Celebrating Business Longevity

 

Recent information shows that just 44% of new businesses are still in operation after 5 years. New corporations, however, average approximately 12 to 15 years. When a business or corporation exceeds these life cycles, it is a significant accomplishment.

Employee Turnover Rates

The Bureau of Labor Statistics recently reported on the average number of years that employees remained with their current employer. It’s unlikely that many of these individuals celebrated their fifth work anniversary, because they remained in those positions for just 4.6 years.

Bedside resident nurses have a current turnover rate that ranges from 8.8% to 37.0%. The national average for all registered nurses, however, is 17.2%. It’s important to note that this represents a 0.8% increase from 2014.

There is also a significant turnover rate with chief executive officers (CEOs). During the 1990s, for example, the average CEO’s tenure was 10 years. Currently, however, it has decreased to 5.5 years.

Causes of Increased Turnovers

There are a broad range of reasons for high turnover rates. In some cases, this may be due to a lack of leadership. In other situations, it may be due to long working hours in a stressful environment. When many employees aren’t happy or don’t feel acknowledged, they tend to begin searching for new employment opportunities.

Challenges Facing Hospital CEOs

It’s interesting to note that 65% of “exceptional” CEOs are internal hires, according to a study conducted by McKinsey. When these individuals have been employed by a company for a significant number of years, they have developed a strong sense of the organization and its mission. Furthermore, they have also demonstrated essential leadership skills.

The highest ranking position in a hospital organization is the CEO. In order to qualify for this job, an individual must have approximately 8 to 10 years experience in the following positions:

• Mangement
• Administration
• Healthcare

Financial challenges are the most significant issue that hospital CEOs have to address, according to an American College of Healthcare Executives survey. Furthermore, as of 2016, CEOs reported this was the case for 13 years in a row.

Addressing Financial Issues in the Healthcare Industry

In order to address the financial issues facing the healthcare industry, many people choose to make philanthropic donations. Charitable giving increased 8.2% between the years of 2010 and 2011, according to the Association for Healthcare Philanthropy.

Non-profit agencies and organizations often launch a capital campaign to raise funds for necessary equipment, building renovations, and other vital needs. These campaigns are composed of 2 phases, the quiet phase and the public phase. As a result of major gifts’ strategies, 50% to 70% of the necessary funds are raised during the initial phase of these campaigns.

Many people in the United States choose to donate their time in a variety of healthcare settings. In September 2015 alone, 6.6% of American volunteers donated time to some type of health facility.

These dedicated individuals greatly assist in a variety of capacities, and it’s not unusual to have physicians donate their time. The most satisfying aspect of being a physician is “patient relationships,” according to a recent survey.

Prolonging Retirement

Even though 49% of the currently-employed Baby Boomer generation isn’t planning to retire until they reach 66 years of age or older, others don’t expect to retire at all. While financial concerns may be the reason many individuals within this age bracket are waiting until they are older to retire, others may be reluctant to leave positions and careers that are personally meaningful.

Celebrating Retirement and Business Anniversaries

When CEOs and other personnel retire, it’s important to acknowledge their dedicated service. Unique retirement gifts are an excellent way to demonstrate their time with the company. Company memorabilia can be a unique gift idea, such as a CEO retirement shadowbox.

It’s exciting to celebrate a business’ benchmark anniversaries. When celebrating these momentous occasions, the planning team will be looking for unique 25th, 50th, and 75th business anniversary ideas.

When a company is in business for this long, 75th business anniversary ideas might include memorabilia as well. Other 75th business anniversary ideas include artistic installations that highlight the company and the contributions made by its employees. While there are quite a few 75th business anniversary ideas from which to choose, these will be memorable.