In the last generation, organizations have created a lot of professional and managerial roles that will be extremely hard to fill in the years ahead. For example, systems engineers, geoscientists, risk managers, network architects, tool & die makers, and nurse managers are just some of the key roles management is struggling to fill today with experienced, highly-skilled replacements when their predecessors leave. Thus, retaining these critical employees can become a strategic imperative.

For example, top management at Pitt County Memorial Hospital (PCMH) in North Carolina realized that the hospital’s plans for continued growth depended in part on its ability to retain its veteran nurses. Recruiting nurses to poor rural regions like eastern North Carolina has proved very challenging, which makes retaining experienced nurses even more critical. Thus, PCMH created an annual program to help 25 of its most highly regarded veteran nurses rethink their practice and their career within the health system. The three-day offsite program is designed to keep nurses at the bedside, but also to acquaint participants with opportunities to grow in areas of leadership, research, professional development, and community service. This program, known as “Fanning the Flame,” had 144 graduates in the first six years, and only four left the health system.

“I was just doing my time and getting closer to retirement,” one veteran nurse told me. “But this program gave me incentives to improve myself. It was the difference between keeping a stagnant employee versus one who is now continuing to improve.”

It costs PCMH about $1,800 per participant. That’s a good investment, since the cost of replacing one experienced nurse is about $65,000, not to mention the hidden costs of unmotivated veterans at work. For a more detailed description of Fanning the Flame and other innovative programs to recruit, develop and retain highly-skilled employees and leaders, see our new book The Executive Guide to High-Impact Talent Management from McGraw-Hill. Click here to download a free chapter.