18 Apr Women Business Leaders in Healthcare
Constant change is the norm in today’s corporate America. In the healthcare industry, the volatile environment is compounded by the uncertainty of the legislative and regulatory climate. Simultaneously, many healthcare companies have been merging, divesting, expanding into new global markets, introducing new products and services at a faster pace than ever. And the competition for top talent has never been greater. In this tumultuous environment, formal corporate mentoring can play an essential role in retaining and developing key talent. As a result, Menttium has developed many clients in the healthcare industry seeking stability for their key talent. Here are a few perspectives on the emerging trends and how Menttium plays a role in advancing healthcare leadership.
Healthcare Insights From Various Business Leader Perspectives
The Futurist
A significant 90% of tech start-ups will fail. Obesity is now a greater threat to our survival than malnutrition. In less than 20 years, 60% of the world’s gross domestic product will be generated by a mere 600 cities…100 of those cities haven’t even been formed yet. In Europe, 20% of companies surveyed indicated they couldn’t find the leadership talent they need to grow their organizations, and Japan was even higher at 50%. The average daily commute in a Mega City (pop. 10 Million people or more) is 5 hours a day. And, the first person to live to 150 has already been born. These are just a few of the trends a futurist predicts, and, thus, the question becomes, what is necessary to thrive, innovate, and remain relevant in our constantly evolving world? The conclusion: creativity, acknowledgment that failure is a critical part of the innovation process, collaboration across sectors, industries, functions and teams, and strong leadership are all part of the answer.
The Leadership Expert
In today’s work environment there is a $400B loss of production due to disengagement. “The rate of change today is the slowest amount of change you will experience.” It is not resistance to change but to the unknown. In a study of 10,000 people, four concepts surfaced as critical in developing leaders in a swiftly changing environment.
- Stability (security & support) – Be Visible
- Compassion (caring & friendship) – Care about them as humans
- Trust (honesty & respect) – Communicate that you are in this together
- Hope (direction & faith) – Be clear about the road ahead
Companies need to reframe change as their biggest growth opportunity, re-energize their best performers (this is where corporate mentoring comes in), and reinvent their company culture to embrace ambiguity.
The Entrepreneurs
A few key traits that these bright women entrepreneurs have in common:
- A vision of what could be
- Passion for the challenge of making a difference
- A willingness to risk failure in the start-up environment.
How tech companies are disrupting health care now:
- Reducing unnecessary ER visits – 70% of patients in the ER don’t need to be there
- Expanding medical device accessibility and innovation – 80% of medical devices are made for 20% of the global population
The Investors
Invest in healthcare now for the future. The most important thing an investor looks at? First and foremost, the Management Team. Whether they are funding a start-up or an on-going business that has significant growth potential, it’s not the product/service or even P&L investors look at first. They look at the leaders of the organization. Are the c-suite and board aligned in working together, are the c-suite leaders trusted by the rest of the organization, and have they built a healthy organizational culture?
The Culture Experts
Americans make 35,000 decisions each day, but we become passive in our healthcare. It’s time to stop talking about managing and prescribing to patients and instead guide and coach them with effective communication. How do we include patients in partnering in their healthcare decisions and wellness plans? Culture is on the radar of every public company. It’s become even more important to boards. Culture has become even more critical with the widely-acknowledged talent shortage. The most critical component of a healthy culture, trust, is at an all-time low across the board. Organizations need a confidential feedback loop as one way to address this issue.
The Researchers
Based on Korn Ferry’s research the question is still at the forefront of our minds: What will help more women get to the top? 6% of Fortune 1000 CEOs are female. 14% of female CEOs attribute their success to mentors. 12% of women knew they wanted to be a CEO. The results suggest that spouse-support is critically important, that women need to be told they have the potential to be CEO and that women need more and stronger opportunities in broadened leadership roles that build their credibility and reputation for success. This is a well acknowledged truth that Menttium helps individuals and organizations to address every day.
Tying It All Together
While the challenges ahead can feel daunting, the solutions to these challenges are emerging as we work together collaboratively, across boundaries; bringing the best of ourselves to the table and our best ideas to the world.