Achieving a More Flexible Workforce in Healthcare

Cost Savings from a Balanced Workforce

What are the cost savings results health systems are seeing by achieving a more balanced workforce?

By achieving a balanced workforce mix of core, contingent, and flexible staff, health systems can realize significant cost savings. Some of the cost-saving results include: Reduction in Overtime Organizations have seen overtime decrease from 15% to 6% of total hours. This reduction in overtime leads to significant cost savings and improves staff satisfaction by reducing burnout. Decrease in Incentive Pay A notable reduction in incentive pay, amounting to $1 million in the first year, has been observed. Controlling incentive pay helps manage labor costs and contributes to financial stability. These savings can be reinvested in other areas of the health system to further improve patient care and operational efficiency. These outcomes demonstrate the financial benefits of strategically managing workforce composition. By focusing on the right mix of core, contingent, and flexible staff, health systems can control costs, enhance patient care, and improve staff satisfaction, leading to more sustainable and effective healthcare operations. Lower Turnover Rates A 4% decrease in turnover contributes to overall stability and reduced recruitment costs. Lower turnover rates lead to improved staff morale and job satisfaction, creating a more stable and productive workforce. Reduced recruitment costs free up resources that can be used to enhance training and development programs, further supporting long-term goals.

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