Evidence Based Capital Management Essay

2706 WordsMay 24, 201511 Pages
FEATURE STORY Kenneth R. Cohen the case for evidence-based human capital management There are financial benefits to evidence- based recruitment, select development, and retention-underscoring the need for finance executives to become actively involved in initiatives to manage the organizations'talent. There are many things healthcare finance executives cannot contr the state of the economy to the actions of competitors-but one pr finance executives can help their organizations achieve better fina comes is by employing evidence-based approaches to more efficie leverage their workforce. AT A GLANCE Roughly 60 percent of hospital and health system budgets are allo Healthcare finance leaders should adopt seven strategies to leverage their organizations' workforces more efficiently: > Commit to developing a formal workforce planning program. > Incorporate requirements values in appraisals of staff work and competencies. human capital, underscoring the need for good "people stewardsh these organizations. People stewardship refers to playing to an orga strengths in human capital planning to best control costs and inve intelligently. Human capital planning should be approached like strategic planning and budgeting processes. Leaders should set th and priorities and maintain the standards for great performers. > Appraise individual performance. > Assess future work requirements. The financial benefits of evidence- based recruitment, selection, > Assess future potential. ment, and retention strategies-including > Close the developmental oping and retaining the right people-are strong indicators of the finance executives to become involved in people stewardship. gap. > Evaluate the success of the program. The Role of Finance in Workforce the savings associated w Retention During HFMA's ANI: The Healthcare Finance Conference, held J in Orlando,

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