Healthcare Recruiting: Leverage Your Data and Dollars
May 03, 2016
This blog post is part of our ongoing TALENT TUESDAYS weekly series focused on how to improve talent management at healthcare organizations. In coming weeks we’ll feature excerpts from our Industry Perspective paper, 7 WAYS TO EASE THE PAIN OF HEALTHCARE HIRING.
Healthcare recruiting is tremendously competitive, and recent trends indicate that it’s not going to change anytime soon. One common mistake made by many healthcare providers, and most other industries for that matter, is overpaying to get great talent. That does not mean that better talent does not warrant better pay. It does mean, however, that you do not have to overpay. In fiercely competitive industries like healthcare, it’s easy to adopt a scarcity attitude and simply use higher pay as your only way to attract top talent. Would you believe that some candidates might even come to your organization for less? A recent GlassDoor survey revealed that 66% of healthcare professionals are likely to accept less money to work at an organization with a great culture.
The takeaway here is not just to lower your offers or mindlessly overpay, it is to recognize that there are more factors at work, many of which are in your control. Keeping your finger on the pulse of some key data points can go a long way in helping reduce your recruiting costs. Here are two ideas to consider:
- Know Your Numbers – Identify how your existing employees are being paid. How is pay allocated? Who receives bonuses and why? Do you have a pay for performance model? All of these questions can help you develop creative pay strategies to attract top talent without giving it all away up front. You may also be able to adjust your offers to better allocate base pay and to leverage your recruiting dollars better. A great way to do this is to work closely with your colleagues in compensation to better understand and be aligned with their compensation strategies. The main goal here is to pay appropriately.
- Know Your Market – While market compensation data is somewhat of an inexact science and is a quickly moving needle in healthcare, it’s still helpful information to have.
In fast-moving, competitive markets like healthcare, it’s easy to assume that you know the market pay rates, but it could vary greatly based on the region, specialty, or even size of the organization. Your candidates may have a very different idea of market pay based on their prior experience, so the more data you have to work with the better. There are a number of great compensation survey services and your compensation department will be a great resource.