by Kenneth R. Cohen, PhD
Published in Healthcare Financial Management, August 2011
Roughly 60 percent of hospitals’ budgets are allocated to human capital, underscoring the need for good “people stewardship.” People stewardship refers to playing to an organization’s strengths in human capital planning to best control costs and invest most intelligently. HR executives need to encourage all leaders to establish the goals and standards for great performers.
Finance leaders are well positioned to help lead people stewardship by leveraging their related knowledge and experiences. They are accustomed to looking for the Return on Investment and holding others accountable. Effective, evidence-based leaders recognize that the financial impact of mismanaging their organization’s labor pool can be significant, so they respond accordingly. Some examples of the criteria they use to guide their actions include the following…
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