How to Attract (and Sign On) Top Talent in the Healthcare Industry

Top-Talent-in-the-Healthcare-Industry

The healthcare industry has changed substantially over the past few decades. There are many reasons for this including:

  • Changes in healthcare legislation have impacted how healthcare is sought after, organized, and delivered
  • New developments in both diagnosis and research have led to a more specialized field than ever before
  • Overall, these technological advances have changed consumer demands and expectations

With patients and their families expecting a more personalized approach in their healthcare, health organizations everywhere are looking for ways to expand and specialize their talent. It is more important than ever before to find, attract, and sign on top healthcare talent.

The Challenges of Recruiting in the Healthcare Industry Today

There are several challenges that come with trying to recruit in the world of healthcare today. Some of the biggest obstacles that today's companies face include:

  • The demand exceeds the supply. The landscape is more competitive than ever with more people looking for top healthcare talent than available. This allows those looking for jobs to wait for the perfect offer.
  • The baby boomer population is aging. As people age, their healthcare needs grow. This means that there is a bigger strain on the healthcare industry than there was in the past, further increasing the demand for top healthcare talent.
  • Because there are so many healthcare jobs available, there is little incentive for someone to relocate. Those who are looking for a job in healthcare can afford to wait for the right opportunity to come to them.

Clearly, these are significant challenges; however, there are ways around them.

The Trends in the Healthcare Industry Today: A Physician Shortage

A lot has changed in the healthcare industry in recent years and there is a shortage when it comes to talent. A recent report that was published by the American Medical Association has shown that there is a projected shortage of more than 120,000 physicians by the year 2030. As the demand for more healthcare talent increases, the shortage is only going to increase as well. This is bad news for healthcare organizations who are looking to attract and hire talent.

This has created a hypercompetitive market in which candidate attraction is crucial. While there are many ways to entice healthcare professionals, it is important for organizations to separate themselves from the rest of the competition. How is this done?

Relocation is the Key to Attracting Top Healthcare Talent

The most important aspect is the possibility of relocation. While many healthcare businesses and companies are focusing on traditional incentive packages (such as bolstering insurance, retirement plans, and offering paid leave), few are willing to offer competitive compensation when it comes to relocation.

For smaller hospitals or health organizations, relocation packages can make a big difference. While popular cities and organizations have the advantage of luring in talent, smaller organizations or those located in smaller, less well-known cities, need to make their job offerings more attractive. Ultra-attractive packages with a relocation incentive can help these organizations stand out among other open opportunities.

Offering a Competitive Relocation Package for Healthcare Professionals

Various research firms report the typical relocation package for physicians at somewhere between $8,000 and $15,000. These funds are provided to help healthcare professionals cover the expenses that come with moving such as hiring professional movers, shipping personal belongings, and travel costs. Some of these packages also offer some form of temporary housing to help them and their families move between homes.

On the other hand, few healthcare relocation packages offer support services that make moving logistically easier. While this is often standard in the corporate world, it is lacking in healthcare. These logistical services could include realtors, movers, and even professional troubleshooters. Do not underestimate the value of this logistical support. It is invaluable, especially for healthcare professionals who often work extended hours and have little time to spend on searching and coordinating a move.

Perception is Reality – Relocation Done Right

There is a saying that perception is reality. Those relocation packages that go above and beyond, focusing on the candidate as a person, create loyalty. If a company is willing to not just offer money but also logistical and emotional support, this is going to paint a picture of the potential employer as caring.

But relocation support comes in different shapes and sizes. Today’s employees aren’t just looking for a relocation bonus but actual support that will help them take control of their personal moving needs. Access to information and the power to choose how their move is orchestrated is key to making a relocating employee comfortable.

These added logistical support services do not have to be unmanageable. Relocation management software like UrbanBound gives employers control over their costs while giving employees all the tools and control they need to manage their relocation.

Remaining Competitive in a Changing Healthcare Market

Clearly, attracting the top healthcare talent in the market is more important than ever before; however, there are significant challenges that come with this. Younger, innovative, and inspired professionals are looking for more than just a competitive salary. If you're an employer, consider a new approach when it comes to presenting benefits. If you’re not offering relocation incentives or your current relocation program is lacking, consider a new approach to relocation to help you remain competitive in an ever-changing healthcare market and stay ahead of the competition.

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