The healthcare industry has experienced many years of changes under the ACA over the past seven years. This is an industry that typically isn’t too flashy or trendy and usually enjoys a very tenured workforce. So meeting new healthcare reform guidelines and staying on top of compliance and regulatory adjustments occupied much of their bandwidth.
Changes Coming to the Healthcare Industry
However, sprinkled in over recent years have been a couple disruptors such as new entrants into the market, technological innovations, the changing role of the consumer and now a changing administration that have started to turn heads in the industry. Key healthcare leaders and organizations recognize that to survive in the future requires a different course of action and the right talent to make that happen.
Organizations are looking beyond employee industry knowledge for talent that has new capabilities and skills in such areas as analytics, artificial intelligence and customer service expertise. Healthcare CEOs acknowledge that talent is foremost on their minds, rating human capital as their top business priority, according to PwC findings from their 20th Annual Global 2017 CEO Survey. This is because the same survey also found that 77% of CEOs see the availability of key skills as the biggest threat to their business.
Harnessing Talent for Growth in Coming Years
Healthcare organizations need to harness the power of their talent to drive innovation and growth in this ever-changing environment. PwC’s May 2017 report on how to rethink, refresh and reimagine talent strategy offers five tactics health insurance leaders need to consider now to engage employees in new ways of working and leading.
- Define Differentiators – Because times are so uncertain, organizations must first determine what type of healthcare business they want to be. By identifying what will differentiate them in the market, they will then be able to establish what will be required to be competitive. Parallel to that will be identifying what talent requirements will be needed to drive the business successfully in that direction.
- Develop a Competitive Employee Value Proposition – Today’s diverse, multigenerational workforce means having in place a variety of motivators such as work-from-home options, flexible hours, profit-sharing, wellness rewards, etc. To meet new expectations, training and resources will be required of tenured employees and reinforcement of desired behaviors for new employees means incentives and performance goals need to be tied together.
- Create an Innovative Culture – Identify the current culture’s strengths and weakness. Organizations must identify and prioritize actions such as cross-functional teamwork, collaboration, agility, etc. and promote these behaviors to develop a high-performing business.
- Develop a Leadership Strategy – Engage in formal succession planning and leadership development efforts based on company-wide differentiators. Grow the leadership pipeline through real-time learning opportunities and resources to position the organization for future success.
- Look Outside the Industry – Leverage best practices from other leading industries. Embed leading practices in the organization’s culture and identify the talent that brings fresh perspectives to keep these practices alive and well.
Source: PwC. Rethink, refresh and reimagine your talent strategy: How health insurance organizations can thrive in uncertain times. May 2017.