How to Attract C-Suite Healthcare Talent
The healthcare industry is unlike any other. Its nature is that of constant change. Healthcare turnover is change that can have a serious impact on the health of the institution, especially when working to replace or planning the succession of top-level C-Suite talent. As such, it is imperative that your hospital or healthcare organization has a plan for both attracting and retaining talent, developing those who are currently at your organization, bringing together leadership teams, and succession planning. Today, we will discuss the top incentives that help to attract top healthcare talent in today’s challenging hiring environment.
According to the US Bureau of Labor Statistics, the healthcare employment rate is forecast to grow 19% up until 2024. This is a faster rate than other industries and is predicted to add 2.3 million new jobs to the US market. As such, you would think that finding talent would be an easier task, but the issue is in replacing C-Suite talent. A large factor in this is the aging U.S. workforce. This silver tsunami is created by the 10,000 Baby Boomers who are turning 65 on a daily basis. This trend started in 2011 and is expected to continue until 2030. Because of their longevity in the industry and the knowledge they possess, replacing them is not an easy task. The amount of people in the workforce with the skills and knowledge to step in for retiring Boomers is not large enough and is not growing at a fast enough rate.
How to Attract C-Suite Healthcare Talent
Finding highly-qualified candidates who can step into their positions and perform well can be a daunting task, but one that can be made easier by putting a few things in place:
Nurture A Strong Employer Reputation
By crafting a strong employer story, you can make it much easier to recruit talent. This begins with creating a culture that nurtures your teams and can begin with focusing on diversity, offering strong signing bonuses, but this is just the surface. Think of ways you can really grow your team’s community. Can you offer a daycare center at your location for your team? Or partner up with a local gym to offer discounts to your staff? Besides hosting awards galas, what about hosting monthly cookouts or outings to the local amusement park? Think outside the box and keep things interesting.
Help Your Team to Become Financially Stable
You already set up a great payment structure and bonuses. You offer interest-free loans to help incoming team members and their family to advance their careers. Now it is time to set up financial wellness programs for this budding workforce that incorporate seminars taught by financial experts on how to plan, save and invest.
Go a step further and partner up with services such as Stripe, which allows employers to offer employees early access to paychecks. Once set up, these benefits will significantly reduce turnover and make you a more attractive company to work for.
Offer An Attractive Maternity/Paternity Package
This means going above and beyond what is required by law. Keep in mind that your aim is to make your company culture shine above the rest and that robust maternity and paternity leave packages are a big opportunity to do so. Why? Let’s look at some stats:
In the past two years, almost ⅓ of the adult US population has taken either a parental, family or medical leave. But, an alarming 16% of adults in the USA who are employed skipped on taking leave because of financial or other work-related concerns. Of those who did take the time off, half took less time than was needed because of finances.
Go beyond the minimum when it comes to structuring these packages. Offer parental leave to parents who adopt. Give birthing mothers additional time under salary continuation. Offer perks such as lactation consultants. And, while we are on this subject, create a friendly environment for moms and dads who come back to work. These kinds of perks will make your healthcare organization stand out as one of the best healthcare companies when it comes to maternity and paternity leave.
Create a Work From Home Policy
This may seem counteractive to the structure of your organization, but an as-needed work-from-home policy can drive team satisfaction. C-Suite talent does not always have to be present at your physical location. There are many office tasks that do not require them to be physically present. Allowing this type of talent to work from home on an occasional basis can increase employee satisfaction. A Stanford University study found that this type of incentive increases performance by 13%.
Offer Perks Like Pet Insurance
Again, think outside the box and offer something memorable. Offering a perk such as pet insurance will set your organization above the rest. This type of incentive has worked out incredibly well for Scripps, who not only increased employee retention but has also been covered in multiple publications reaping both PR and SEO benefits.
Create Sabbatical Programs
Allowing team members to take time when needed is of true value. You could follow the example of Deloitte. They offer two types of sabbaticals. The first is a 1-month unpaid leave. It can be taken for whatever reason without explanation. The second can be taken for up to 6 months with the purpose of growing professionally. This sabbatical is paid at 40% of the talent’s salary.
Work with the Best Executive Search Firms
As a healthcare executive search firm, it is our goal to find the best fit in talent for your healthcare organization. We are unlike other search or contingency firms because we work as a boutique search firm. That means that Summit Talent Group’s team of experts has extensive experience in healthcare. For example, Joann – our Vice President – has over 25 years of experience including time at Bon Secours Health System, Shepphard Pratt Health System, and Pinnacle Research. Because of our healthcare experience, we understand not just the industry landscape, but the hurdles you face on a daily basis.
As a boutique search firm, Summit Talent Group limits the number of engagements we accept, guaranteeing you the utmost attention to complete the search for your organization quickly and effectively.
Our team of search experts will be with you every step of the way. Our goal is to build a long-lasting relationship with you. We begin by conducting interviews with your principals to determine your needs, learn about your strengths and culture. Then, we establish a timeline so you can plan ahead internally and be prepared for each step of the search cycle. We will help you to define the position specifications and competencies. Then, once we have found the candidates who have the proper skills to fill the vacancy, we conduct thorough interviews to determine if the candidate is truly the right fit for your organization and its goals.
We will guide you through and assist with the planning and execution of the interview process so that no question is left unanswered before you decide on a candidate.
Once the offer has been accepted and finalized, we assist with crafting relocation plans, onboarding and make sure that the transition of your newfound talent is a smooth one.
If you would like to learn more about how Summit Talent Group can assist with your C-Suite Executive Search needs, contact us. We look forward to speaking with you.
Business Manager, Summit Talent Group