Trends in Talent Management by SupremeLord


									 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

• The Healthcare Industry is currently the largest
  employer in the U.S. with 13.6 million jobs
• Healthcare is likely to remain the nation’s 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

                                             Talent Management Solutions
Human Resources in the Healthcare Industry

• 31 percent of healthcare expenditures in the
  U.S. go for administrative costs
• A 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

                                       Talent Management Solutions
Talent Management Challenges in Healthcare
• New 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
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       Talent Management Realities
• Outdated processes can overwhelm HR staff (and
  hiring managers) when they need to quickly
  identify the best candidates
• HR 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.

                                            Talent Management Solutions
Talent Management Responses for Healthcare
 • 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
 • Develop 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 challenges

                                                    Talent Management Solutions
Workforce Scenarios in the Next Decade *
                                                                    Extremely likely                          Highly likely

  Demand for new classes of skilled                                           62%                                    91%
  Majority of healthcare organizations                                        30%                                    73%
     will use remote/virtual physician
  Knowledge gap in                                                            22%                                    58%
  critical position business roles due
       to retirement/transition

  Nearly all hospitals employ a                                               12%                                    45%
     majority of physicians
  Nurse shortage will exceed 20                                               17%                                    37%

* Healthcare Financial Management Association (HFMA), Healthcare Finance Outlook 2009 °sponsored by Siemens, March 2009

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Why People Leave*
          Rank            Physicians’ View         Nurses’ View        Others’ View

             1                  Stress                Stress               Stress

             2                 Base Pay              Base Pay            Base Pay

             3                 Length of         Work/life Balance       Promotion
                                Commute                                   Opportunity
             4                Promotion         Trust/confidence in   Work/life Balance
                               Opportunity           Management

             5            Trust/confidence in        Length of           Length of
                               Management             Commute             Commute

 * Watson Wyatt & ASHHRA, 2008/9 Work Attitudes Research
                                                                            Talent Management Solutions
Global Talent Management Survey

                                  Talent Management Solutions
Business Challenges: 2009 & Beyond

 •   Financial Pressures
 •   Competitive Threats
 •   Declining Margins
 •   Limited Supply of Talent
 •   Major Regulatory Changes

                                Talent Management Solutions
Business Opportunities: 2009 & Beyond

•   Economic Stimulus
•   Aging Population
•   Technological Innovations
•   Healthcare Reform
•   Work-Life Balance

                                Talent Management Solutions
   Global Talent Management Survey

• Softscape 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).

                                        Talent Management Solutions
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.

                                               Talent Management Solutions
 Global Softscape Survey Results (2009)
• 56% of those surveyed say that Succession Planning, when
  extended to the entire workforce, positively impacts sales
• 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

                                                   Talent Management Solutions
      Talent Management Technology
• Global Talent Management Survey of HR
  Professionals prioritized the areas where
  technology is most needed (Softscape, 2009)
  –   Succession Planning
  –   Career & Development Planning
  –   Talent Profiles
  –   Recruitment, Hiring, Applicant Tracking
  –   Workforce Measurement
  –   Knowledge Sharing
  –   Leadership Development

                                                Talent Management Solutions
      Leadership Development Needs

• Traditional leadership development model not
  working: must find ways to develop, promote,
  and honor the specialist leaders.
  –   Leading Teams
  –   Managing Conflict
  –   Building Collaboration
  –   Problem Solving
  –   Strategic Thinking
  –   Alignment around Business Focus

                                        Talent Management Solutions
Leadership Development Models

                          Talent Management Solutions
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 Solutions
     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
• Measuring workforce performance outcomes increases
  retention of high performers (52%)
  * Based on Lawson/Human Capital Institute, Talent Management in the Healthcare Industry, May/09

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    Talent Management Transforms Healthcare
Recruiting, Onboarding and Employee Performance

Financial Impact of Talent Management on Recruitment and

•   Reduces staffing costs
•   Reduces staffing cycle times by 50-70%
•   Reduces vacancy rates by up to 50%
•   Reduces first-year turnover and overall turnover
•   Improves productivity

                                                       Talent Management Solutions
 Performance Management for Healthcare

• Builds 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
  organization’s 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.

                                                           Talent Management Solutions
  Developing A Performance Management Strategy

• 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.

                                                Talent Management Solutions
HRTalentPro partners with clients to develop Talent
 Management Solutions and Software Applications
     for critical Talent Management initiatives:
                Hiring and Retention
                Succession Planning
                Career Development
             Performance Management
             Identifying High Potentials
      Competency Models and Job Benchmarking
         Leadership Development Programs
                                           Talent Management Solutions
   Benefits of an On-Demand Solution
• On-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 maintain
• Its faster to functionality. On demand talent management
  configured specifically for your organization and
  operational within 30 days.

                                                               Talent Management Solutions

Providing 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:

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