421 Activity 5: Financial Considerations Essay

 421 Activity 5: Financial Considerations Essay

421 Activity 5: Financial Considerations Essay

Financial considerations are an important aspect of any change project, including addressing the shortage of nurses. Such projects involve costs associated with planning, implementation, and evaluation (Haddad et al., 2022). These considerations include limitations that may challenge the project’s success and the benefits that can be derived from it. This paper aims to develop a potential budget for the change project, identifying where resources will be allocated and where cost savings can be utilized.

Financial Considerations, Limitations and Benefits of Change Project

The development of a change project to address the shortage of nurses in nursing homes requires careful financial considerations, as well as an understanding of the limitations and benefits associated with the project. It is imperative to recognize that implementing changes to attract and retain nursing staff may require a significant financial investment, particularly in salary increases and benefits packages (Forde-Johnston & Stoermer, 2022). However, the benefits of having a fully staffed nursing team include increased quality of care and improved patient health outcomes. Investing in the nursing staff’s professional development can help retain experienced personnel and attract new talent.

There are also limitations associated with the change project, such as the potential for resistance from internal stakeholders who may resist change or not see the value in investing in nursing staff (Furxhi, 2021). Furthermore, external stakeholders such as government agencies may need more budgets for healthcare initiatives, making it difficult to secure funding for the project. However, engaging both internal and external stakeholders effectively enables the project’s design that can address their concerns and garner support for the initiative.

Potential Budget for the Change Project

Addressing the nursing shortage requires developing a potential budget focusing on allocating resources and identifying cost savings. In the case of a change project on nurses’ nursing home shortages, research and data analysis would cost $4,500 to gather information on current staffing levels and turnover rates. Marketing and recruitment strategies would be implemented at $9,000 to promote the facility as a desirable workplace and attract new nurses and caregivers. Employee training and development would be a priority, costing $8,000 to improve employee skills and knowledge. Incentive programs, such as bonuses or other rewards, would cost $7,000 to retain current staff. Finally, hiring additional staff would be necessary at $20,000 to increase staffing levels and improve the quality of care.

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To achieve cost savings, implementing technology would cost $10,000 to automate some tasks and reduce the workload for staff. Reducing employee turnover would save $30,000 in hiring and training new staff costs. Implementing best practices would cost $5,000 and reduce waste and inefficiencies in current processes. These resources would be allocated from the organization’s operating budget, while the cost savings would come from reducing expenses related to employee turnover and improving processes. The incentive programs and employee training may also have long-term cost savings by improving staff retention and productivity.

Conclusion

Financial considerations are a crucial aspect of any change project aimed at addressing the shortage of nurses in nursing homes. Such projects require a potential budget that outlines the costs associated with planning, implementation, and evaluation. It is important to recognize the limitations and benefits of the project, such as resistance from internal and external stakeholders and the potential for improved quality of care and patient health outcomes. Investing in nursing staff and their professional development is essential to address the shortage of nurses and improve the quality of care in nursing homes.

References

Forde-Johnston, C. & Stoermer, F. (2022). Giving nurses a voice through ‘listening to staff’ conversations to inform nurse retention and reduce turnover. British Journal of Nursing, 31(12). https://doi.org/10.12968/bjon.2022.31.12.632

Furxhi, G. (2021). Employee resistance and organizational change factors. European Journal of Business and Management Research, 6(2), 30–32. https://doi.org/10.24018/ejbmr.2021.6.2.759

Haddad, L. M., Toney-Butler, T. J., & Annamaraju, P. (2022). Nursing shortage. National Library of Medicine; StatPearls Publishing. https://www.ncbi.nlm.nih.gov/books/NBK493175/

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Activity 5
Financial Considerations
Discuss the financial considerations, limitations, and benefits associated with the development of the change project.

Additional Instructions:
1. All submissions should have a title page and reference page.
2. Utilize a minimum of two scholarly resources.
3. Adhere to grammar, spelling and punctuation criteria.
4. Adhere to APA compliance guidelines.
5. Adhere to the chosen Submission Option for Delivery of Activity guidelines.
Submission Options
Choose One: Instructions:
Paper • 2 page paper. Include title and
• 3 reference pages.

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Organizational and Systems Leadership: Financial Considerations
Description: The baccalaureate graduate will provide oversight and accountability in a variety of settings.
Course Competency: 6) Examine the variables that impact the allocation of resources.
QSEN Competencies: 2) Teamwork and Collaboration 4) Quality Improvement
BSN Essential II
Component	Gold Mastery	Silver Proficient	Bronze Acceptable	Acceptable Mastery not Demonstrated
Explain the financial considerations, limitations, and benefits associated with the change project	Explains the financial considerations, limitations, and benefits associated with the change project	Discusses the financial considerations, limitations, and benefits associated with the change project but not in-depth or content is missing	Lists the financial considerations, limitations, and benefits associated with the change project	Does not address the section
Develop a potential budget for the change project, identify where resources would be allocated from and where cost savings would be utilized	Develop a potential budget for the change project, identify where resources would be allocated from and where cost savings would be utilized	Developing a budget for the change project does not provide one of the following, where the resources would be allocated from or where the cost savings would be utilized	Develops a basic budget with missing information and does not provide where resources would be allocated from or where the cost savings would be utilized.	Does not address the section
APA, Grammar, Spelling, and Punctuation	No errors in APA, Spelling, and Punctuation.	One to three errors in APA, Spelling, and Punctuation.	Four to six errors in APA, Spelling, and Punctuation.	Seven or more errors in APA, Spelling, and Punctuation.
References	Provides two or more references.	Provides two references.	Provides one reference.	Provides no references.