The beginning of a new year is often a time of great organizational ambition and optimism. After months of year-end planning, new strategies and budgets are in place and teams are ready to hit the ground running on a new set of goals and objectives. Despite this optimism, research shows that most of these strategic goals and objectives will never come to fruition. In fact, the statistics range from a dismal 3% to 33% of companies whose executives say they are successful at executing their strategies. With those odds, many wonder if all the planning is worth the effort. 

 
A Time for Reflection

The holidays are the time of year when loved ones gather together to celebrate festivities, give gifts, and create lasting memories. It’s also a great time to reflect on what you’ve accomplished over the year and think about who you want to be in the new year. 

Coaching and Culture Change

The Power of Gratitude

During this season of giving thanks, we dedicate this month’s themed article to Bernard J Tyson, CEO Kaiser Permanente, who brought a new perspective to healthcare - one that supports a holistic approach to human wellness. His sudden passing was a shock to the industry and especially those who had the good fortune of working with him. Our Advisory Board Chair, Bob Sachs, sums up Bernard’s impact below:

Your Next CEO

Competition, finance reform and the ever-changing demands of the marketplace have put increased pressure on hospital boards to contemplate an important question: What kind of CEO will be most successful in navigating these turbulent times?

 Common Challenges for Newly Hired Executives

• 60% of global executives report it takes, on average, 6 months to reach full impact in their roles, 20% said it took more than 9 months (Harvard Business Review)

Collaboration

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.

Leading Authentically

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.