Miami Best Places to Work Roadshow | Health Catalyst
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Jeff Selander, Chief People Officer Culture and Engagement: The New Success Imperative
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Miami Best Places to Work Roadshow | Health Catalyst
- 1. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Culture and Engagement: the New Success Imperative Confessions of a Recovering Skeptic
- 2. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential My Journey… Chief Financial Officer… …Chief People Officer 2011 - 2015 103% 114% 22
- 3. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Three things… Business success today requires a strong and enduring culture to complement other differentiating factors such as product, market position, timing, etc. The changing workforce requires new attitudes and practices to effectively engage prospective team members. Health Catalyst culture and team member engagement have been at least as important to our success as an organization thus far as any other differentiating factor. 3
- 4. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential What is the Problem? – Waste in Health Care The US wastes $750 Billion per year “through unneeded care, byzantine paperwork, fraud and other waste.” (IOM, 2012) To systematically reduce waste, an Electronic Medical Record (EMR) is necessary but not sufficient Once health systems have implemented an EMR, they must organize, visualize and utilize this data through a healthcare-ready data warehouse infrastructure to identify and act upon the discovered waste “As long as [healthcare] data sits in the various clinical and operational systems (silos), it is not available for analytics” (Chilmark, 2013) Data Source: IOM 2012 $- $100 $200 $300 $400 $500 $600 $700 $800 US Healthcare Waste by Category ($Billions) Unnecessary Services Excess Administrative Costs Inefficient Delivery of Care Inflated Prices Fraud Prevention Failures $585 Billion 4 Without access to clinical, administrative and financial data through a data warehouse, health systems cannot directly address $585 Billion in annual waste 4
- 5. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Company Overview – How we address the problem Representative Customers How we help our customers Founded: 2008 Employees: 400+ HQ: Salt Lake City, UT Solution: EDW, Analytic Apps & Professional Services Patients: 70 Million Hospitals: 250+ Clinics 3,000+ 5 Services Analytics Applications Financial & Supply Chain Sources Administrative Sources EMR Sources Departmental Sources Patient Satisfaction Sources Enterprise Data Warehouse Clinical Workflow PHM Financial Risk Injury Prevention 5
- 6. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential First thing: Business success today requires a strong and enduring culture to complement other differentiating factors such as product, market position, timing, etc. 6
- 7. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential What is your Why? “People don't buy what you do; they buy why you do it. AAnd what you do simply proves what you believe” 7 -- Simon Sinek
- 8. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Health Catalyst Mission Build a great firm Be the recognized leader in data warehousing, analytics, and outcomes improvement Transform healthcare Is everything on my priority list each day contributing to at least one of these objectives? 8
- 9. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Outcomes Improvement We measure our success in patient lives saved or improved by our partner organizations. It’s why we do what we do 9
- 10. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential 10 …lives saved from sepsis, in… …days.
- 11. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Cultural Attributes Humble Hardworking 11
- 12. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Smart I love to learn and I am a lifelong student I strive to master new skills quickly with limited direction I actively discover and pursue innovative solutions I fail fast, recognize my mistakes and correct them quickly Smart 12
- 13. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Hardworking I make personal sacrifices, as needed, to get the job done I pace myself to avoid burnout (this is a marathon not a sprint) I stick to the task until the job is completed, then take on new work I am willing to contribute more than my fair share to a project I recognize that not every part of my job will be fun Hardworking 13
- 14. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Humble I am grateful for what I have I serve others without looking for recognition I recognize that good ideas can come from anyone I assume positive intent I am open to and respond favorably to feedback and coaching I am secure in my own abilities (humble self-confidence) I seek to improve myself before trying to improve others I ask for help when I need it (its ok to raise the white flag) I am excited when others succeed and offer sincere praise I put the success of the company above my own self- promotion Humble 14
- 15. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Does Culture Drive Financial Results? Revenue growth… Employment growth… Stock price growth… Net Income growth… 15 John Kotter and James Heskitt – Culture and Performance
- 16. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Second thing: The changing workforce requires new attitudes and practices to effectively engage prospective team members. 16
- 17. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential How to engage team members? 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 0 50 100 150 200 250 300 350 400 450 500 550 2011 2012 2013 2014 2015 2016 Total Team Members Millenials 17 26% 26% 27% 35% 39% 40% 0 50 100 150 200 250 300 350 400 450 500 550 2011 2012 2013 2014 2015 2016 Total Team Members Millenials
- 18. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Millennials By 2020, a full 86 million millennials will be in the workplace— representing a full 40% of the total working population. How do Millennials say they like to work? “It’s a priority for me to make the world a better place.” “I want a boss to serve more as a coach or mentor.” “I want “work-life integration,” which isn’t the same as work-life balance.” 18 The Intelligence Group - 2014
- 19. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential 19 Today’s organizations live in the Glassdoor era. Every corporate decision is immediately publicly exposed and debated. Once-private issues are are now posted online for every employee--and every potential employee--to read. An organizations culture—which can be loosely defined as “the way things work around here”—is increasingly visible for all the world to see…an organization’s culture cam become a key competitive advantage,--or its Achilles’ heel. Culture and engagement are now business issues... and there’s no place for organizations to hide. Global Human Capital Trends 2015, Deloitte University Press
- 20. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Get Fit Stay Fit Team sports events 20 Mobile App Gamefication 85% of our team members participate
- 21. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential The way it works Earning points 21
- 22. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Why we do this -- Jason 22 Before joining Health Catalyst, my body had been on a long slow road of neglect and degradation over the space of about 10 years… ...it was to the point where I could not tie my shoes without getting red in the face from held breath and strain… Health Catalyst's Get Fit Stay Fit challenges have added some much-needed fun and accountability to the mix… at the start of the Q4 Get Fit Stay Fit challenge until today, it has been over a year since I made that commitment… My quality of life, or at least my enjoyment of life, has been increased exponentially just by doing ONE active thing per day, every single day and by making it fun…
- 23. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Does Engagement Drive Team Member Results? With strong engagement, your team members are more likely to: Stay at work late if something needs to be done after the normal workday ends… Help someone at work even if they don’t ask for help… Do something good for the company that is not expected of them… Recommend that a friend or relative apply for a job at their company… 23 Temkin Group 2015
- 24. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Third thing: Health Catalyst culture and team member engagement have been at least as important to our success as an organization thus far as any other differentiating factor. 24
- 25. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential “When your team members love what they do, so will your customers…” -Simon Sinek 25 Contract Bookings and Customer Growth 0 5 10 15 20 25 30 35 40 2011 2012 2013 2014 2015 Contract Bookings Number of Customers at YE ContractBookings,millions <$10 million: >$160 million:
- 26. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential Three things… Business success today requires a strong and enduring culture to complement other differentiating factors such as product, market position, timing, etc. The changing workforce requires new attitudes and practices to effectively engage prospective team members. Health Catalyst culture and team member engagement have been at least as important to our success as an organization thus far as any other differentiating factor. 26
- 27. © 2015 Health Catalyst www.healthcatalyst.com Proprietary and Confidential “If you hire people just because they can do a job, they’ll work for your money. But if you hire people who believe what you believe, they’ll work for you with blood and sweat and tears.” 27 -- Simon Sinek
Notas del editor
- When I say the new success imperative, first and foremost, I mean that it is new for me, hence the subtitle for my presentation today. I’ve spent the most of my last 15 years professionally as either a senior finance professional or CFO of a VC backed start up of one flavor or another, and even as early as 2-3 years ago, the idea that culture and engagement can truly drive the success of a business in a quantifiable way was met (by me) with skepticism Let me tell you a little bit about my journey…
- As I said, I I’ve spent most of my career in finance, and the last nine years (across three startups) as the CFO, including the last four as the CFO with Health Catalyst. I joined as CFO in 2011 when HC had four people total, and revenues were $1m annually. Since then we have doubled headcount and more than doubled revenues every year for the past five years. It has been a total blast to be the CFO of this company. However, two years ago, I sat down with our CEO Dan Burton, who is also a good friend, and we talked about the fact that we were likely headed for the public markets, and we decided that it made a lot of sense to bring in a CFO with much more public market experience, which wouldn’t be that hard, since I had ZERO public market experience. So, what would I do? It took a little bit of time and evolution to figure out what I wanted to do next. I knew I wanted to stay involved with HC, and Dan and the Board wanted me to stay involved, and so I started to think about and craft my new role. I was very involved in the people side of things, and through a series of discussions, experiences and evolutions of the business, we decided that my next role would be that of Chief people officer The responses have been interesting, funny, and a little bit of a sad commentary on broad perceptions of what people and culture can and/or should mean to the success of a company.
- Our mission statement describes what we do and how we do it, but it doesn’t get to the why. What is our why?
- We are completely a mission driven company. We believe that we have the knowledge, tools, and means to bring about change and improve outcomes. In fact we measure our success in patient lives saved or improved by our partner organizations. When patient lives are saved or improved we know we are successful. That is why we are in the business we are in.
- One of the things that cannot change is our cultural attributes - smart, hardworking and humble. These attributes should be found in the core of each and every one of us. Let me define each of these attributes. Smart, Hardworking, and Humble.
- Smart Smart people love to learn and is a lifelong student. They strive to master new skills quickly with limited direction and actively discover & pursue innovative solutions. They fail fast, recognize their mistakes and correct them quickly. Share an example of a team member demonstrating the attribute Smart.
- Hardworking Hardworking people make personal sacrifices, as needed, to get the job done. They pace themselves to avoid burnout (this is a marathon not a sprint). They stick to the task until the job is completed, then take on new work. They are always willing to contribute more than their fair share to a project and they recognize that not every part of my job will be fun. Share an example of a team member demonstrating the attribute Hardworking.
- Humble Humble people are grateful for what I have. They serve others without looking for recognition and recognize that good ideas can come from anyone. They assume positive intent and are open to and respond favorably to feedback and coaching. They are secure in their own abilities (humble self-confidence) and seek to improve themselves before trying to improve others. They ask for help when needed. They are excited when others succeed and always offers sincere praise. Overall, they put the success of the company above their own self-promotion. Share an example of how Dan and Brent demonstrated the attribute humble with the selection of the CEO. In everything we do we should ask ourselves the question, “Is my daily behavior consistent with these attributes?”. Now that we’ve talked about how each and every one of use should conduct ourselves, let’s talk about how our operating principles guide our decision making.
- 11 year study by Harvard Professors John Kotter and James Heskitt on Culture and Performance