Return on investment: benefits and challenges of baccalaureate nurse residency program

Abstract

There are high rates of turnover among graduate nurses within the first year of employment. As the costs of recruitment and orientation have increased, employers are examining new strategies for increasing retention among this population. The Methodist Hospital, Houston, TX, partnered with an academic institution and University Health Consortium to apply an implementation strategy where graduate nurses participate in a year-long residency program. The residents attended monthly sessions that addressed pertinent needs of the group. During this 1-year period turnover decreased from 50% to 13% and return on investment was 326.5%.