PI Worldwide forecasts an upcoming talent crisis as two trends –increasing consumption of healthcare services and the “baby boomer” retirement from the workforce –collide. PI Worldwide advises local companies on how to plan for and succeed in a rapidly changing and volatile business environment.
While much of the conversation on healthcare reform is focused on the current reform in Washington, PI Worldwide®, the premier global organization specializing in human capital analytics, leadership and sales development, forecasts an upcoming talent crisis as two trends –increasing consumption of healthcare services and the “baby boomer” retirement from the workforce –collide. PI Worldwide in advises local companies on how to plan for and succeed in a rapidly changing and volatile business environment.
While research varies, in the next 10 years it is projected that overall healthcare spending as a percentage of the gross domestic product in the US could exceed 20 percent while an estimated 76 million baby boomers stand poised for retirement. The conditions create the need for talent management strategies that can cost-effectively address talent turnover and shortages while preparing for greater patient demand for quality healthcare services. By strategically aligning all members of the organization — administrators, healthcare professionals, technicians and aides into positions that naturally reward those needs, both organizations and patients will benefit.
What can healthcare organizations do to address the coming talent crisis? PI Worldwide offers a variety of tips and strategies, including the following, to executives:
· Create and/or nurture a strong brand A strong healthcare employer brand can reflect an organization’s reputation, culture, positioning in the marketplace, and future aspirations. A key component of the branding process is the development and promotion of an exciting employment value proposition, which should attract the strongest healthcare talent that aligns closely with the organization’s strategic direction and core values.
· Know what it takes Understanding exactly what attributes are critical for success and uncovering employees at risk of burning out or leaving early can offer a strategic advantage when it comes to navigating the talent landscape. It can also uncover new ways to approach the process, new pools to talent to tap into and help ensure the core attributes of the brand continue to be reflected.
· Cultivate from inside Look inside the organization to identify and develop a strong internal pool of high potential candidates who can eventually become your future managers and leaders. Often times employees can get siloed into a specific role and leaders overlook the valuable assets they already have.
“Often times, employers rely on a generalized approach or assumptions when they should be digging into the specifics,” PI Worldwide adds. “In an industry where details, science and data are part of the day to day environment, healthcare organizations can really benefit from applying these rigors to their talent management challenges.”
The insights gained from data-based personality assessments like PI Worldwide’s Predictive Index® can improve retention rates by teaching managers to understand the needs and behaviors of their key employees and develop long term retention strategies. Organizations looking to build a team or fill positions can use PI Worldwide’s PRO offering to learn what attributes will be critical to success in advance. In both recruiting and retention, this insight into core personality attributes can be a critical advantage to creating a work environment focused on open communication and delivering high levels of patient care.
Learn and view PI Worldwide expert, Dr. Todd Harris discussing the challenges facing the healthcare industry, and possible solutions by visiting: www.PIworldwide.com.