If you want to strengthen your hospital’s performance and competitive advantage, it’s time to diagnose the root cause of what’s getting in your way.
It’s your outdated and irrelevant hiring practices.
Here are some jolting statistics from Jeff Hyman, MBA, the recruiter’s recruiter and Professor of Recruitment and Retention at Northwestern University’s Kellogg School of Management:
- 90% of business problems are recruiting problems in disguise.
- The cost of a mis-hire is three times the annual compensation of the mis-hire. Other estimates scale the cost to 15 times annual salary for higher-level positions.
- Four of ten CEOs fail during their first 18 months, according to the Center for Creative Leadership. A Harvard Business Review study puts the failure rate of management hires at up to 60%, pointing to faulty hiring in 80% of those cases.
The good news is that hiring malaise is preventable, and it starts by centering your realization, then your organizational practices, around the fact that talent is the lifeblood of your organization, and top talent is what you want. From there, hiring and retention practices will shift to gain their much-deserved focus.
You, not your HR representative, will want to spend 30%–50% of your time on recruitment excellence…really. Jack Welch spent 50% of his time when building GE. Your organization will transform, with talent becoming your unique, sustainable, competitive differentiator in the market.
Envision a Rockstar team you can delegate to with confidence while you enjoy some work/life balance and a more secured personal and professional future.
Nothing our company does is more important than hiring and developing superior talent.”
— Larry Bossidy, CEO, Allied Signal, Protege to Jack Welch