Throwing HR dollars into the WRONG bucket ?

One of my all time favorite guest speakers at the HR Tech Alliances events was Dr. Solange Charas, the owner of HCMoneyball and creator of many wonderful research articles, assessments and two of my favorite ROI calculators I refer people to all the time.   These ROI calculators help you see the TRUE cost of a lousy culture, lack of quality talent pool, talent market competition or "not even your fault"  high turnover.   

She also wrote an amazing book called "Humanizing Human Capital" and is an expert in all aspects of Human Capital Management and what is happening in todays economy.  I took the opportunity to pick her brain about what she is seeing specifically in the Healthcare Space and she shared some insights with me, along with a link to a paper about  The Critical Need for Human Capital Measurement Standards and Transparency In Healthcare that came out in Dec 2023  (linked here in case you want to see the full article.)

What we are both seeing in the Healthcare market, and I am grateful for her expert opinion,  is that many hospital and healthcare systems are experiencing the same issues and oftentimes they are throwing money at the problem in the form of an added .50 / hr pay increases or sign on bonuses etc.   But, this does not solve the long term issues of the healthcare staff. This is a "dollar store" bandaid.......It ain't gonna stick for long.

Nurses and healthcare staff need to have better work/life balance,  lower patient ratios, paid education and upskilling, flexible schedules and other quality of life improvements in order to be happy in their work.   What other ideas have you come up with?  

You may or may not be suprised to know that research shows $$Dollars thrown at the staffing problem as Pay hikes only contribute to lower patient success not higher, in the end.  Thus, perpetuating an endless cycle of deteriorating employee experience in this industry. 

I would love to hear from companies in the Healthcare space that have Unique Employee Value Propositions to share or that are solving this problem in a successful way. 

Here is a link to here free calculator as well, so you can see how your turnover is hitting your bottom line. https://hcmoneyball.outgrow.us/HCMBTurnover