[http://knowledgeinfusion.typepad.com/knowlege_infusion_blog/WindowsLiveWriter/ki7.jpg]
Great article from the Healthcare Financial Management Association on the impact of Talent Management in HCO's. As we at Knowledge Infusion work with more and more HCO's, talent is a true CRISIS in these organizations and a focus on Talent Management NOW is an imperative. This will effect all of us and our families in the upcoming years, and is one of the reasons that KI feels so strongly about making a difference in this area.
A few excerpts:
With most hospitals and other HCOs barely able to keep enough staff to meet quality standards, and often having to rely on involuntary overtime even to do that, the challenge of attracting, motivating, and retaining employees has never been greater. The concept of ���talent management,��� i.e. identifying, attracting, managing, motivating and retaining truly talented individuals, in contrast to merely adequate staff, may seem far beyond what job market and revenue realities permit. * HCOs that can succeed in boosting the talent levels, as well as sheer numbers of staff they have compared to what they need, will enjoy significant advantages in their market. * When HCOs are paid on the basis of explicit measures of structure, process, outcomes, or value, it makes sense for them to measure their talent in precisely the same terms as it is being paid. And once measured, it makes sense for them to pay their talent based on the same measures. * One classic example of this effect occurred in the first year that one firm switched from a normally distributed hourly wage compensation system to one based on objectively measured productivity. The major direct result was a 44% improvement in productivity at the cost of only a 10% increase in compensation. But perhaps an even better result was the reduction in turnover by 21% among those rated as high-performers, while turnover among those rated average or low performers increased by over 10%. E. Lazar ���Performance Pay and Productivity��� American Economic Review 190:5 Dec 2000 1346-1361
Share your healthcare TALENT experiences. Good experiences? Age of caregivers?
Another infusion of knowledge...
