10 Workforce Management Statistics You Need to Know
Earlier this year, DATIS released their 2017 State of Workforce Management Report. This report is based on survey responses from hundreds of CEOs, CFOs, and CHROs within the Health and Human Services industry and highlights some of the current challenges, short-term obstacles, and long-term goals of organizations within the industry.
You can download your copy of the full report here and view ten of the most significant findings below.
1) 91% of organizations plan to increase their headcount this year
In the United States, demand for mental health clinics, addiction treatment centers, long term care, senior care, and other human services continues to rise. To keep up with this trend, executives within the industry are under significant pressure to grow their organizations accordingly.
To facilitate this growth, executives should consider investing in recruiting software to simplify and expedite the recruiting process.
2) Only 12% of CEOs believe their recruiting strategy is “Very Effective”
Plans to increase headcount could be fruitless if the organization in question doesn’t have an effective recruiting strategy in place. Worryingly, only about one in ten CEOs believed their recruiting strategy was “Very Effective,”.
To combat this, CEOs must collaborate with their HR department and formulate a thorough recruiting strategy that focuses on hiring the right candidates in a timely and efficient manner. Executives that attempt to restructure and rethink their HR strategy can save their organization valuable time and money.
3) 84% of CHROs say they use as many as five different recruiting channels.
Choosing the right recruiting channels is important, especially at a time where growth is a priority for Health and Human Services organizations. Most CHROs understand the need to spread the word about their job postings and are posting their open positions to multiple outlets at once.
The most common recruiting channels include social media, job boards, internal company webpages, word of mouth, and employee referrals.
4) One in three organizations experience a turnover rate of over 20 percent
While Health and Human Services organizations are looking to increase their headcount, they continue to be haunted by notoriously high turnover rates. This is likely due to the taxing responsibilities and generally low salaries associated with most positions within the industry.
To reduce turnover and increase retention within an organization, executives must focus on employee engagement and satisfaction strategies. It’s been proven that employees that are more emotionally invested in their work are more likely to stay at their organization.
5) 50% of organizations have experienced compliance issues in the past 12 months
Most positions within a Health and Human Services organization require some form of license, certification, clearance, permit, or documentation. These credentials must always be collected and up-to-date to ensure compliance and eliminate funding clawback.
As industry executives attempt to scale their operations to serve more clients, tracking and monitoring credentials will become increasingly complex. Implementing scalable systems to ensure compliance and staying informed on the latest industry regulations is essential when dealing with employee credentials.
6) One-Third of CFOs don’t think they have the adequate tools to maintain compliance with current and future regulations.
CFOs understand more than anybody the financial implications of non-compliance. According to the survey, many CFOs are worried about the ability of their organization to maintain compliance with current and future regulations.
For many organizations, the collection and tracking of these credentials is often a full-time job. To properly address the issues associated with compliance, CFOs must learn to work with their HR department.
7) 63% of organizations say it is likely they will be involved in a merger or acquisition
Mergers and acquisitions are growing in popularity among Health and Human Services organizations. Executives are realizing that joining forces with other organizations can enable them to offer a more diverse array of programs and services to more clients.
As more Health and Human Services organizations contemplate joining the M&A trend, they must take all aspects of the decision into careful consideration.
8) 84% of organizations are considering investing in digital strategies within the next 12 months
Digital strategies are now necessary to keep pace with the evolving industry. Success in the digital landscape requires a combination of many factors, including innovative processes, engaged talent, and new business models.
Fortunately, Health and Human Services executives recognize the significance of digital strategies and are ready to step up their investment in the upcoming 12 months. Collaborating with executives to determine how to allocate these investments is an important first step.
9) 67% of CFOs plan to invest in data analytics tools within the next year.
One area of investment that CFOs are hoping for is data analytics tools, also commonly referred to as workforce analytics. These tools help executives better understand their organization and employees.
Data analytics empower CFOs to take in-depth looks into their workforce and the specific labor costs associated programs and services. This is especially important for Health and Human Services organizations where labor costs represent one of their largest expenses. This data is important for producing accurate budgets and creating financial plans.
10) 9 out of 10 CHROs believe millennials have influenced their organizations.
Millennials have undoubtedly changed the way organizations approach workforce management with 90% of CHROs stating that millennials entering the workforce have influenced their organization. Rising retirement rates from the Baby-Boomer Generation coupled with an increasing amount of Millenials in the workplace are adding to an already diverse workplace that has become a melting pot of generational differences.
With millennials making up most of the labor force, organizations need to prioritize understanding this generation to accommodate their needs and preferences, especially when it comes to recruiting.