As Boomers and Gen Xers retire or leave to pursue other occupational interests, the healthcare industry is losing highly experienced talent. When healthcare leaders and risk managers leave,
the impact is especially noticeable. An analysis of BLS data by the Center for Health Workforce Studies (CHWS) discovered that approximately 33,700 medical and health services managers will leave the workforce or find new jobs each year between 2019 and 2029. To manage organizational risk, maintain a high standard of patient care, and minimize disruption, healthcare organizations must deploy proactive leadership succession planning strategies.
The National Institutes of Health defines succession planning as “The process of identifying very important positions in the organization and creating a talent pipeline, by preparing employees to fill vacancies in their organization as others retire or move on.” It is essential for ensuring business continuity and performance. Turnover and retention are long-term challenges that require a long-term strategy. Whether departures are unexpected or planned, daily operations and patient care may suffer if organizations are unprepared. Succession planning may help minimize the disruption associated with staff turnover.
