Book excerpt: In acute care settings that hire new graduate nurses of different educational backgrounds, does having a new graduate transition or residency program versus a traditional preceptorship create better prepared nurses and increase the retention rate within the first year of nursing? Research shows the initiation of new graduate programs help transition the new graduates from a novice and new nurse to a competent and confident nurse by the end of their first year of nursing by addressing their specific needs and by offering support (Philips, Kenny, Esterman, and Smith, 2014). Memorial Hospital currently does not have a new graduate residency and could highly benefit from implementing a new graduate residency program. The programs entails a specific and structured orientation with a manager approved preceptor, monthly meetings with the group of new graduates and the clinical educator, and self-evaluations for the new graduates to see their transition and improve their confidence month to month. Similar such programs improve retention of new graduate nurses and improve the employee satisfaction (Squires, 2002). By improving the retention rate the organization can also save money that would be lost by training an employee and then having them quit soon thereafter. The estimated cost of the program for twenty five new graduates including their preceptors is around $111,600, and with the average cost of training a new graduate nurse being