Measuring the Financial Impact of Workforce Planning

The success of workforce planning often comes down to three factors: -Organizational support for key stakeholders -Clear opportunities for improved talent recruitment and retention -Gap-closing initiatives that have a measurable financial impact Over the last several years, Greater Baltimore Medical Center, a community hospital located in Towson, Maryland, has implemented a workforce planning process to address short- and long-term shortages in Registered Nurses. Through a rigorous workforce planning methodology, the organization identified critical workforce risks, designed launched several new recruitment and retention initiatives, and obtained impressive financial and workforce results. This webcast will look at how one organization has instituted a business-driven workforce planning process that has achieved dramatic results.
Opened in 1965, Greater Baltimore Medical Center (GBMC) is a 335-bed community hospital located in Towson, Maryland. The center specializes in cancer, women’s health, surgery, and emergency services and has had multiple clinical services ranked in U.S. News & World Report's “America's Best Hospitals.”

Facing the prospects of short- and long-term staff shortages within a job family (Registered Nurses) critical to GBMC’s financial and patient care goals, the organization implemented a workforce planning process designed to assess current and projected internal labor supply patterns and estimate the demand for staff and skills over the next 4 years.

Adopting a rigorous workforce planning methodology that included environmental analysis, scenario planning, supply and demand forecasts, and action planning, GBMC’s HR and Nursing leaders partnered to launch several new recruitment and retention initiatives.

The quantitative results are impressive. The current Nursing Vacancy Rate is down from 16% to 1% and the organization has saved over $3 million in temp agency costs. Internally, workforce planning has bolstered HR management’s credibility as a business driver and brought focus and discipline to workforce issues.

Relevant to any organization that is embarking upon, or seeking to improve, a workforce planning process, this webinar will outline how GBMC launched its initiative, secured support from key stakeholders around the organization, and implemented gap-closing strategies. Specific attention will be devoted to how GBMC’s workforce planning team measured the success of the process and translated workforce data into business metrics.

This webcast has been approved for 1.0 General credits through HRCI

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