Navigating Leadership Transitions in Healthcare
Leadership transitions are pivotal moments for any organization, requiring a thoughtful and strategic approach to ensure continuity and success. For OSF HealthCare, founded by The Sisters of the Third Order of St. Francis and headquartered in Peoria, Illinois, supporting leadership succession during a period of significant growth was a top priority. With operations spanning 16 hospitals across Illinois and Michigan and more than 24,000 Mission Partners, OSF HealthCare partnered with TLD Group to prepare for these transitions. Paul Erdahl, PhD, LP, a seasoned TLD Group executive coach and succession expert, guided this complex process to help ensure long-term leadership effectiveness.
A funny thing is happening among senior leadership teams in health systems (and other sectors as well). More and more clients are telling us that multiple members of their senior leadership teams, starting with the CEO on down, could retire if they wanted to. Then they are quick to say “But of course, no one has any immediate plans to retire,--and that’s a good thing because we really don’t have any real successors.” That statement is often followed by some nervous laughter, and maybe someone muttering “We really need to do something about a succession plan.” Then it’s usually onto the next subject.
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:
There’s a new war for talent upon us as organizations face both planned and unplanned retirements coming out of the pandemic. We know that those companies with formalized succession plans are better prepared to respond to the increasingly competitive landscape for recruiting new talent and retaining existing talent.
Meet Kathy F. Bernhard, a leader in succession planning and leadership development, whose work with TLD Group has transformed how healthcare organizations navigate leadership transitions.
Learn the importance of and essential strategies for succession planning in healthcare. Discover practical guidance, and best practices to ensure seamless leadership transitions during times of succession.
Leadership turnover has remained high over the past few years in the health ecosystem, with recent research by the American College of Healthcare Executives reporting an 18% turnover rate for CEOs. As executives leave, human resources (HR) leaders are left with tough questions around who will take their place. What does success and growth look like for their organization? How does a company find, and hire, an executive who wants to create the workforce of the future - diverse, technologically competent, and global? Who, whether they are inside or outside of the company, is in a position to replace the incumbent?
