We recently hosted an online event called “Evolving Healthcare Hiring Dynamics in 2024” exclusive to Radancy customers. This insightful discussion on hiring trends in the healthcare industry was led by Michelle Ferreira, our Senior Vice President of Customer Success, and Jahkedda Akbar, Senior Vice President of Radancy Labs. Participants shared many valuable insights about the current and future landscape of healthcare hiring.
Healthcare Hiring in 2024
Here are the top 5 key takeaways from our conversation:
1. It’s Critical to Set Your Organization & Opportunities Apart
The group discussed how the healthcare sector continues to face significant talent shortages, exacerbated by the pandemic. These shortages have led to increased burnout, especially among nurses, and have driven up healthcare salaries by approximately 3.5% year-on-year, compared to a 2.3% increase in the tech sector, for context.
So, it is important for TA teams to consider how to stand apart in a competitive market for talent. Beyond financial incentives, the group shared that healthcare candidates are motivated by mission-driven work and opportunities for professional development – key areas for healthcare TA teams to focus on in differentiating their organizations. Notably, there was discussion that about 50% of job seekers are willing to accept similar or even lower salaries for better development prospects, highlighting the importance of non-monetary factors in employee satisfaction and retention.
2. Cultivating Early Talent & Leveraging Referrals is Key
Effective talent acquisition in healthcare requires a multifaceted approach. Participants discussed various initiatives aimed at attracting young talent, including programs targeting high school students and recent graduates. Participants shared that some organizations are offering promissory notes and subsidizing college education to secure future talent. Additionally, healthcare recruiting teams are finding success with community internship programs that provide stipends and exposure to various healthcare roles.
Others shared their success using referral programs, though the success of this approach largely depends on strong promotion by leadership rather than the size of the incentive.
3. A Focus on Retention is Vital
Retention strategies were another major focus of conversation. Participants discussed creative and proactive measures to retain and engage current healthcare talent. One organization shared their efforts to free up managers to engage more with their teams, providing necessary leadership support.
The importance of leadership engagement within the first 120 days of employment was highlighted as a critical factor in reducing turnover in the healthcare industry. Engaged leadership has been shown to significantly improve candidate retention and lower turnover rates, reducing the need for expensive sign-on bonuses. This approach is being replicated in various markets with positive results.
4. International Healthcare Recruitment is On the Rise
Recruiting healthcare talent internationally is a growing trend, particularly from countries such as the Philippines, India and Canada. This strategy offers long-term benefits despite the short-term costs and visa challenges. Many healthcare organizations find that international recruitment can lead to significant cost savings over time due to higher retention rates among international hires, often attributed to strong local support systems. However, the increasing accessibility of salary information has somewhat diminished the cost benefits, prompting some organizations to focus on specialized roles and allied health fields.
5. Trends on the Rise: Skills-Based Hiring & AI
Skills-based hiring and the use of AI in talent acquisition are popular topics, but their implementation in healthcare faces unique challenges. Strict regulatory requirements and the need for specific degrees and certifications limit the extent to which skills-based hiring can be applied.
Despite these challenges, participants shared how some organizations prioritize learning agility and a positive mentality over strict education and experience requirements.
In terms of AI, participants expressed interest in its limited use for tasks such as job description writing and preliminary screening, though its application remains elementary and is not yet fully integrated.
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