As we look back on the past two years and plan for 2023, I am amazed at the significant transformations our clients experienced as they built their capacity to survive, and in many instances thrive, during the pandemic.
The Role of Leadership in the Journey to Systemic Change
To meet the audacious goal of enhancing community health and wellness, organizations both within and outside of the healthcare sector are engaging in collaborative partnerships. These partnerships are designed to create “conditions to achieve value-based care that is safe, timely, effective, efficient, equitable and population-focused.” In fact, from 2007 to 2015, provider-provider partnerships nearly doubled among hospitals and health systems. And, in the past decade, the percentage of nontraditional partnerships, such as CVS Health and Aetna; UnitedHealth and DaVita, and Haven (the joint venture between Amazon, J.P. Morgan and Berkshire Hathaway) increased from 7% to 16%. In addition, today, 84% of Fortune 50 companies have some investment in the health industry, according to a study conducted by PWCi.
Being authentic can not only improve the quality of your interpersonal relationships but also your performance as a leader. Someone who is authentic is open and honest, transparent in one’s intentions and expectations, and practices his/her values consistently. Authentic leaders are genuine and true, and have a vision of success that is wholesome and optimistic. They also understand the importance of leading through demonstration and collaboration, rather than barking orders and demanding results. Truly authentic leaders translate words into actions – they stick to their convictions and set forth an operational plan to achieve better business results.
The Current Situation
The under representation of diverse leaders in senior leadership and clinical/research roles within the health industry is a hot topic as the industry responds to the implications of diversity and inclusion initiatives falling short of reaching their intended outcome for senior roles.
Nurse Leadership Development
Nurse turnover is an epidemic, occurring most frequently during the first year of employment when expectations of the work environment are not aligned to the realities of the job. Within the nursing profession, turnover rates exceed the norms set for other professions due to clinician burnout resulting from the demands of extensive work shifts and high patient acuity. In fact, the American Organization of Nurse Executives (AONE) reported vacancy rates are as high as 8.3% nationwide among nurse managers. In a research study on organizational commitment and intent to stay, some of the strongest predictors of turnover were related to disempowerment, feelings of inadequacy, and feelings of being ignored. For nurse leaders who do choose to leave, the cost of finding and training a qualified replacement can be upwards of $42,000.
Leading Through Collaboration
A growing focus on partnerships has emerged in the field of leadership development, which emphasizes a new way of leading through collaboration and teaming at all levels within an organization, as well as across organizations. The partnership model has emerged in response to the growing complexities and demands of today’s changing workplace environment.1 This new leadership model helps to distribute responsibility and engages team members to achieve strategic and operational goals.2 All different types of partnerships are essential to an organization’s progress and overall success so the big question is: “How do we establish and maintain effective partnerships?”
Focus on your Talent : The Importance of Succession Management
Developing strong talent and building bench strength within an organization’s workforce enhances the financial value of an organization.1 However, the market has been faced with a talent shortage, leaving key roles unfilled or filled with personnel not fit for the position.2,3 This requires a strategic approach to succession management, that includes:
Over the past two and a half decades, researchers have studied the positive impact of emotional intelligence (EI) on enhanced leadership performance. Yet, EI is still often underappreciated because many continue to associate the concept with “soft skills” unrelated to concrete business outcomes. As we leadership development practitioners well know, EI is a characteristic underlying much of the success of top business leaders. In today’s complex business environment, the key differentiator between good and great performers is their strength in social and emotional competencies.1
The Impact of Coaching on Leadership
As the business environment becomes increasingly complex, executive coaching has gained popularity as an effective method for talent development. This is quite a departure from the past when coaching was viewed as a remedial means of fixing behavioral problems. A growing number of organizations are shifting their perspective as they begin to realize the positive impact of coaching on leadership performance. Executive coaching is a targeted way to significantly impact individual growth and organizational success. The ROI for the organization includes better engagement and productivity, higher profitability and reduction in costs.1 Coaching also builds a leader’s emotional intelligence, a key driver of performance, and strengthens alignment with the organization’s mission and values.