Website spotlight: Four tips for retaining nurses who work past retirement
Nurse Leader Weekly, October 24, 2011
Want to receive articles like this one in your inbox? Subscribe to Nurse Leader Weekly!
Nurses are feeling the pinch from the economy as much as anyone else and a new study reveals many plan to continue working well into traditional retirement age. That's bad news for nurses and their plans to say sayonara to difficult patients and endless documentation, but it's good news for hospitals.
Almost 45% of RNs are older than 50, meaning they are due to hit retirement right as their fellow Baby Boomers start deluging the healthcare system. Projections estimate the country will be short 260,000 RNs by 2025 and that we'll start feeling the effects as early as 2018. Decreased readmissions and the poor economy have eased nursing shortages around the country and fooled many into thinking the shortage has gone away, but it hasn't.
Retention efforts may be at the bottom of a very long priority list, considering most organizations are currently engaged in cost-cutting efforts, and 2018 seems like the distant future, but it will be here before we know it. Savvy hospitals can prepare for the future and decrease costs now by planning for the retention and effective utilization of the older RN workforce.
The study that was released last month by Fidelity Investments revealed 71% of nurses have not saved enough money for retirement and that almost half of all nurses have changed their retirement plans because of the economy.
More than one in four nurses believe they will never fully retire. Twenty-six percent expect to retire later than originally planned and 22% will now work in retirement who had no previous plans to do so.
To read the rest of this free article, click here.
Editor's note: You can access a FREE library of helpful articles in the Reading Room at www.StrategiesForNurseManagers.com.
Want to receive articles like this one in your inbox? Subscribe to Nurse Leader Weekly!
Related Products
-
Strategies for Nurse Managers
Strategies for Nurse Managers is a 12-page monthly how-to newsletter that was created exclusively to help you save time...
-
Strengthening Nurse-Physician Relationships:
Using engaging case scenarios, critical thinking activities, and tangible advice, this video will guide and empower nurses...
-
Nurse Retention Toolkit: Everyday Ways to Recognize and Reward Nurses
Rely on these quick, budget-friendly retention ideas to keep your nurses happy, engaged, and committed. It's the only...
-
Quality Improvement for Nurse Managers:
This book and CD-ROM clearly outline a nurse leader's role in quality improvement and offer simple instructions to improve...
-
Creative Ways to Trim Nurse Staffing Costs:
Nurse leaders everywhere are dealing with the challenge of meeting productivity targets and salary dollar targets while...
Most Popular
- Articles
-
- Featured blog post: Nurses face felony charges after reporting physician to the Texas Medical Board
- Topic: CMS, OESS post new security compliance review information, checklist
- Q/A: Volume requirement for reporting hydration services
- HIPAA Q&A: Answering service messages
- News and briefs: Oklahoma Osteopathic Association against residency bill change
- What does case-mix index mean to you?
- QA:Coding multiple initial infusions
- OB services: Coding inside and outside of the package
- State medical board will hear unprofessional charges against OB-GYN
- The debate continues: Nurses who reported physician to the Texas Medical Board file federal appeal
- E-mailed
-
- Featured blog post: Nurses face felony charges after reporting physician to the Texas Medical Board
- Are your workforce members texting PHI?
- Don't let these sentinel events trigger falsely
- Arkansas woman convicted for HIPAA violation
- Q/A: Coding infusions to correct low potassium levels
- Q&A: Coding for protein malnutrition
- Q&A tackles coding questions about injections and infusions
- Joint Commission Center announces handoff communication solutions
- Inside best practice: Reduce patient falls with a stoplight
- Identify modifiable risk factors to prevent patient falls
- Searched