In 1-2 pages, examine the costs of turnover within a health services organization such as a hospital or a skilled nursing facility. Be sure to examine financial costs as well as costs to quality, morale, etc. How can a manager reduce these costs?
High turnover can result in significant financial and other costs to an organization. First of all, high turnover ratio in the organization means significant effort required by the organization to recruit new workers on a regular basis which has a major cost attached to it. Further, the financial and other resources spent on training new workers will also go waste if they leave the company shortly after the training period. Hence, high turnover significantly increases the recruitment and training costs of an organization as new workers have to be regularly hired and trained to fill the vacant positions in the organization.
High turnover is often attributed to lack of loyalty towards the organization and low morale as well as ...