Trends in Talent Management: Challenges and Opportunities in the Healthcare Industry

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Trends in Talent Management: Challenges and Opportunities in the Healthcare Industry. Report to Miami Children’s Hospital May, 2009 Nancy Rehbine Zentis, Ph.D. Principal and Founder. Talent Management Solutions. Human Resources in the Healthcare Industry. - PowerPoint PPT Presentation

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  • Trends in Talent Management:Challenges and Opportunities in the Healthcare IndustryReport to Miami Childrens HospitalMay, 2009

    Nancy Rehbine Zentis, Ph.D.Principal and FounderTalent Management Solutions

  • Human Resources in the Healthcare IndustryThe Healthcare Industry is currently the largest employer in the U.S. with 13.6 million jobs Healthcare is likely to remain the nations largest employer and may even extend its lead Seven of the 20 fastest growing occupations in the country are in healthcare The healthcare labor market will grow by a rate of 49% over the next five years

  • 31 percent of healthcare expenditures in the U.S. go for administrative costsA large part of the solution in improving healthcare in the U.S. lies in managing the talent that drives the system and also accounts for most of its costs Human Resources in the Healthcare Industry

  • Talent Management Challenges in HealthcareNew graduates are insufficient to meet growing demand in the healthcare sector (RN, LPN, PharmD, RPh, Allied)Experienced nurses, mostly middle-aged women, are leaving the profession at an alarming pace An aging population and its greater healthcare needs will inevitably collide with an aging healthcare workforce preventable only if healthcare organizations put plans and solutions in place starting now Current dependence on contractors Better talent management practices will result in a more efficient use of existing staff and reduce this dependence

  • Talent Management RealitiesOutdated processes can overwhelm HR staff (and hiring managers) when they need to quickly identify the best candidatesHR may be overlooking qualified talent within their own organization that might be available to fill important roles if they only knew about them.Resignation should not be, yet most often is, the trigger for a succession planning event.

  • Equip supervisors and managers in talent management skills so that they are better at motivating, coaching and developing the talent that reports to them Improve retention through employee engagement, career development, mentoring - pairing new employees with a mentorDevelop critical employees for future positions college th tuition reimbursement programs, training, on-the-job training, team projects and stretch assignments, coaching, mentoring and action learning - learning while working on real business challengesTalent Management Responses for Healthcare

  • Workforce Scenarios in the Next Decade ** Healthcare Financial Management Association (HFMA), Healthcare Finance Outlook 2009 sponsored by Siemens, March 2009

  • Why People Leave** Watson Wyatt & ASHHRA, 2008/9 Work Attitudes Research

    RankPhysicians ViewNurses ViewOthers View1StressStressStress2Base PayBase PayBase Pay3Length of CommuteWork/life BalancePromotion Opportunity4Promotion OpportunityTrust/confidence in ManagementWork/life Balance5Trust/confidence in ManagementLength of CommuteLength of Commute

  • Global Talent Management Survey

  • Business Challenges: 2009 & BeyondFinancial PressuresCompetitive ThreatsDeclining MarginsLimited Supply of TalentMajor Regulatory Changes

  • Business Opportunities: 2009 & BeyondEconomic StimulusAging PopulationTechnological InnovationsHealthcare ReformWork-Life Balance

  • Global Talent Management SurveySoftscape Research interviewed more than 200 HR leaders from around the world via a web-based survey in late 2008. The sample represented a diverse collection of more than twenty industries and was roughly evenly distributed among large enterprises (more than 5,000 employees; 54% of sample) and small- and medium- sized organizations (100-5,000 employees; 46% of sample).

  • Global Softscape Survey Results (2009)74% of the organizations surveyed and 83% of large enterprises (over 5,000 Ee) now believe that integrated talent management is mission critical.

    More than 70% of companies believe that organizations with integrated talent management strategies and processes have better financial performance than those that have not integrated their talent functions.

    66% of companies believe linking learning management to other core talent functions yields stronger revenue growth.

  • Global Softscape Survey Results (2009)56% of those surveyed say that Succession Planning, when extended to the entire workforce, positively impacts sales growth.More than half (52%) believe that an increased focus on measuring workforce performance is critical to identifying and retaining high performers.Virtually gone are the days when HR is viewed as merely a transactional, back-office, tactical function.Nearly two-thirds of HR professionals in large enterprises (more than 5,000 employees) still believe their workforces are not adequately prepared to meet their companies future plans.

  • Talent Management TechnologyGlobal Talent Management Survey of HR Professionals prioritized the areas where technology is most needed (Softscape, 2009)Succession Planning Career & Development PlanningTalent ProfilesRecruitment, Hiring, Applicant TrackingWorkforce MeasurementKnowledge SharingLeadership Development

  • Leadership Development NeedsTraditional leadership development model not working: must find ways to develop, promote, and honor the specialist leaders.Leading TeamsManaging ConflictBuilding CollaborationProblem SolvingStrategic ThinkingAlignment around Business Focus

  • Leadership Development Models

  • Talent Management in Healthcare must:

    Build and maintain a strong employer brand and cooperate to build a strong brand for the industry; Practice strategic and ongoing workforce planning; Create strategic recruitment plans and use all the tools at their disposal to attract talent; Build effective onboarding processes; Create great places to work so that talent will remain with healthcare organizations; Identify and develop leaders at all levels; choose and develop leaders for their talent management skills; Communicate the plan of action to employees, and Reward talent with strategic employee recognition.

  • Talent Management Strategy Outcomes*Impact of Talent Management: Integrating talent management strategies and processes brings better financial performance (73% of respondents)Focusing on competency development, on-the-job training and project-based learning leads to effective individual and team performance (66%)Promoting mentoring, coaching, social networking and collaboration brings about knowledge sharing and high morale (61%)Implementing succession planning and career development improves brand loyalty and quality of services (56%)Measuring workforce performance outcomes increases retention of high performers (52%)* Based on Lawson/Human Capital Institute, Talent Management in the Healthcare Industry, May/09

  • Talent Management Transforms Healthcare Recruiting, Onboarding and Employee PerformanceFinancial Impact of Talent Management on Recruitment and Retention:

    Reduces staffing costsReduces staffing cycle times by 50-70%Reduces vacancy rates by up to 50%Reduces first-year turnover and overall turnoverImproves productivity

  • Performance Management for HealthcareBuilds employee career development, by identifying future career paths and the skill sets and certifications needed to attain them.Integrates with recruiting, to provide a more complete picture of your organizations staffing situation.Grade and rank employees to create a course of action for those employees who need recognition, improvement or reassignment.Job Benchmarking grades and ranks employees to enable you to build bonus programs and create a course of action for those employees who need improvement or reassignment.Provides enough flexibility for organizational growth.Prepares you for your initial JCAHO survey and other accreditation and inspection surveys.

  • A Performance Management Strategy provides a clear view of what is working at both the organizational and individual levels.Performance management provides the ongoing processes and practices to maintain a stellar workforce.Performance management requires leadership commitment and accountability, with strong senior leadership support, and integrated talent management systems and processes aligned to develop the right talent for the right work at the right time.Developing A Performance Management Strategy

  • HRTalentPro partners with clients to develop Talent Management Solutions and Software Applications for critical Talent Management initiatives:Hiring and RetentionMentoringSuccession PlanningCareer DevelopmentPerformance Management Identifying High PotentialsCompetency Models and Job BenchmarkingLeadership Development Programs HRTalentPro

  • Benefits of an On-Demand SolutionOn-demand (web based or hosted) technology powers talent management processes Transforms how organizations assess, acquire, develop, and align talent directly to business strategies.Affordable Requires no capital investment; no software to install or maintain; pay for software as a service No hidden maintenance fees, making it cheaper to maintainIts faster to functionality. On demand talent management configured specifically for your organization and operational within 30 days.

  • HRTalentProProviding Talent Management solutions for more than 20 years, serving clients in Healthcare, Education, Government, Non-Profit, Manufacturing, Telecommunications, and others.

    For more information, please contact us: HRTalentPro954-341-2522Nancy.Zentis@HRTalentPro.comwww.hrtalentpro.com

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