So for every new nurse that stays it cost the hospital $60,000 to recruit them.
This is how it can cost $60,000 to hire a new grad that stays....
First you have to figure in that a new hire will have to go through screening, background checks, HR, interviews with managers, fill out forms etc.. this cost is anywhere from a few hundred to $1000 per new hire.
Then with a new grad one must not only orientate them but precept them. While precepting the employee is getting benefits and pay while not "actually" contributing to staff ratios and what not. So you are paying someone for learning but not helping with staffing. Standard preceptorships are 3 months. The hospital is paying the preceptor for their time, paying the new grad, and paying someone to temporarily fill in the shifts the new grad will be working once off preceptorship. This can be overtime for some of the people in this equation. Also the new grad must take educational classes and what not HIPPA, Nonviolent Crisis intervention, ACLS, ect. These classes often cost money to the hospital to provide the class in addition to the money they are paying the educator.
A low ball estimate for all this is $25,000 per new grad. Now on average 50-60% or more new grads quit their first job within the first year of hire. They think the grass is greener on the other side of the fence, or find it wasn't their niche, or whatever. So to keep one new grad a hospital must train 2 new grads, which means double the cost. So even though they only spent 25-30,000 on the new grad that stayed, they lost the same ammount to the new grad that left.