The Talent Shortage has affected every industry in various ways. Healthcare is among the industries that the labor shortage has hit the hardest.
A Growing Occupation
Based on the Bureau of Labor Statistics predictions, the healthcare industry will account for 2.3 million new jobs by 2026, and it will grow nearly 12% between 2018 and 2028. The Baby boomer generation will continue to retire, which causes a significant increase in available jobs. According to the American Association of Colleges of Nursing, about 21% of RNs are 50 and older. 203,700 nurses per year are what the BLS estimates will be needed nationwide to meet the demand and replace those who retire.
There are many challenges in recruiting in the healthcare space that has been amplified in recent years due to Covid-19 and the labor shortage.
1. Few Qualified Candidates
It isn't easy to find candidates that meet all of the necessary skills and knowledge required to be in a healthcare position. The population of current nurses and physicians will decrease at a significant rate over the next few years, so the demand for qualified workers is going to increase.
2. Low Supply of Candidates
The talent shortage continues to be an issue across all industries. Healthcare is among some of the most affected by the shortage. Because of the shortage, healthcare leaders will have to get creative in how they attract new candidates.
Location is a huge factor in attracting talent. It is easier for larger metropolitan areas to attract talent; however, rural areas struggle. Top talent is drawn to the lifestyle and benefits that larger metro areas offer. Rural areas struggle to compensate for this.
Diversity among your staff is one of the benefits of being in a larger metro area. Rural areas can struggle with recruiting diverse talent because the population may not be as diverse. It is vital to have diversity among your healthcare staff to provide the most comprehensive care to your patients.
5. Lengthy Time-to-fill
In general, healthcare recruiting has a longer candidate recruitment process than other industries. Outsourcing recruiting can provide your team with the necessary technology to cut down the time-to-fill as much as possible. The longer the recruiting process, the higher the candidate drop-off risk. In addition to technologies that include automation that helps with initial contact, scheduling, etc., outsourcing recruiting efforts can help alleviate the stress of your internal talent acquisition team. This will, in turn, provide candidates with the best onboarding experience possible.
How to Attract Candidates
Healthcare employers need to be looking for creative solutions to attract top candidates to their organization. In today's market, organizations need to be competitive in wages, benefits, schedules, etc.
Here are a few suggestions:
- flexible schedules
- pay raises
- training opportunities
- bonuses for open shifts
- include temporary workers, job-sharing, and part-time
Not only do organizations need to attract candidates, but they also need to retain their current employees. Employees are more likely to stay somewhere where they feel their voice is being heard and genuinely cared for. Creating an engaging and uplifting work environment will not only help you attract candidates but will allow you to retain current employees.
The healthcare industry is rapidly growing. The number of jobs needing to be filled will continue to increase, while the labor pool seemingly continues to decrease. Organizations will have to set themselves apart from the crowd to attract top talent and retain current employees.