Top 5 Priorities for CEOs in 2017
As the new year begins, executives are starting to implement strategies that prioritize their critical initiatives for 2017. Recently, DATIS surveyed over 280 top executives in the Health and Human Services industry to identify industry trends and measure their impact, as well as identify organization’s priorities for 2017. As a preview to our full survey report that will be available soon, DATIS has identified the top 5 reported priorities for CEOs in 2017.
The top reported priorities for CEOs in 2017 include:
- Recruiting and Retention
With nonprofit turnover rates averaging at 20% for the past two years, it’s no surprise that the top priority for CEOs is recruiting and retention. As nonprofits continue to grow, and demand for services continues to increase, most organizations are struggling to fill new positions while also retaining existing employees. Additionally, 54% of organizations reported that they do not have a formal recruiting strategy, and up to 84% reported that they do not have a formal retention strategy. In 2017, Health and Human Services organizations will be devoting time and resources to formalize strategic approaches in hopes of recruiting new talent and retaining existing employees.
- Employee Engagement and Satisfaction
Tied as the top priority for CEOs in 2017 is employee engagement and satisfaction, which seems to go hand-in-hand with an increased focus on recruiting and retention in 2017. After all, engaged employees are happy employees that tend to stay with the organization longer. Unfortunately, only 14% of employees report being “highly engaged” and “highly satisfied” at their current positions. If employees do not feel that they have the tools they need to succeed or grow within an organization, they will be more likely to leave. Defining career development initiatives can help increase engagement and satisfaction ratios that can, in turn, rise retention and decrease recruitment costs.
New technological advances in the workplace are transforming organizations in terms of their systems, processes, and people. The digital age has arrived and organizations are now working to develop strategies to keep pace with the evolution of their industry. Success in the digital landscape will require a combination of many factors, including innovative processes, engaged talent, and new business models. Unfortunately, while 90% of business leaders expect their industries to be disrupted by digital trends, only 44% think their businesses are adequately prepared for the changes ahead.
- Talent Management:
Recently, the talent management market has been disrupted with new trends and technologies. Organizations are struggling to decide which performance management trend to follow- is the annual performance review really dead? If so, how can we efficiently and effectively track performance on a more regular cadence? Many Health and Human Services organizations are also working to refine their pay for performance strategies. All of these changes are resulting in fragmented models that executives report are not effective or worth the time they put into them.
- Evolving Health & Human Services Industry:
As competition rises and change becomes constant, organizations are searching for new ways to improve their processes. This is driving the need for more entrepreneurial-minded leaders that can implement creative approaches to process improvement and service delivery. Mergers & Acquisitions have become a rising trend for organizations in the Health & Human Services Industry. The ever-evolving healthcare environment continues to drive organizations to seek new opportunities and resources through M&A. M&A allow organizations to improve services and overall operations to create a more efficient and holistic business model that can facilitate the transition to integrated care.
2017 will be a milestone year for many reasons. Political shifts will bring uncertainty and potential regulation changes that could change the way we operate our businesses. Talent management will continue to be a priority as engaging and retaining our employees becomes evermore critical to success. As always, new obstacles and challenges will present themselves as the year progresses, requiring organizations to maintain agility.
To download the full survey report with all results and responses, please click here.