ce8c1034-70e9-485e-bce2-2f8ece9ebf92.provider's edge (5)

Cultural Fit:

Why Shared Values Matter in HealthTech Leadership


If you're already at the helm of an established healthcare technology company, you understand the challenges of steering a ship to success. But what if you're about to welcome a new executive (and possibly, a new teammate) on your board of advisors? How do you ensure that this new member seamlessly integrates into the team and doesn't disrupt the harmony?


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Show Summary

In the dynamic realm of HealthTech leadership, fostering a cohesive board and mastering the art of onboarding an executive isn't just advantageous – it's essential for saving resources, amplifying ROI, and propelling success.

In this episode, we delve deep into the pivotal elements of HealthTech leadership that align seamlessly with PulsePoint Path's commitment. Join us as we unveil transformative insights and strategies that spotlight the irreplaceable significance of harmonious board dynamics and meticulous executive onboarding.


1  Complementary Skills: Explore how assembling a diverse board with distinct skills sparks innovation and strategic depth, ensuring your company thrives in a competitive HealthTech landscape. Discover how a cohesive board isn't just a desirable asset; it's the cornerstone of groundbreaking success.


2. Cultural Fit: Uncover the pivotal role that shared values and culture play in forming a united front. Delve into how advisors and executives who resonate with your company's ethos foster collaboration, curbing potential conflicts that could hinder your journey.


3. Gradual Integration: Take a closer look at the transformative potential of gradual integration. Experience firsthand how allowing new team members to absorb your company's DNA step by step not only enhances their impact but also safeguards your investments.


4. Person-Centered Communication: Peel back the layers of effective communication strategies that enhance cohesion. Witness how open, transparent dialogue doesn't merely preempt conflicts; it knits together a tapestry of trust that fuels your collective success.


4.1. Defined Roles: Venture into the realm of role clarity, where streamlined responsibilities aren't just organizational magic – they're the building blocks of productivity. Witness how laser-focused roles unleash unparalleled creativity and strategic alignment.


4.2. Conflict Resolution: Embark on a journey through conflict resolution mastery. Discover how efficient protocols don't merely contain disputes; they foster unity, reinforcing the bedrock of your united board and its relentless pursuit of objectives.

Complementary Skills: A Puzzle for Success


Picture this: A few years back, Jane, the CEO of a thriving HealthTech company, faced a puzzling dilemma. Despite a stellar growth trajectory, she found herself grappling with a unique problem – finding the right experts to join her team of advisors. Like many of us, she believed that having an impressive lineup of advisors could skyrocket her company to new heights. Over the past decade, numerous companies, much like Jane's, have had their share of ups and downs. We've seen healthtech entrepreneurs driven by passion and innovation, pushing the boundaries of healthcare technology. Yet, time and again, they've struggled with a common hurdle - assembling a formidable team of advisors.


We understand your journey as a founder and executive. You've discovered your purpose, developed a great product or service that has the potential to make a real difference in the world, achieved multiple 7-figures in annual revenue or are well-funded, have some operational resources and have had consistent growth. But you are now feeling stuck. You are not sure how to scale your business to the next level. One of the big "ah-ha" moments you had was realizing that the people who helped build your company may not be the same people who can make your company the industry leader and build a multi-eight-figure company. So what do you do? You started searching for the best industry experts, contracting a headhunting company to help you, and thinking about how much money or stock you are willing to part ways with to retain this high-level talent to help you. Executive search firms can be costly to hire, often charging a percentage of the hired executive's first-year annual compensation. Training and onboarding an executive can take up to 90 days, during which they are not yet producing significant ROI for your company.

The Hidden Costs of Onboarding


On average, estimates suggest that onboarding costs for an executive can range from 50% to 150% of their annual salary. These costs can include expenses such as relocation assistance, training and development, technology and equipment, travel costs, orientation and integration, mentorship and coaching, and lost productivity.


Despite the best efforts to train, mentor, and onboard a new team member or executive, some businesses stumbled when new advisors joined the team, causing clashes with existing members. Others found their progress altering due to overlapping skillsets. The enthusiasm of a new hire was overshadowed by differences in values or lack of collaboration.

Strategies for Seamless Integration


But as the saying goes, every problem comes with a solution. Meshing a new board member with existing ones requires a strategic approach. Let’s talk about these 6 areas for you to consider:


1. Complementary Skills: Seeking advisors whose expertise fills gaps in your existing board’s skillset. Think of it as completing a jigsaw puzzle; each advisor should bring a unique piece that complements the overall picture. By assembling a diverse team of advisors, you'll harness a spectrum of insights, fostering innovation and strategic decision-making.

2. Cultural Fit: Ensuring the new member's values align with the company culture, minimizing clashes. A harmonious board isn't just about years of experience or credentials; it's about shared values. To ensure cultural fit, involve potential advisors in candid discussions about your company's mission, values, and expectations.

3. Gradual Integration: Allowing new members to attend meetings as observers before full integration. Gradual integration is a strategic approach to introducing new advisors to your board. By allowing them to attend meetings as observers, you provide a platform to understand the dynamics, decision-making processes, and personalities of the existing board.

4. Person-Centered Communication: Establishing transparent dialogue to address concerns and prevent conflicts. Maintaining open lines of dialogue is paramount when integrating a new advisor into your board. Encourage candid discussions about expectations, responsibilities, and potential concerns.

5. Defined Roles: Clearly outlining roles and responsibilities to prevent overlap. Define what each advisor brings to the table and how their expertise contributes to your company's success. Assign specific areas of focus to prevent overlap and establish a sense of accountability.


6. Conflict Resolution: Implementing protocols to handle disputes efficiently and prevent escalation. Even the most harmonious teams can face disagreements. The key lies in how conflicts are handled. Establish clear protocols for addressing disputes promptly and professionally.

Ensuring Harmony and Success

Building a cohesive board is an art, and the pieces should fit harmoniously. By considering these strategies, you can ensure a smooth, successful integration. So, if you're on the cusp of welcoming a new advisor, remember – building a cohesive board is an art, and the pieces should fit harmoniously. By considering these strategies, you can ensure a smooth, successful integration.

Conclusion: Harmonizing Your Board for Success

In the fast-paced world of healthcare technology, where innovation is the currency, your board of advisors plays a pivotal role. Their collective wisdom, skills, and guidance can steer your company toward unprecedented success. Yet, assembling a harmonious board can be a daunting task, one that demands thoughtful consideration.

As you embark on this journey, remember that a well-integrated advisory board can propel your healthcare technology company to new heights. Each advisor should be like a piece of a jigsaw puzzle, fitting seamlessly into the overall picture. Their skills should complement, not overlap, ensuring that the board operates as a cohesive, forward-moving force.

Cultural alignment and open communication are equally important. Shared values and candid discussions about expectations and responsibilities will minimize clashes and promote mutual respect. Gradual integration, where new advisors observe meetings before full participation, offers valuable insights into your company's ethos.

Moreover, transparent conflict resolution protocols are essential for maintaining a harmonious board. Even the most harmonious teams can face disagreements, but addressing them promptly and professionally is key.

So, when you're on the verge of welcoming a new advisor, remember that the art of building a cohesive board lies in the thoughtful integration of its diverse pieces. By considering these strategies – complementary skills, cultural fit, gradual integration, person-centered communication, defined roles, and conflict resolution – you'll ensure a smooth and successful integration, guiding your healthcare technology company to greater success.


Ready to magnify your HealthTech journey's impact?


Tune in 🔊to our podcast and unravel the blueprint for a cohesive board and strategic executive onboarding.  

🎧 SabrinaRunbeck.com/Podcast 

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