Chief executive officers retention model for Australian hospitals.

Abstract

Objective This study aims to develop a comprehensive chief executive officer (CEO) retention model for Australian hospitals, addressing high turnover rates by integrating key retention strategies to promote organisational stability and enhance patient care. Methods The study employed a sequential exploratory design with four stages: a scoping review, qualitative interviews, a quantitative survey, and comprehensive data analysis. The scoping review examined existing literature on CEO turnover and retention. Qualitative interviews with 14 Australian hospital CEOs provided in-depth insights. A quantitative survey with 51 CEOs validated the findings. Data triangulation ensured a robust and contextually relevant model aligned with Transformational Leadership Theory and a systems approach. Results Five key factors influencing CEO retention were identified: mutual respect and clear roles between CEOs and boards, fostering a positive organisational culture, competitive rewards, robust recruitment and retention practices, and ongoing professional development and mentorship. The model emphasises a supportive environment, equitable compensation, effective succession planning, and leadership development. Findings indicate a holistic approach addressing both professional environment and personal growth is essential for improving CEO retention rates. Conclusions The CEO retention model provides practical solutions to reduce turnover and enhance stability in Australian hospitals. By incorporating Transformational Leadership Theory and a systems approach, the model offers a comprehensive framework that addresses the multifaceted nature of CEO retention. Future research should refine these strategies and explore their applicability in different healthcare settings to further enhance effectiveness.