Question

1. Describe the key components of why human resource management is critical in today’s    healthcare industry. How does effective human resource management improve the quality of care provided to patients? Does controlling the cost of capital to recruit good employees help or hinder the amount of capital available in a healthcare organization?

Answer 1

Human resource management in the healthcare industry is critical as the requirement of the skills and the talent in healthcare sector are very specific and different from the other sectors. It is a difficult task to ensure that the people with the right skills will be selected in the sector and they will be retained for a long time. The key components of Human Resource Management are:

Recruitment of people with adequate skills

Training and development

Change management

Safety measures

Retention measures

The quality of care provided to the patients can be improved by improving the morale of the employees and staff. They should also be provided ample opportunities for professional development and growth in the organization.

Controlling the cost of capital will hinder the recruitment of good employees in the healthcare sector. This is because the good employees with the appropriate skill will only be able to take better care of the patients but they would expect good pay. Thus, controlling the cost of capital will not help to get good employees.