The return of the war for talent

By Sharon Moses

The economic recovery, albeit slow, appears to be happening. Healthcare reform legislation has passed. These issues and their impact on healthcare organizations are complex and hard to predict, but a few things can be stated with certainty.

“As more people become insured, it will become even more critical to have enough staff and the right staff in place to meet the increased demand.”
-Sharon Moss

Competition for talent will rebound. While the fall of the economy has temporarily decreased recruiting and retention challenges, these will rebound as the economy picks up and retirement rates return to pre-downturn levels. Increased insurance coverage and an aging population will strain staffing levels. As more people become insured, it will become even more critical to have enough staff and the right staff in place to meet the increased demand.

Pressure will increase to provide cost-effective care. The cost side of healthcare is escalating at unsustainable levels as costs for prescription drugs and new medical technologies rise, and as big waves of baby boomers qualify for Medicare. In addition, reimbursement methodologies are shifting from volume-based to value-based, so it is critical now more than ever to provide cost-effective high quality care. Efficient and effective staffing is a big part of that equation.

All these challenges are driving an even greater need for sound talent management practices. The ability to hire the right people, to schedule them where they are needed most, to develop and retain them and provide a succession plan for key organizational leaders has never been more important.

If you haven't asked yourself the following questions, you should.

How well are you positioned for the war for talent to re-emerge? As the economy recovers, the need to attract and hire top talent will re-emerge. This is of course very positive overall, but it also means the workforce shortage, particularly for nurses, will also return. Additionally, as confidence in the economy returns and personal finances look better, the baby boomer wave of retirements will pick up once again, which will further the strain on existing workers and increase the need for effective recruiting processes. Do you maintain a pipeline of potential candidates? Do you have processes honed to reduce time-to-fill? Do you have systems in place that help managers staff to volume fluctuations to lessen premium pay?

Are you at risk of top talent leaving your organization? The economic recovery will mean more and better opportunities for healthcare workers. Your highly talented staff that has hunkered down weathering the current economic storm will have new and exciting options to consider. Employees that stay will be those that are engaged with their organizations, feel that their career prospects are positive and that their organizations are investing in their professional development. All this points to the importance of career planning, learning and development strategies and tools.

What kind of bench strength do you have? As the competition for top talent heats up and baby boomers retire, particularly in the leadership ranks, it will be critical to know where your new leaders will come from. The ability to identify potential gaps in leadership and put plans in place to develop emerging leaders in an organization is critical. While succession planning used to be a nice-to-have strategy in healthcare, ignoring it now could compromise your organization's ability to meet both its financial goals and mission.

Are you a leader or a follower in talent management? As the economy recovers and healthcare reform initiatives begin, hospitals and healthcare organizations need to thoughtfully examine their talent management strategies. What are you doing to attract and retain employees, how are you engaging and retaining existing staff, and how are you identifying and developing the next generation of leaders in your organization? Being a leader and not a follower where talent management strategies are concerned is critical. Not only can it help differentiate your organization from the competition, it can have an immediate and direct impact on cost and patient safety - inarguably two of the most critical operational issues facing healthcare organizations today. Those who fail to recognize this need and fail to put in processes and systems to manage their talent may fall behind.

Visit www.lawson.com/talent for valuable information on talent management in healthcare.

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Biography

Sharon Moses is the Healthcare Human Capital Strategy Director for Lawson Healthcare. She was a principal at VasTech, a leading healthcare nurse scheduling vendor, before they were acquired by Lawson in 2008. Moses has focused on healthcare solutions for her entire 18-year career, with experience in solutions designed to meet the needs of hospitals, physician practices, and payers.