A study on Psychological Contract and Impact of Work Life Balance on Nurses Retention in Private Hospitals

Abstract

The exponential rise of the Indian healthcare system in recent years, with hospitals accounting for roughly 80% of total healthcare revenue, has forecast an exponential growth from US$ 61.79 billion in 2017 to US$ 135.84 billion by 2022 (IBEF, 2019). Despite its enormous development potential, India suffers from a scarcity of medical workers, particularly nurses. According to the 2006 World Health Statistics Report, a country needs at least 23 nurses and midwives for every 10,000 inhabitants in order to fully serve the population with critical health services. In India, there are 17.1 nurses and midwives for every 10,000 people. This presents a concerning picture, given that the global average for nurses and midwives is 28.4 per 10,000 persons (WHO, 2015). The objective of the study is to the psychological contract and impact of work life balance on employee retention of nurses in the private hospitals in Delhi/NCR. In the research the correlation and regression model is used for the study of 472 nurses in Private Hospitals, the study also identifies the factors responsible for employee retention.