CVS Health logo

CVS Health Hr

To build a high-performing, diverse workforce that delivers innovative healthcare solutions by creating accessible healthcare for all communities

Stay Updated on CVS Health

Get free quarterly updates when this SWOT analysis is refreshed.

CVS Health logo
Align the strategy

CVS Health Hr SWOT Analysis

|

To build a high-performing, diverse workforce that delivers innovative healthcare solutions by creating accessible healthcare for all communities

Strengths

  • TALENT: Strong talent acquisition capabilities in healthcare sector
  • DIVERSITY: Industry-leading diversity and inclusion programs
  • SCALE: Large workforce providing flexibility for resource allocation
  • TRAINING: Robust healthcare-specific training infrastructure
  • TECHNOLOGY: Advanced HR systems supporting 300,000+ employees

Weaknesses

  • TURNOVER: Higher than industry average frontline employee turnover
  • INTEGRATION: Siloed HR processes across retail and healthcare units
  • BURNOUT: Increasing employee burnout rates in clinical positions
  • COMPENSATION: Salary compression issues in pharmacy roles
  • DIGITAL: Outdated employee self-service technology infrastructure

Opportunities

  • UPSKILLING: Expand clinical certification programs for employees
  • REMOTE: Implement hybrid work models for corporate functions
  • ANALYTICS: Leverage workforce analytics to optimize staffing models
  • AUTOMATION: Automate routine HR processes to improve efficiency
  • PARTNERSHIPS: Develop educational partnerships for talent pipeline

Threats

  • COMPETITION: Intensifying talent war with other healthcare providers
  • REGULATION: Increasing healthcare workforce compliance requirements
  • UNIONS: Growing unionization interest among retail employees
  • MARKET: Wage inflation pressures across all healthcare roles
  • SKILLS: Evolving healthcare skills gap requiring rapid adaptation

Key Priorities

  • ENGAGEMENT: Improve employee retention through enhanced engagement
  • TECHNOLOGY: Modernize HR digital platform for improved experience
  • DEVELOPMENT: Expand clinical career pathways and upskilling
  • ANALYTICS: Implement advanced workforce analytics capabilities
CVS Health logo
Align the plan

CVS Health Hr OKR Plan

|

To build a high-performing, diverse workforce that delivers innovative healthcare solutions by creating accessible healthcare for all communities

RETAIN TALENT

Build a culture where top talent thrives and stays

  • TURNOVER: Reduce frontline employee turnover rate from 25% to 20% through targeted retention programs
  • ENGAGEMENT: Improve employee engagement score from 78% to 85% by implementing pulse surveys and action plans
  • RECOGNITION: Launch revamped recognition program reaching 90% of employees with monthly touchpoints
  • FLEXIBILITY: Implement flexible scheduling options for 100% of retail locations, measuring satisfaction impact
MODERNIZE HR

Transform digital employee experience end-to-end

  • PLATFORM: Complete implementation of new HR technology platform for all 300,000+ employees by Q4
  • AUTOMATION: Automate 60% of routine HR administrative tasks, saving 25,000 hours annually
  • CHATBOT: Deploy AI-powered HR service chatbot with 75% first-contact resolution rate
  • EXPERIENCE: Achieve 85% employee satisfaction rating with new digital HR tools and interfaces
BUILD PATHWAYS

Create healthcare career growth opportunities for all

  • UPSKILLING: Enable 5,000 employees to complete clinical certification programs with 90% completion rate
  • ADVANCEMENT: Implement structured career pathways for 100% of clinical roles with clear progression
  • TRAINING: Deliver 250,000 hours of specialized healthcare skills training across the organization
  • INTERNAL: Increase internal promotion rate from 45% to 60% through targeted development programs
POWER DECISIONS

Leverage workforce analytics to optimize performance

  • DASHBOARD: Implement comprehensive workforce analytics dashboard used by 100% of HR business partners
  • PREDICTIVE: Deploy predictive retention models with 80% accuracy to proactively address turnover risks
  • PLANNING: Optimize workforce planning models reducing overstaffing costs by $15M annually
  • INSIGHTS: Train 250 managers on using workforce analytics for data-driven decision making
METRICS
  • ENGAGEMENT: Employee Engagement Score: 85% by Q4 2024, 90% by Q4 2025
  • RETENTION: Overall Annual Voluntary Turnover Rate: 18% or lower
  • EFFICIENCY: HR Operating Cost per Employee: $1,950 or lower
VALUES
  • Innovation: Pioneering new approaches to healthcare delivery and workforce development
  • Integrity: Acting with honesty, transparency, and ethical standards in all interactions
  • Caring: Demonstrating compassion and empathy in supporting employees and customers
  • Collaboration: Working together across divisions to achieve common goals
  • Accountability: Taking responsibility for actions and outcomes
CVS Health logo
Align the learnings

CVS Health Hr Retrospective

|

To build a high-performing, diverse workforce that delivers innovative healthcare solutions by creating accessible healthcare for all communities

What Went Well

  • GROWTH: Healthcare services division expanded headcount by 15% on target
  • DIVERSITY: Achieved 40% diverse representation in management positions
  • DEVELOPMENT: Successfully launched clinical career advancement program
  • RETENTION: Pharmacy technician retention improved 8% year-over-year
  • BENEFITS: Enhanced mental health benefits utilized by 35% of workforce

Not So Well

  • RETAIL: Store-level turnover remained 5% above target across divisions
  • RECRUITING: Time-to-fill for clinical positions exceeded targets by 12 days
  • ENGAGEMENT: Employee engagement scores declined 3 points in retail segment
  • TECHNOLOGY: HR system modernization project behind schedule by one quarter
  • COSTS: HR operational costs per employee increased 4% year-over-year

Learnings

  • FLEXIBILITY: Flexible scheduling significantly impacts frontline retention
  • PATHWAYS: Clear career advancement opportunities correlate to engagement
  • LEADERSHIP: Manager capability directly impacts team turnover metrics
  • INTEGRATION: Cross-functional HR teams deliver better business outcomes
  • DIGITAL: Employee digital experience expectations continue to increase

Action Items

  • IMPLEMENT: Launch manager effectiveness training program by end of Q3
  • REDESIGN: Overhaul retail scheduling system with flexibility options
  • ACCELERATE: Fast-track HR technology modernization with additional resources
  • EXPAND: Scale successful clinical career pathway program to all divisions
  • DEVELOP: Create advanced workforce analytics capabilities and dashboard
CVS Health logo
Drive AI transformation

CVS Health Hr AI Strategy SWOT Analysis

|

To build a high-performing, diverse workforce that delivers innovative healthcare solutions by creating accessible healthcare for all communities

Strengths

  • FOUNDATION: Strong data infrastructure from millions of employee records
  • PILOTS: Successful AI recruiting pilots showing 30% efficiency gains
  • LEADERSHIP: Executive commitment to AI transformation in HR
  • PARTNERSHIPS: Established relationships with leading HR tech vendors
  • RESOURCES: Dedicated innovation budget for HR technology

Weaknesses

  • SKILLS: Limited AI expertise within HR team members
  • INTEGRATION: Fragmented AI solutions across HR functions
  • GOVERNANCE: Underdeveloped AI governance and ethics frameworks
  • DATA: Data quality issues hampering AI model effectiveness
  • ADOPTION: Low employee trust and adoption of AI HR tools

Opportunities

  • PERSONALIZATION: AI-powered personalized learning pathways
  • AUTOMATION: Automate 60% of routine HR administrative tasks
  • PREDICTIVE: Implement predictive retention and engagement models
  • CHATBOTS: Deploy HR service chatbots for 24/7 employee support
  • SCHEDULING: AI-optimized workforce scheduling across locations

Threats

  • PRIVACY: Growing employee concerns about AI data privacy
  • BIAS: Risk of algorithmic bias in recruiting and promotion systems
  • REGULATION: Emerging AI regulations affecting HR applications
  • RESISTANCE: Employee resistance to AI-driven workplace changes
  • COMPETITION: Healthcare competitors advancing HR AI capabilities

Key Priorities

  • UPSKILL: Build AI literacy and capabilities across HR organization
  • ETHICS: Develop comprehensive AI ethics framework for HR
  • INTEGRATE: Consolidate AI solutions into unified HR platform
  • EXPERIENCE: Focus AI implementation on enhancing employee experience