Succession Planning Revisited

Hero blog succession planning
By:
Cross Country Healthcare
Posted:
November 18, 2021 00:55 AM (GMT-05:00)
Categories:
Presentations

Building Strong Leadership Teams for a Post-Pandemic World

The challenges faced during the COVID-19 pandemic, in many cases, brought out the best in healthcare leaders while at the same time redefining the characteristics and skillsets required to guide our organizations through the uncertain times ahead. While succession planning has always been important, now more than ever we recognize the enduring value of growing our leadership teams from within to ensure continuity of mission and positioning our organizations for growth and success.

Organizations that take a proactive approach and include growing internal talent as part of their enterprise-wide strategic plan will see these benefits for years to come:

  • Mitigated risk through the assurance of smooth leadership transitions
  • Reduced turnover costs due to lower turnover rates
  • Strong engagement and retention rates
  • Long-term ROI on investments made in training and development programs
  • Protection and retention of cultural and operational knowledge within the organization

Create a Successful Strategy

The program must be enterprise-wide. A complete succession plan will include all leadership roles, from the CEO to the manager level, and it will touch every department.

The program must be measured and tracked. In order to demonstrate return on investment, the actions and results of the succession program must be recorded and reviewed. It is advisable that the Board meet at least twice a year to discuss the succession program. Each senior leadership position should be reviewed and measured against the established goals.

The program must be a long-term commitment. You won’t be able to measure immediate results, engagement levels, filling openings internally, retention rates – these are things that must be tracked over time, and it is crucial to set reasonable expectations from the beginning.

Overcome the Objections

"We don't have the funding." Consider the risk of continuing without a plan, and remember the expected long-term financial gains of investing in this leadership development effort.

"Employees may take the training and go elsewhere." We can’t think ‘what if we lose them.’ Instead, think about how to keep your internal talent and what you gain when they remain with your organization.

"This program would require changing the culture." Creating a forward-thinking culture requires being proactive, not reactive. Cultural change is possible through deliberate and strategic implementation.

Identify the Resources

Study successful existing programs and look outside healthcare. Spend the time to research organizations with successful programs in place and learn what works and why. Dedicating a team to go on-site to learn from another organization is a great way to get a first-hand look at managing a succession plan.

Build an ROI tracking process from the start. Tracking progress toward your established goals helps you to do that, but it also helps to guide your processes.

At Cross Country Healthcare, we have innovative workforce and staffing solutions to assist your organization. Contact us today.

Contact us about Cross Country Healthcare's workforce solutions and staffing services.

Real Talk
"I love working with Cross Country! I have been able to learn so much and I always get help when needed." - Karen Sr. Recruiter