Compelling your board of directors to invest their attention and resources into your organization’s talent is likely a challenge. No doubt they are consumed with responding to regulatory demands, population health, the need for clinical innovation - the list goes on. But if your organization isn’t creating a talent management strategy to recruit, retain, and develop your talent resources, you will be failing your employees, and your patients.
Communicating this fact to the board is critical to leveraging executive buy-in for talent management investments, so be sure to frame each issue according to a business challenge. For example, it is predicted that 75% of our healthcare leaders will retire in the next five years. Do you have a succession planning system in place to prepare for the upcoming leadership retirement wave? Visually demonstrating the impact that losing your leaders (and other key roles) to retirement would have on the organization is needed to really drive the point home.
And what about employee retention? Research indicates that nursing turnover cost is $31,4861 annually per nurse. How will you retain key staff to both reduce costs, and improve patient care? Benchmarking important KPIs, including nursing turnover, and quantifying the cost to your organization is an eye-opening experience for your board.
Staff diversity is also a critical need in healthcare. Does your staff accurately represent your patient population? Improving diversity and inclusion efforts can bring dramatic increases to financial performance across the organization.
These are all critical business issues that can be addressed with a proactive talent management strategy.
To create a team of talented healthcare professionals that will deliver the highest level of patient care and outcomes – you need to create an innovative talent strategy, supported by effective talent management systems.
With top-down support, you’ll be able to invest in a talent management solution that enables you to grow your talent to continually improve patient outcomes and satisfaction.
Interested in learning more? Download 7 Strategies to Drive Talent Management Investment at Your Healthcare Organization that will help you create a compelling business case that will drive your board to action.
1Kevin S Groves (2015). “Impact of Talent Management Practices on Financial, Workforce, and Value-Based Purchasing Metrics”. Pepperdine University & Groves Consulting Group. 7 Jan 2016