With the many challenges facing the healthcare industry, successful workforce management grows more complex each day. Many operators now actively track workforce planning metrics and key process indicators (KPIs) to help ensure high performance and staff retention.
But given the complexities involved, how can leaders best direct these efforts to achieve the best possible results? Read on for a rundown of the healthcare workforce planning metrics and KPIs that matter most to leaders today.
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Understanding Healthcare Workforce Planning Metrics & KPIs
Why Track Healthcare Workforce Metrics and KPIs?
When done accurately and proactively, it provides important insights into essential workforce processes. As such, those aren’t superficial insights, but meaningful, actionable information for healthcare employers. For instance, carefully monitoring the right metrics and KPIs can drive productivity and organizational improvements at a time when healthcare turnover and efficiency are top concerns.
Leaders can better understand what’s working and what isn’t and make the necessary changes. The end result is improved efficiency, reduced spending, and a more productive workforce. Additionally, it can allow for more budget allocation towards further enhancements to your workforce strategy.
Metrics vs. KPIs
It should also be noted that metrics and KPIs aren’t exactly the same thing. Metrics refer to big-picture, high-level trends that affect the entire workforce and organization. On the other hand, KPIs are more precise measurements that refer to progress made toward specified goals. For best results, it’s important for healthcare employers to monitor both.
But how should leaders decide which metrics and KPIs to focus on? Certain KPIs and metrics can be utilized in multiple industries. For example, there are key data points leaders can track to ensure workforce fulfilment success, such as those outlined below.
However, others aren’t as obvious, providing value only after months or years of monitoring. In addition, there are many that are beneficial to healthcare leaders that may not be tracked in other industries.
With all of that understood, here’s a rundown of some of the most important healthcare workforce planning metrics and KPIs that every organization should be tracking now.
What Are the Most Important Workforce Metrics and KPIs to Track?
Category #1: Hiring and recruiting
What positions are getting filled, and which aren’t? Is it taking longer than it should to fill specific roles, or to keep certain departments fully staffed? These metrics will help leaders understand the answers to these important questions.
- Fill rate percentage (per position, department, overall)
- Time-to-hire (per position, per department, overall)
- Cost per hire (per position, per department, overall)
- Average number of candidates (per open position, overall)
- Application completion rates (per open position, overall)
Category #2: Fulfillment
Are we hiring the best possible workers for our positions? Are they staying on, or do they tend to turn over quickly? Is it harder for some departments to retain employees than other, and why? Answering these questions is critical to effective workforce planning and management.
- Offer acceptance rate (standard and contingency)
- Number of candidates per hire
- Conversion rate (from interview to offer; from offer to placement; etc.)
- Completion rate (for temp, travel and contingency assignments)
Category #3: Performance
What departments have the best performance review scores? What employees are working the most overtime — and therefore, at risk of burnout? Beyond general metrics, these are the KPIs that can deliver actionable info on how employees are performing in their roles.
- Employee retention, turnover, attrition and absenteeism
- Performance review ratings
- Overtime worked — per position, per department and overall
- Incidental worked time (IWT)
Guidance on Healthcare Workforce Planning Metrics that Matter
If you’re looking for additional help managing your healthcare workforce, you can trust CareerStaff to provide the tools and resources you need to meet your goals. Additionally, these are just a few of the top metrics and KPIs to understand. To get the best understanding of this complex topic, download the guide to healthcare workforce metrics now.
Discover more details on each category listed above and a fuller explanation of key insights to track to reach your full workforce potential. Or, contact CareerStaff to learn more and set up a consultation today.