Okay, we talked about strengths, weaknesses, and opportunities. Next, let's talk about threats.

Examples include:

  • Review overtime pay and statistical trend of staff expenses and productivity rate versus receipts trends.
    • Let's start with overtime. Your staff might be getting overtime. Is this justified? Are they “milking the clock” or are they mismanaged, meaning no one is watching this and keeping them accountable? Or is this truly overtime needed because you are so short staffed?
    • Next, your staff expense percentage and productivity rate versus your receipts. Tthis is a two-headed coin: Sometimes our staff isn't as productive because they're not selling as much; they're not collecting that money on the same day. But it can also be because our doctors need to order those extra testings and follow-up visits. Check and see if you're following your clinical care guidelines. Your increase receipts per patient could be very simple. 
  • Next, existing staff members seeking other employment or education commitments, staff with an upcoming planned leave of absence, staff with growing outside commitments
    • Okay, so let's start at the beginning. Staff members seeking other employment or education commitments; I like to call these pitstop employees. They might enjoy working for you, but it's not their dream career. Right? They may have even told you during their interview that, “Oh yeah, I want to be in criminal justice one day, or physical therapy one day." So, don't be shocked when a year later they give you a notice, saying, “Yeah, I'm going to go do that. I can't wait to go do that.” Now you've got another threat. Now you've got another spot to fill.
    • Next, planned leaves of absence. This could be engagements such as a wedding, a pregnancy, or other commitments that you know about. They’ve told you about them. Now you need to plan around that
    • Staff with growing outside commitments. Well, we could all probably think of a couple outside commitments with family. So, before you go hire, be sure to talk to your staff about plans for their future and their careers.
  • Next, identify state of the local labor market to understand where applicants are coming from and where they could go. Visiting with your fellow business leaders and Chamber of Commerce, you're going to know what's going on in your community. Have there been a lot of layoffs? Is staffing hard from them as well, and they just can't find anyone?
  • Next, analyze labor force trends. What are your competitors offering in wages, benefits, and other incentives? Are you in a competitive job market? A popular one here is the bank next door. They might offer a similar career and more benefits or more flexibility in their hours.

There are many career paths out there. Understanding where your employees are going and why is very important.