The healthcare industry gets more competitive by the minute. With more employers and less talent, you need to make sure your perks and benefits are irresistibly awesome.
The digital revolution is in full swing, and the healthcare industry is at the forefront.
With technology dramatically transforming every aspect of patient care, healthcare is one of the most exciting places to work right now.
And the need for great talent is only increasing. The healthcare industry is expected to grow its employment rate by 19% before the year 2024 (that’s a staggering 2.3 million new jobs!).
But filling those roles won’t be easy. A shortage of qualified health professionals is pushing healthcare to the brink. One study published by the Association of American Medical Colleges reports a shortfall of over 40,000 primary care physicians, surgeons and medical specialists over the next decade.
And what do you get when you mix groundbreaking tech disruptions with crippling talent shortages? A completely candidate-driven market.
As the competition for healthcare talent reaches fever pitch, a long walk in the candidate’s shoes is a must. But do you know what these candidates really want?
Let’s dive deeper to find out what today’s healthcare workers want most from their employers.
Work/life balance
Flexible working is one of the biggest motivators for changing jobs.
A report by Manpower Group Solutions found 52% of healthcare candidates consider flexibility a top-three motivator for career decisions.In an industry that demands both high-level expertise and long working hours, it just makes sense.
The most competitive healthcare companies offer plenty of work/life perks to help reduce the risk of burnout. For example, at many hospitals and clinics, nurses can design their own schedules, medical transcriptionists can work remotely and clinicians have the option of choosing flexible shifts like 5-days on, 5-days off.
But if you really want to stand out to candidates, consider offering child care and work from home options to show them you care about their family lives, too.
Compensation
Hot on the heels of flexible working, is the compensation package.
But more than just salary, every package needs to reflect the changing financial and lifestyle goals of the individual worker. Junior healthcare workers may be more interested in debt relief stipends and forgiveness programs, while an experienced doctor with decades in the game might prefer stock options or a healthy retirement package.
Health insurance
In a 2016 survey by Glassdoor, employees rated health insurance as the most important benefits, followed by paid leave and a pension plan.
Health insurance is important for every type of employee but in healthcare, it matters even more. Candidates know firsthand just how expensive it can be — they want to make sure they’re covered. Consider going above and beyond traditional insurance offerings to include coverage for partners in non-married couples (which, by the way, is an important perk in states where gay marriage is not yet legal).
You could also offer access to one of the many low-cost digital health solutions such as Maven or Doctor On Demand.
Growth opportunities
Don’t assume all candidates will prioritize traditional benefits packages — some won’t.
In fact, many candidates value learning and development opportunities, like mentoring and career growth, above all else. And as a major bonus to employers, the Wharton School of Business found a positive correlation between mentoring and employee productivity, engagement and retention.
These three areas are major challenges for the healthcare industry as it moves into a whole new era.
Remember, the health worker is unique
Healthcare workers are a multifaceted group.
Under the umbrella of healthcare, you can find everyone from physicians and registered nurses to specialized sales reps and product engineers. But with a turnover rate of 19% at the industry level, the demands of this diverse talent pool clearly aren’t being met.
That’s a huge opportunity for forward-looking healthcare employers.
The only foolproof strategy for creating an irresistible benefits package is to look at the unique needs of your business within the healthcare landscape at large.
Recruitment at a rural hospital can and should look different from recruitment at a health tech startup — as will the people working there. As a recruiter, if you don’t address the unique skill sets, life goals and motivators of your candidates, you won’t win them over. And if you do, you won’t keep them. But the answers to winning this talent group are definitely out there — just ask the candidate.
