Nursing schools advise students to find organizations with nurse residency programs and hospitals that offer them are able to pick from the best new graduates.
Residency programs require investment in time, people, and resources, but research has shown the initial investment is more than made up by increases in competency and retention. Large hospital systems with significant numbers of new graduate hires can find themselves saving $200,000-$400,000 annually by investing in top quality residency programs. Even small organizations can more than repay the expense of a program.
3. Encourage mentoring.
Mentoring can be formal or informal and both are useful. Many nurse residency programs include mentoring from the program coordinator, nursing professional development specialists who teach classes, or simply through nurses in the programs finding buddies amongst their colleagues.