Skip to content

Hire to retire: How an organizational goal can transform a culture

Hire to retire: How an organizational goal can transform a culture

Successful businessman standing on the arrow, which pointing up as symbol of achievement, success and developing business in successful way. Businessman looking forward with the telescope.

A hospital board member recently shared one of his organization’s top goals with us, stating, “We only want to hire executives who retire from here.” This is a striking goal for an organization in the healthcare industry given that the average tenure of a healthcare CEO is only 5.6 years. Competition for executive talent within the healthcare community is driving this trend. 67% of CEOs who leave their position are recruited away by a competing organization. This could be a reflection of today’s national work culture. It’s been reported that most people will have 7-10 jobs. The plausibility of remaining at a single organization throughout your working lifetime could be a thing of the past. While the odds may be stacked against them, we believe our client’s goal is worth striving for. 

 

Consistency in healthcare leadership can transform an organization. It clarifies goals and priorities, improves culture, and allows executives to invest in their community in a more meaningful way. All of this ultimately improves the quality of care patients receive.  

 

Having a goal of consistency in leadership changes the way a hospital approaches its executive compensation. If you want to encourage loyalty, it’s important to utilize both short-term and long-term rewards. Short-term rewards entice executives to remain at a facility after recruiting calls start coming in. They can be used to reward specific achievements, keeping executives focused on goals and encouraging them to remain engaged and invested in organizational growth. It’s also important to use long-term incentives to reward longevity and encourage professionals to stay until they retire. By combining short-term and long-term rewards, a hospital can use its executive compensation to achieve its goal of consistency in leadership.

 

Of course, these strategies can’t guarantee that your executives will not leave. But even in the event of a turnover, the organization has still communicated its values and established a culture that will attract like-minded candidates in the future. 

 

REQUEST OUR WHITE PAPER

Complete the form below and receive a copy of our latest white paper: Increasing Hospital Profitability
Something went wrong. Please check your entries and try again.

Want to Learn More?

Why Call Pay is still an issue at many healthcare organizations

Why call pay is still an issue at many healthcare organizations By: Kyle Worthy A few years ago, call pay was a hot topic in the healthcare community. Today, the issue has fallen off many people’s radar. Is this because the crisis was solved? Our observations suggest otherwise. Reimbursements in…

The retirement bridge: access to the right tools can mean a lot to physicians

The retirement bridge: access to the right tools can mean a lot to physicians By: Kyle Worthy You just can’t get there from here   Due to regulations that limit the amount of money highly-compensated individuals can contribute to their qualified plans, it is difficult  for physicians to replace their…

Communication strategies to improve benefit plan participation in 2020

Communication strategies to improve benefit plan participation in 2020 By: Kyle Worthy It’s re-enrollment season here at MaxWorth, which means we’re traveling throughout the country to help our plan participants make their 2020 elections. For the past thirteen years, we’ve worked exclusively with physicians and administrations on their benefit plans.…

Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty

Practice Executive Compensation: Strategies to improve attraction, performance, and loyalty By: Kyle Worthy Medical practices are becoming larger and more competitive, and, like hospitals, they’re looking for creative and cost-effective strategies to help them achieve their organizational goals.  Compensation is a great place to start. In fact, medical practice executive…

maxworth_logo

Compensation Strategies to Attract, Retain and Reward Your Physician Talent.

OUR OFFICE

Charlotte, NC

877-643-7520

800-314-8281

info@maxworthconsulting.com

Office Hours:
M-F 8:00am – 5:00pm EST

Charlotte, NC
P:  877-643-7520
F:  800-314-8281
info@maxworthconsulting.com
M-F: 8AM - 5PM

Scroll To Top