Job growth in the healthcare sector exploded in 2015 and set records in 2016. The Bureau of Labor Statistics predicts the healthcare industry will eventually overtake state and local government as the largest employing sector. At first glance this is positive news for the industry, but the increased demand and lack of qualified talent makes hiring and retaining professionals a challenge for healthcare companies.
Meaningful Work Leads to Job Satisfaction
Since a higher purpose is the holy grail of job satisfaction and performance, it isn't surprising to learn that workers with jobs associated—even tangentially—to healthcare services report higher satisfaction. This gives healthcare organizations a competitive advantage over other industries in attracting and recruiting professionals. In a poll by WorkplaceDynamics, the following are the top reasons why healthcare company staffers valued their work:
- Making a difference in people’s lives
- United in a greater cause
- Changing the industry and the world
Structured Recruiting is Imperative
Talent management must be a top priority for healthcare organizations with the current reality of increasing demand coupled with a shortage of qualified candidates.
As Jim Collins describes in his book, Good to Great: Why Some Companies Make the Leap. . .and Others Don’t, it is imperative to hire the right people, ensure employees are “in the right seats,” and get those who no longer fit “off the bus.”
A structured and planned approach to interviewing is crucial in finding a candidate that will fill an urgent vacancy, and identify candidates that provide another dimension and new perspectives to the team.
With vast advances in technology, technical acumen is now a mandatory attribute for healthcare staffers. Employees in healthcare need to be comfortable working with the latest medical software and technology, and this new expectation means not everyone with healthcare experience fits the requirements of the job in the 21st century.
Additionally, demand blossomed with millions of new users added to the system from the Affordable Care Act and aging Baby Boomers who require more medical attention. The issue is exacerbated because of the growing rate of retirement among healthcare workers without a corresponding increase in those entering the healthcare field, due in part to inadequate funding for education as well as individuals selecting specialties that offer better work/life balance.
Onboarding is Essential to Success
The healthcare industry suffers from rising turnover rates, and employers are reporting higher levels of voluntary turnover rates which indicate that employees have confidence in the job market. Staff attrition is expensive, not to mention the negative impacts it can have on the patient experience. Healthcare leaders must galvanize their management teams to tackle talent recruitment, management, and retention.
Successful onboarding is crucial to the retention of any employee, but especially a new executive. This includes the initial orientation, but also the support and checkpoints that will continue. In fact, having an effective onboarding program just might be the most powerful tool in your retention toolbox, because it can turn a new hire into a dedicated employee.
For more information, read our ultimate guide to recruiting and hiring top executives.
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