Did you know the average age of a medical and health services manager is 46.3 years old? That means these managers have crested the halfway point in their careers and will soon retire. Also, experts predict that a million nurses, 50 and older, will retire between 2020 and 2030. Among the retirees, around 67,000 will be nurse managers.
What do these statistics mean to the healthcare industry? For one thing, this information should prompt every healthcare organization to develop a succession planning strategy. This plan should focus on bridging the gap between today’s management team and tomorrow’s leadership.
The good news is that succession planning (SP) can relieve the nurse manager shortage while organizations seamlessly continue daily operations. In addition, SP can lower staff stress during leadership changes and decrease the cost of recruitment and training outside hires. And nurse manager turnover will remain particularly low if the organization has a formal structure to welcome and train novice nurse leaders.
Plan for leadership gaps by looking at your internal talent pool. Remember, you want to find a successor that will propel the department forward and not merely be a placeholder. Within that pool, create pathways for professional growth into leadership positions. You can accomplish this goal by doing the following:
Develop a leadership program.
If you do not already have one, developing a leadership program for nurses is an important task. It sets them up for success and prepares them to take on more leadership responsibilities. Follow these suggestions to help ensure your program is beneficial to all:
Accelerate leadership.
The days of employees’ “paying their dues” before receiving a promotion should be left in the past. With the shortage of seasoned nurse leaders, companies must consider alternative methods for pinpointing potential leaders. For example, you could use assessment software and testing to determine your employees’ strengths. You could also ask current managers to select candidates for mentoring into leadership positions through your organization's leadership programs.
Establish a mentorship initiative.
Establishing an internal mentorship program for nurses can be a great way to support their professional development and increase their engagement in their work. Here are a few tips to help get you started:
Embrace generational differences.
With baby boomers retiring at an accelerated clip, it’s vital to welcome the generational differences of younger nurses. For example, Generation Xers and Millennials prefer flexible schedules and front-end compensation. But younger generations are more willing to switch jobs if they can climb the corporate ladder faster.
Overall, the healthcare industry should create a succession plan to identify and develop leaders early in their careers. This strategy will prove more fruitful than bringing in outsiders to fill leadership roles. And having an SP strategy in place will save money and provide a blueprint for the facility’s future.