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How Talent Management Drives Business Goals

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How TALENT MANAGEMENT drives your ORGANIZATION’ S GOALS HEALTHCARE ORGANIZATIONS’ TALENT MANAGEMENT PRACTICES ARE REFLECTED IN EVERYTHING FROM TURNOVER RATES AND BENCH STRENGTH TO VALUE-BASED PURCHASING (VBP) AND OPERATIONAL EFFICIENCY. A RECENT STUDY CATEGORIZED 130 HOSPITALS AS EITHER LOW- OR HIGH-PERFORMERS BASED ON THEIR TALENT MANAGEMENT STRATEGIES. DISCOVER HOW AND WHY THOSE TOP HEALTHCARE CENTERS OUTPERFORMED THEIR LOW-PERFORMING COUNTERPARTS! 01 TURNOVER RATE Skilled staff and well-trained leaders are critical to delivering quality care – so how do high performers fare against lower performing hospitals? 91% LESS overall staff turnover per year 36 % LESS nursing turnover, which could save over $5 million/year* 85 % LESS yearly turnover amongst executives (VP & above) *For the average-sized hospital, defined by the study’s mean FTE (full-time employees). 02 TALENT SHORTAGE A commitment to talent management helps recruit top candidates and proactively develops your future leaders. How do the two hospital groups fare against each other? High-performing hospitals reported a leadership bench strength score of over 7X HIGHER 89 % LESS spent on executive searches, which can result in savings of over $1.19 million* *For the average-sized hospital, defined by the study’s mean FTE (full-time employees). 03 VALUE-BASED PURCHASING (VBP) This links quality of care, organizational efficiency, and patient satisfaction to incentive payments and reimbursements. How does this translate to a performance difference? 23% HIGHER Total Performance Score (a new CMS metric which evaluates hospitals across process of care, patient experience, outcomes, and efficiency domains) 16 % LESS average Medicare spending per episode 13% HIGHER HCAHPS scores OVERALL, HIGH-PERFORMING HOSPITALS DEMONSTRATED GREATER EFFICIENCY, WITH A NET PATIENT REVENUE PER EMPLOYEE THAT WAS OVER 56% HIGHER THAN THEIR LOW-PERFORMING COUNTERPARTS. Learn more about how talent management can deliver higher patient satisfaction scores, reductions in turnover, stronger staff performance, and an overall healthier bottom line. LEARN MORE Sources: Groves, Ph.D., Kevin. “Impact of Talent Management Practices on Financial, Workforce, & Value‐Based Purchasing Metrics.” Healthcare Talent Management Survey 2014. Date published: N/A. Date accessed: June 17, 2015 Cornerstone OnDemand is a global leader in cloud-based learning and talent management software. Our solutions help organizations realize the potential of a new world workforce. From recruitment, onboarding, training and collaboration, to performance management, compensation, succession planning and analytics, Cornerstone empowers a lifetime of learning and development that is fundamental to the growth of employees and organizations. To learn more, visit csod.com. © 2015 Cornerstone OnDemand, Inc. All Rights Reserved.


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