UpNext: 4 Key Takeaways for Workforce Solutions in 2024

Healthcare leaders are looking for new ways to strategize and be proactive in the coming new year.

One of the largest pain points for healthcare executives is the workforce, and with healthcare comprising 10% of the U.S. workforce, there is no shortage of challenges.

Healthcare executives gathered at the HealthLeaders UpNext Exchange last week to discuss the workforce issues they’re seeing in the industry and figure out different ways to face those challenges going into the new year. Here are some of the key takeaways.

1. Need for Better Strategy

The up-and-coming healthcare leaders talked about some familiar pain points, ranging from strategy to staffing to implementing new technologies. Many said they are busy and missing time in their schedules to sit down and strategize for their organizations, so they’re looking for new ways to plan while accounting for high turnover and staff changes.

It’s clear that a five-year strategy no longer works. There are far too many disruptions in healthcare, and executives, including CNOs, need to be able to pivot accordingly. Some of the biggest disruptors, like Amazon and Walmart, are forcing traditional healthcare organizations to take a serious look at the competition.

2. Addressing Turnover

Also, turnover rates have been higher than ever, at 105%, in the last few years. Many factors are affecting this rate, including burnout, poor working conditions, and a physical worker shortage. Additionally, the workforce is aging, and there are not enough young people to replace the older generations of workers who will soon be retiring. This makes staffing hospitals extremely difficult, and will be a contributing factor to workforce issues for the next several years.

The same is true for nursing, CNOs everywhere are struggling to staff hospitals amidst a national nursing shortage. Even though there are efforts across the industry to streamline certification and attract more nursing graduates, new strategies for dealing with turnover rates will be a higher priority than ever going into 2024.

3. Streamlining Decision-Making 

Another challenge is getting resources from the C-suite. Many executives at the Exchange brought up the disconnect of priorities between the C-suite and frontline workers, and between each department in their respective health systems. They also cited the slow pace of change in healthcare, and how narrowing focus and giving priority to certain challenges first would help speed up change and fix problems more efficiently.

To some of the executives, solving this issue could involve taking a look at who has a seat at the table in decision-making, and sending representatives to the discussion who can then disseminate information to their teams. This would help streamline the process to make progress in their organizations happen faster and more strategically. CNOs must be a part of these strategic discussions to make sure that their nurses have a voice and a seat at the table.

4. Being Proactive   

So how do executives address these challenges?

The biggest takeaway from the Exchange was to be proactive. Healthcare executives, including CNOs, should focus on the following three solutions going into 2024:

• Engage in strategic workforce planning;
• Invest in professional development; and
• Foster a supportive work environment.

Executives should consider using tools such as the business model canvas to define their business strategy and address the challenges caused by competition. Strategy tools can also help to identify areas in their health systems that offer opportunities for more innovation.

CNOs play a huge role in the development of nurses on their teams and in creating a healthy work environment where nurses can be seen as “whole people.” Going into 2024, there should be a focus on work-life balance to prevent burnout, and a push to continue the growth and education of nurses in each health system.

The 2024 HealthLeaders UpNext Exchange is sponsored by Collette Health.