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Session 33 | Recognition Science: A Strategic Driver of Resilience, Retention and Recruitment

Session Summary

The cost of turnover is unsustainably high – running to 50-75% of a person’s average salary. The impact is stunning in the healthcare industry, where turnover rates range from 25.9% at hospitals to 94% at nursing centers. All told it’s a major crisis of retention where nurse turnover alone costs the average hospital as much as $9 million every year. The drivers of turnover are work overload, lack of control, insufficient reward and breakdown of community. Some recognition programs are more effective than others. In this session, you’ll learn best practices in the science of recognition, how to build programs that have credibility and stand the test of time, and how to measure the impact of your recognition and engagement program on employee retention and patient satisfaction.