Filling the pockets of retention

By Lydia Ostermeier, RN, MSN, CHCR and Shelley Cohen, RN, BSN, CEN

When it comes to retaining staff, sometimes the hardest part is finding the dollars to drive your efforts. Too often, managers are unsure about the resources and support available to them when they budget for retention.

One of the first questions to ask yourself is, "What is my greatest resource to obtaining funds?" Whether you are determining the resource most likely to provide you with funding or the people most able to play a supportive role in validating the need for retention budgeting, the identification of these valuable sources is a key step toward monetary resources.

Here are some tips to keep in mind when working toward acquiring retention funds:

• Always combine your budget request with ideas and plans that do not require funding, such as employee retention committees
• Determine alternative methods of communicating retention tips, such as a monthly email sent out to managers
• Listen to your staff to find out what things are really important to them; you don't want to spend money on things that they do not value
• Make a strong business case to your executive team, including the increased cost of turnover that would occur without retention efforts

If you are lucky enough to receive some specific funding for retention programs, build them in to a special general ledger in your budget so that you can keep track of your spending. And if you don't succeed the first time, try again with a different angle. For example, it is not only important for retention of staff, but it may also help with recruitment as well; talk about the potential recruitment benefits.

If you are still not able to secure the funds that you need, take a look at your current programs, benefits, and perks. Are they all still important to your staff? Is there something that you can give up to reinvest the funds in something more worthwhile?

Many other strategies are taking place at hospitals nationwide, and communicating successful efforts is a retention strategy in itself. What have you found to be your most successful methods of gaining funding for retention efforts? How were you able to get the budgeted resources you needed to keep your nurses happy and by the bedside? To respond with questions or comments, just click on the comments link and let your voice be heard.