According to a recent report, the average tenure of C-suite executives is about 5 years. This, combined with the impact of “The Great Resignation” on the healthcare industry means that organizations are dealing with a wave of executive talent turnover. As facilities grapple with COVID and heightened public scrutiny in the past few years, what skills will the newest executives need?
Here are the most in-demand skills for healthcare executives today:
A Strong Human Resources Focus
Multiple studies show recruiting and retention as a top priority for more than 80% of executive boards. Given the current medical talent upheaval, this number will be higher for healthcare organizations. Even if a company has a designated human resources executive, the entire leadership team must integrate hiring and retention efforts into all aspects of the business.
The SEC has also recently required companies to share more information regarding worker compensation, turnover, and even training. Policies and procedures must be developed around employee retention and not just company interests.
An Eye for Data and Technology
The healthcare industry is becoming more reliant on technology, not only to provide quality medical care but also to enhance the patient experience. No, healthcare executives are not installing these technologies themselves. But they must be able to assess if a new technology is truly valuable to their operations, or if it is just a passing novelty.
Also, big data is becoming further ingrained in every healthcare process. From marketing to cost control, hotels lean on data to back every decision.
A Mind for Crisis Management
If there is one thing that the COVID-19 pandemic has shown hospitality companies, it’s that they are particularly vulnerable to a variety of crises. In addition, their responses will be scrutinized in the spotlight. Executives must be able to spot financial, social, and ethical risks a mile away.
Other risks, like pandemics and natural disasters, are unavoidable. But leaders must still expect them and have solid contingency plans in place. And now more than ever, executives must handle these situations under high degrees of public scrutiny.
Partner with Experienced Healthcare Executive Recruiters
Healthcare executives must wear more hats than ever to steer their ships in the right direction. Every company is unique, and its executives need skillsets to suit. Our Healthcare Executive Recruiters can identify the unique hotel executives that will propel your company forward. Contact us today to find out how.