PricewaterhouseCoopers (2014), a company that provides audit and assurance, tax, and consulting services, stated labor is the single, largest expense most healthcare operations face, accounting for between 45 and 60 percent of operating cost. The healthcare field is highly regulated and a growing industry. With the shortage of healthcare workers, the process of sourcing, attracting, hiring, and retaining talent staff it is vital to the health of the organization.
PricewaterhouseCoopers. (2014). Medical cost trend: Behind the numbers 2015. Retrieved from https://www.pwc.com/us/en/health-industries/top-health-industry-issues/assets/pwc-hri-medical-cost-trend-2015.pdf
View this Human Resource Management video regarding the Human Resource department.
In today’s job market, we see many human resource management changes and challenges evolving with the changes in a competitive market environment. One goal of the human resource department is to hire employees that will be as productive as possible, which in turn leads to more revenue and the success of an organization.
We see challenges in healthcare such as being properly staffed to care for the patient load, keeping morale high, keeping the budget down, and making sure the employee is properly trained and oriented, to name just a few.
Submit a 2- to 3-page paper that explains the significance of human resource management in healthcare. Identify and discuss the following: