses have at least six months of training on-the-job before being able to work independently.
· Retention issues: Due to how intense and demanding a RN’s job can be, the retention rate is fairly low, with one in five nurses quitting within their first year of hire.
Why Choose Locqum?
Locqum was created by a group of health-care professionals who understand the tribulations faced by the process of hiring other health care professionals. Using our modern platform will solve the problems faced in the hiring of Registered Nurses. This is because we focus on the specific needs of your hospital, the employee, and the HR managers at no cost. Locqum was designed by healthcare professionals for healthcare professionals because we understand the severe need for a cost-effective, efficient, and effective model to hire outstanding talent.