When designing and implementing a financial plan for an organization/department, management responsibility and staff accountability are key factors for success. Management must understand the financial goals and utilize motivation strategies for staff development. It is important for the staff to understand how their efforts effect the financial outcomes, so that goals are mutually strived for. Nurse managers with strong interpersonal skills and a dynamic and innovative outlook can utilize a people-centered culture to promote a motivational environment.
Nurse managers aiming for a low-cost-producer strategy must hire nurses who possess a high work ethic and appreciate productivity and quality of work. During the hiring process, nurse managers should select candidates who fit with the hospital's current culture in order to improve productivity. When compensation is factored, individual employees should be assessed for their productivity level and rewarded on this basis. Productivity reduces when employees feel they will receive the same raise in pay, regardless of their output. When employees strive for a higher raise and they are aware that it is merit based, quality patient care is incentivized. Reward allocations need to be accurately linked to behavioral goals and outcomes. Compensation is a significant expense in health care, and leniency in performance appraisal must be avoided. Nurse managers need to be informed on area employee pay scales to ensure that they are offering competitive rates, which can help to attract effective employees. The more effective an employee is from the start, the less training they require, thus reducing expenditures. Developing and maintaining staff competencies through ongoing education initiatives supports a highly productive and engaged environment with improved patient care.
Nurses should advocate for a safe and effective work environment, and this should be encouraged at the managerial level. All nurses, regardless of role or job title, should be advocating for quality patient care and safe working environments. Advocacy lends to assessing a need and finding the means to address it. Nursing leaders can promote team-oriented environments in which support is available and strengths are utilized. Staff involvement leads to an increase in retention rates, thus lowering costs and promoting a sense of ownership. When nursing staff are involved in the budgeting process they are able to understand firsthand the operating challenges that exist in today’s healthcare environment. Scheduling and staffing can be a collaborative effort, which can boost morale and retention rates as well. Having adequately staffed units increases quality patient care and staff can be involved by means of staffing committees and self-scheduling. A sense of ownership can also be fostered when nursing leaders support staff to collaboratively address concerns with one another. In order to educate nursing staff on these collaborative efforts, ongoing staff development is key.
Pause, Reflect, and Plan:
Now, let us reflect on our daily nursing leadership influence on staff development from a financial perspective. How is the morale of our organization/department? What does our culture look like? Say about us? How can I work to be a positive part of the puzzle?
Perhaps journaling your thoughts may help you to organize them and work towards a plan for success. Try it!