While employee turnover is extremely common, the most successful and productive organizations are those who have talent acquisition and retention plans in place. Therefore, when a position becomes vacant, they can quickly fill the pipeline with quality candidates.
So, here are the big questions for those hiring NPs and PAs:
What is the actual cost of a position vacancy? What is the cost of hiring a ‘B Player’ over an ‘A Player’?
- The Cost of Vacancy: $68,182 – $90,682 each month the NP or PA role is open. It costs them more each month -when its longer into the search.
- The cost of hiring a B Player versus an A Player: $311,567.98 for an NP or PA.
Don’t settle for B Players when you are looking to fill a position. Before the vacancies open up, have a plan in place for recruiting, screening, training and retaining staff. There will be costs associated with acquiring and retaining highly qualified and top performing staff, but it is money well invested in the health and growth of your organization.