Talent management involves identifying and developing emerging leaders early on in their careers, helping new leaders adjust to their roles and ensuring current leaders maintain and even improve their leadership capabilities. While these initiatives may sound soft in the business sense of healthcare, they do seem to affect health systems' financial, clinical and workforce performance, according to a whitepaper from Witt/Kieffer.
Results from the Healthcare Talent Management Survey 2012 are based on responses from 142 executives, mostly chief human resource officers (61) and vice presidents of human resources (43). Organizations represented in the survey mostly consisted of multi-hospital health systems (113).
The "success factors" of talent management include top management team support, performance management processes, talent assessment practices, leadership development culture (or the process for designating and promoting high potential employees), pay practices (such as using incentive pay for talent management) and onboard programs or practices for new leaders.
Survey respondents were asked to rate the frequency of each factor at their respective health system or hospital, with responses ranging from always, usually, sometimes, rarely or not at all. Organizations with high scores performed these management activities most frequently, where as low-scoring organizations did not.
Here are 16 statistics on the link between talent management and other realms of healthcare organizations' performance.
• Hospital systems with high scores for those six success factors reported a mean HCAHPS score of 74 percent.
• Systems with low success factor scores reported a mean HCAHPS score of 65 percent.
• Systems with high scores reported a mean employee productivity metric (or 2011 net revenue divided by full-time equivalents) of $164,154.
• Systems with low scores reported a mean net revenue per FTEs of $132,685.
• Systems with high success factor scores had a lower turnover for nurses (7.91 percent) and management (5.05 percent) compared with organizations that had low success factor scores.
• Low-scoring systems had 9.98 percent and 6.83 percent turnover rates for those respective positions.
• Systems with high success factor scores were less likely to source executive talent externally. High-scoring organizations reported a mean of 43 percent of open positions filled by external candidates, while low-scoring organizations filled 69 percent of open positions with external candidates.
• High-scoring systems reported greater diversity within their executive teams, with 45 percent of executive positions (vice president and above) held by women and 34 percent held by minorities.
• Low-scoring health systems reported 27 percent and 6 percent for those respective demographics.
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