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The healthcare landscape is transforming. Here are six considerations to help your talent during restructuring, downsizing, and other transitions.
Mergers and acquisitions in the healthcare industry showed no signs of slowing down in 2017. The search to improve patient care while cutting costs continued unabated, spurring significant deal activity in the industry. As 2018 gets under way, new combinations continue to arise every day, with wide-reaching implications for healthcare organizations and their people.
There are a number of factors contributing to uncertainty and consolidation in the healthcare marketplace. Fluid policy shifts in Washington are changing payer-provider relationships, significantly increasing regulatory pressures. Even short-term strategy and business planning are difficult in such an uncertain environment. Add to that the profound impact of technology on patient care and customer service-and it’s no surprise industry players are combining forces to compete.
Putting politics aside, there’s more to consolidation than pricing and patient care. As the healthcare landscape transforms, organizations face reengineering initiatives, restructurings, redundancies, and downsizings. Of course, these things have a cost other than bottom-line expenses: the cost to human capital. In these times, it’s critical to take stock of the impact dramatic change has on the people involved.
Here are six considerations for helping your talent during times of change:
Change is rarely easy. And we can continue to expect more as 2018 unfolds and healthcare continues to transform. When downsizing comes, a positive career transition experience can mean all the difference, not only for the affected employees, but for any company seeking to combat fierce competitive forces in the marketplace and evolve into a better organization.
The right approach can facilitate a good parting feeling about the company among exiting employees, foster a more upbeat attitude among those who remain, and reinforce a positive brand reputation both inside and outside the company.
Steve Spires is managing director, Career Services, and Senior Executive Coach at BPI group, overseeing the delivery of the firm’s career transition services in North America. Steve has extensive executive leadership experience in managing and growing businesses and coaching senior executives and their teams. He can be reached at firstname.lastname@example.org.
Kevin Pallardy is a managing partner with BPI group and is responsible for building and growing client relationships in outplacement, executive coaching, and leadership development. He also serves as an executive and career coach helping individuals grow as leaders. Kevin has an extensive career in human resources, business development and entrepreneurship. He can be reached at email@example.com.