The healthcare industry is in a unique situation. As a whole, it’s growing! More jobs created means more candidates needed to fill all those vacancies. While this spike in job growth is great for the economy, it’s been a challenge for healthcare recruiters across the board. In an age of increased recruiting costs, longer hiring times, higher turnover, and candidates making counteroffers despite budget restrictions, the art of recruiting healthcare professionals needs to be reassessed. So, what does one do…. They ask their employees to help.
Employee referral programs are a great answer to the “how’s” in today’s healthcare recruiting season.
4 More Problems Healthcare Recruiting Faces in this Hiring Season
Increased Recruiting Costs
The average cost to recruit medical professionals in 2016 has increased to $30K. Let’s face it - it costs time and money to find the perfect candidate, possessing a set of explicit medical skills. With the healthcare industry growing at the rate it is, there are more and more of these specific roles that need to be filled. Applying an employee referral program in a healthcare environment will fix the issue of these increased costs. Rather than paying the high costs of an outside source to spend the time sourcing externally, healthcare employers and recruiters can offer smaller incentives to their employees for filling open vacancies.
Hiring is Taking a While
According to the 2017 Healthcare Recruiting Trends Report, the inability to find qualified professionals, and lack of candidate interest, has contributed to lengthy hiring times. We all know that running a ship without a full crew can be exhausting, even more so when you’re understaffed longer than you anticipated. A quick fix to these not-so-quick hiring times is utilizing employee referrals. The organization can ask their already qualified employees for referrals from their network of friends and colleagues. Additionally, employee referrals put the trust in the employee to bring forth a qualified candidate, and they will deliver (because who wants to look bad if their candidate is not actually qualified?). And the great thing about how employee referral programs work is that you’re almost guaranteed an excited, interested candidate who has already heard about all of the perks in the workplace. Additionally, employee referral programs make for a faster hiring process than hiring through other avenues.
Higher Turnover Rates
A booming industry brings booming job opportunities, so it’s not surprising that healthcare professionals have a case of “the grass is greener on the other side” syndrome. Finding the perfect candidate is one thing, but how can you know that they’ll stay? Studies have shown that employees hired through employee referral programs tend to stay with companies longer. Why? People often stay for people, and these employees are coming into the organization already knowing and getting along with someone. They’ve also had their friend tell them all of the positive reasons of why they should work there. This employer brand boost from someone they trust gives a great first impression and sets the employee up for a positive workplace experience.
Increased Salaries and Benefits to Find and Keep Talent
In a healthy job market, the candidate often has options and that gives them an advantage. Reports of more candidates asking for more money, as well as an increase in the amount of candidates walking away from offers, has led employers to adjust salaries and benefits where they can. While some employers are able to meet the salary needs of new hires, it just may not be in the budget for all. Over half of those surveyed in the 2017 Healthcare Recruiting Trends Report said they’ve been unable to fill some positions because of salary guidelines, forcing them to wait until a candidate they can afford comes along, or expanding their search for talent in a wider geographic range. Costs are increasing, point blank, so it is now more important than ever for healthcare employers and recruiters to consider options that help save money and time - like employee referral programs.