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Part One: Power and Potential of Intelligent Talent Management

December 24, 2014, Vin Seunath - Globally, Healthcare’s unsustainable cost escalations are delivering diminishing returns. With 60% to 70% of operating expenses relating to people, Healthcare organizations are waking up to the potential value drivers available through more astute and effective management of this most valuable resource. This is where smart talent enablement technology can help.
Part One: Power and Potential of Intelligent Talent Management

Today’s Healthcare Talent Reality

HR leaders in healthcare face a complex, connected set of challenges along the Talent Value Chain which impact efficiency, productivity and value. Ultimately, poor management hits not only the bottom line, but also the quality patient care. Consider the following:

     • Healthcare is re-tooling: new technologies are emerging in the healthcare workplace at an alarming rate. In the US, specific      legislation mandates --and funds-- new technology implementation in an effort to replace archaic systems. But the stress on employees to learn, relearn and transform practice is enormous and the associated cost is significant. So how do you help employees embrace this change and make it successful?

• Shortage of qualified candidates: There are three forces at play: looming mass-retirement of baby-boomers; growing demand for healthcare workers and the relatively low number of healthcare graduates coming out of education institutions. So how do you become a magnet for talent?

• Double digit churn: Healthcare has historically seen high turnover which is confirmed in an American Health Care Association (AHCA) study that provides staggering double digit findings. This is a stressful profession where qualified, experienced practitioners enjoy a high level of job-mobility. The cost of acquisition can range from $50K to $150K. The overall impact on the delivery of care is astounding. What can an organization do to identify and keep its talent?

• Low levels of engagement: A Gallup study puts lack of employee engagement (disengagement) as dismally as 70%. Healthcare sits at one of the lowest levels across industries. Workers are disillusioned, disconnected and distrust their leaders. How do you authentically engage your most valuable resources?

• Quality of care: Whereas cost is the obvious bottom line, the not so obvious and more critical impact is on the quality of care delivered to patients. Unhappy, disengaged people simply do not deliver great service.

Healthcare organizations need to better leverage intelligent talent systems to recruit, develop and retain a highly engaged workforce that will deliver the quality of care that is demanded in the transformed Healthcare environment.

What if… ….

You could support and track high levels of adoption of new technologies by providing your employees with a compelling personal learning environment which integrates learning with work naturally, the way learning actually occurs!

…. You could become a talent magnet drawing the very best available and build a ‘sticky’ recruitment strategy and a talent pipeline that is aligned with workforce requirements

…Healthcare organizations could more quickly ramp new hires with targeted informal learning options every day: from the right content to read to the right courses to take to the right peers to meet and learn from; making them fully productive 70% sooner …Hospitals and healthcare institutions could easily find their ‘at risk’ high performers and better incent them before they left? What if you could quickly see exactly the cost of losing or replacing the employee

…Institutions could surface high potential leaders earlier through peer level feedback and analysis on their aggregate organizational impact … What if you could engage and elevate your employees in ways that encourage them to stay and which enhance their interests and abilities to deliver the very highest in quality care to your patients

…. What if you could significantly increase value at each link in the Talent Value Chain and save a ton of money while doing these wonderful things! Might sound like the Holy Grail, but these “what ifs” are wholly possible, with the help of a business-aligned talent architecture and the supporting intelligent technology.

This is the first in a series of articles to explore the construct of a business-aligned Talent Architecture which leverages the links of the Talent Value-Chain. Join me here to collaboratively build a body of knowledge around Intelligent Talent Management in Healthcare… learn more and share your experiences as we grapple with the important issues that impact people performance.

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