Table 3 Illustrative Examples of the use of Turnover Costs Data
a) Nurse Turnover Costs as a percentage of the paybill | b) Cost Saving of reduction in Turnover |
|---|---|
Turnover cost = 500 × 7% × $8000 = $280,000 | [assumes turnover reduced from 7% to 5%] |
Paybill = 500 × $20,000 = $10,000,000 | Saving = 500 × (7%- 5%) × $8000 = $80,000 |
Turnover costs = 2.8% of paybill | Â |