Starting With Why: How your mission can clarify your compensation goals
By: Kyle Worthy
In 2009, Simon Sinek gave a TED talk on the power of starting with the question, “Why?” The talk went viral. Sinek went on to become a bestselling author and continues to speak on the topic all over the world. Today, his TED talk has been viewed nearly 45 million times.
In Start with Why: How Great Leaders Inspire Everyone to Take Action, Sinek writes, “People don't buy what you do; they buy why you do it. And what you do simply proves what you believe.”
How can Sinek’s ideas be applied to healthcare compensation? Once it has been identified, an organization’s Why can become the driving force in decision-making and unite all stakeholders around a common purpose. At MaxWorth, we believe that starting with Why can help hospitals clarify their goals and ensure that their compensation programs are serving them.
Since deciding to focus solely on healthcare compensation in 2006, MaxWorth’s purpose has been to empower hospitals to ensure the continuity of care in America. Today, consolidation in the industry is threatening independent hospitals and access to care in their communities. In 2017, Moody’s reported that operating margins hit an all time low at not-for-profit hospitals. The good news is, compensation can be used as a tool to reverse this trend.
Compensation programs can attract and retain top physician and executive talent, but attractive rewards cannot be sustained in today’s environment without forward-thinking design. When a program incorporates the proper funding vehicles, it allows a hospital to recoup a portion of the cost of compensation. This enables the hospital to use compensation effectively without compromising its bottom line. This strategy can be applied to any type of hospital compensation whether it’s call pay, executive pay, employed physician pay, or other arrangements.
It has never been more important for healthcare organizations to consider their highest purpose when designing compensation programs. At a time when more and more hospitals are closing their doors, compensation should be used to strengthen organizations so they will be able to continue to serve our communities for generations to come.
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