Nurse Manager Succession Planning: A Cost-Benefit Analysis
Read your assigned article and then answer the prompts below.
1. Summarize the article, focusing on the financial impact and/or analysis.
2. Identify one strength and one limitation of the analysis/financial impact discussion.
3. If you were a manager of a unit/setting implementing change based upon the article discussion, how would you motivate staff to consider and implement the change? How would you communicate the findings and make a compelling case?
What are your conclusions and recommendations based upon your analysis? What are the implications you noted and why are they significant to your practice?
Include evidence to support your post. Evidence for the initial post needs to include 2 sources (one from outside course materials), that are from within the previous 5 years. Your outside source should be scholarly/professional (from peer-reviewed journals).
The assigned article is : Nurse Manager succession planning: A cost benefit analysis article
Nurse Manager Succession Planning: A Cost-Benefit Analysis
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Nurse Manager Succession Planning: A Cost-Benefit Analysis
Article Summary
Nurse managers are leaders responsible for one or more nursing units within a hospital. Succession planning involves identifying positions within an organization and training or hiring people to fill the roles. The high turnover rate by front-line health workers, including nurse managers, makes it essential to plan for succession. It is also expensive to replace nurse managers in the U.S., with the cost amounting to approximately 75% to 125% of their yearly pay (Phillips et al., 2018). The advantages of preparing and motivating employees to fill managerial positions outweigh the costs. Internally promoted managers are more successful in their roles than candidates from outside. Furthermore, institutions that promote employees have lower turnover rates and cut costs in the process (Ali & Mehreen, 2019). Succession planning ensures a smooth transition when vacancies occur due to promotions, retirements, or other changes within an institution.
Strength of the Analysis
Succession planning reduces employee turnover and ensures smooth transitions when vacancies arise in an organization.
Limitation of the Analysis