09 Feb Whack A Mole Succession Planning
Does this look familiar?
How does your organization recruit, select and develop leaders to be most successful?
Are these practices deliberate? What is being left to chance?
What are you doing to protect your own career?
The American College of Healthcare Executives (ACHE) has reported that the median tenure of CEOs/Presidents of all general, non-specialty acute care U.S. Hospitals was only 3.5 years. It also found that when the CEO leaves, four more senior team members are likely to leave that organization within one year! Also, about 67% of acute care hospital CEO turnover has been reported to be voluntary. The direct and indirect costs to an organization of losing five senior team members within one year are staggering, and easily can amount to millions of dollars in lost revenues, momentum, organizational memory and severed physician relationships.
Here’s more evidence. In one of the national research studies we conducted with 80 healthcare leaders, we found that the total direct and indirect costs of losing one senior executive was estimated to be at least 6-10 times that person’s average earnings, and that the direct costs paled in comparison with the indirect costs. In addition, Built to Last author Jim Collins found that what distinguishes the most successful organizations from their competitors is not just the quality of their leadership, but the continuity of their leadership as well.
Despite the clear and present dangers posed by the pandemic, healthcare executives need to act soon to safeguard themselves as well as the best interests of their health systems.
Why not be proactive and avoid such needless risks? If you’d like to learn more about some of the proven, cost-effective advantages of Evidence-Based Succession Planning, click here to learn more: https://synergyorg.com/consulting/#a2.
* The Synergy Organization is proud to be celebrating its 32th anniversary of Transforming Healthcare Organizations, Lives and Careers Through Science and Evidence-Based Best Practices, including Evidence-Based Succession Planning.