Knybel agrees and gives credit to hospitals with Magnet recognition for their successful nurse retention levels. "If the hospital wants to be successful at keeping employees engaged, but also improve a key metric of improving the quality and value of the reimbursements you're getting, why not talk to the stakeholders who are providing the patient care?"
"Be able to listen," says Knybel. "It's important to actually listen to the feedback and make changes."
The industry is recognizing this need. According to PwC Saratoga, hospitals have increased their investment in HR in 2011 from $701 per employee to $806 per employee in 2011, although this figure still stands far below the $1,610 PwC noted that the rest of the industries spend.