The Pink Elephant in the Boardroom - Part 1
By Dan Hilbert, CEO
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The Pink Elephant in the Boardroom - Part 1,
Critical Business Risks and Costs are Stunning
The Critical Business Risks, Lost Productivity and Costs from the Pink Elephant
In the corporate landscape, a significant yet overlooked challenge looms large—the proverbial "Pink Elephant" in the Boardroom. Since the onset of COVID-19, rapid global shifts in business, increased employee turnover and changing workforce demographics have intensified the complexity and urgency of our leadership responsibilities.
Unveiling the Costs of The Pink Elephant
The actual extent of Lost Workforce Productivity and its associated costs is depicted in the following charts. Formerly concealed and immeasurable, this Lost Workforce Productivity disrupts the productivity and performance of our core departments and dramatically raises labor costs in Premium, OT and Temp/Contract wages. In the absence of data, we could disregard the Pink Elephant. Now, its existence demands our attention.
Real Data from an Award Winning Hospital
As organizations navigate unprecedented challenges in the wake of global shifts, the imperative to optimize workforce productivity has never been more critical. Drawing from real, unique data from an award-winning hospital, we unveil insights into the tangible impacts of Lost Workforce Productivity on business performance.
Our case study focuses on a prestigious 295-bed hospital recognized for its excellence in patient care and operational efficiency. Leveraging this institution's data provides a nuanced understanding of workforce productivity dynamics within a high-stakes environment.
Modernizing The Pink Elephant: Business Management Software
Implementation of BMS across mission-critical functions yields substantial productivity gains and substantial bottom-line savings through enhanced process efficiencies and technologically sophisticated process management. By providing visibility into previously hidden risks, BMS for the Workforce enables proactive management strategies, optimizing employee retention and streamlining hiring processes.
The Fundamentals of BMS and Why it’s So Valuable
Integrate all cross-functional groups and departments involved in the mission critical function previously often functioning in siloes
Modeling all the core processes in a mission critical function
Creating measurement of each process through software systems data
Introduce efficiency. All CEOs and Leaders know the value of process efficiency
Integrate all core processes into a single system
Continuously monitor each process
Set-off Alerts when a core process is not functioning within acceptable parameters
Perform Root Cause Problem analysis
Optimize the problem process, usually through Automation workflows
Introduce Business Risk Management where it didn’t previously exist
Driving Efficiency and Risk Management
CEOs and leaders recognize the inherent value of efficiency in boosting productivity, reducing costs, and minimizing errors. BMS consolidates core processes into a single system, fostering synergies and facilitating proactive risk management strategies where none existed before.
Navigating Change
While profitable businesses may have accepted outdated administrative practices in the past especially when profits were high, the evolving business landscape demands a paradigm shift. By investing in BMS for the Workforce and embracing data-driven analysis, organizations align administrative functions with business performance objectives, driving sustainable growth and resilience.
The adoption of Business Management Software represents a strategic imperative for organizations seeking to thrive in today's dynamic business environment. By modernizing HR and Workforce Management processes, optimizing workforce management, and proactively addressing critical risks, organizations can unlock untapped potential and achieve sustainable success in the face of uncertainty.
Ground Zero: No One is to Blame - Crisis Changes Everything
These crises are not HR's fault, not your fault, not your leadership team's fault! We are experiencing typical business evolution. No one is to blame.
However, If we don't take action now, then...
The Pink Elephant in the Boardroom - Part 2. Actual results of BMS in a mid-sized hospital.........
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