CEO Insights: Workforce Management Trends 2017
Today’s CEOs have a lot on their plate. The increased demand for Health and Human Services has put pressure on executives within the industry to grow their workforces at an accelerated rate. To better understand the mindset of the modern-day Chief Executive Officer, we conducted our 2017 Workforce Management Trends Survey. The survey asked many CEOs in the Health and Human Services industry about their workforces, plans for the year ahead, and their top priorities for this year.
Priority 1: Recruiting & Retention
In recent years, recruiting and retention has become an increasingly important topic for CEOs at Health and Human Service organizations. When asked about their top priorities in 2017, over 56% of CEOs reported that recruiting and retention was a primary concern. With that said, only 12% of CEOs believe that their organization has a “very effective” recruiting strategy. This exposes a unique problem for CEOs. Many acknowledge the seriousness of recruiting in this current climate, yet few have effective strategies to overcome the challenges.
Retention is another issue that is currently causing CEOs trouble. Health and Human service organizations are notoriously haunted by high turnover rates. This notion has been backed up by the CEO results from our survey. Over a quarter of respondents reported a turnover rate of 20% or more, well above the national average. To combat this statistic and reverse the trend of high turnover rates, CEOs must concentrate on employee-focused like engagement and satisfaction to drive employee retention.
Priority 2: Engagement & Satisfaction
Employee engagement and satisfaction has been proven to increase employee retention and decrease turnover rates. To put it simply, engaged employees are happy employees that are more likely to stay at their organization. Unfortunately, 46% of CEOs surveyed admitted that they have no plan in place to increase employee engagement within their workforce. A further 18% said that they have an outdated plan to increase employee engagement. Clearly, the majority of CEOs see room for improvement in their employee engagement efforts.
Employee satisfaction directly correlates to productivity. Studies have shown that satisfied employees are more likely to work hard and accomplish their goals in an effective and timely manner. Given this, it’s important that CEOs can recognize their employees’ satisfaction levels. Luckily, this seems to be the case, with 92% of CEOs claiming to be “moderately” to “extremely” aware of the satisfaction levels within their workforce.
The modern-day CEO’s priorities reflect the current state of the Health and Human Services industry. As the demand for services increase, CEOs are looking to build their workforces to meet those needs. Executives are beginning to see the importance of employee retention, as well as the need for employee engagement and satisfaction strategies in the workplace. CEOs can use the insights provided to grow their organizations the right way.