The Affordable Care Act, rising costs of care, growing numbers of baby-boomers needing increased care – there are a lot of reasons why there are more great healthcare jobs than there are great candidates right now.
Differentiating your organization is now more important than ever in order to attract and keep great talent. Strengthening your employer brand – everything you say or do that shapes employee or job candidate perceptions of your organization – can not only make you stand out from the competition, it has other benefits as well.
What’s happening in healthcare
The Association of American Medical Colleges predicts that by 2020, the US will face a shortage of 90,000 physicians, and by 2025, that number will jump to 130,000. Physicians are actively being courted by a variety of healthcare companies (pharma, biotech, and medical devices, for example) and have their pick of professional paths beyond traditional primary patient care.
In the same vein, a 2017 survey of 350 healthcare providers by HealthCare Recruiters International found that there was a 23 percent increase in their job postings in 2016, most likely due to the complexities of the Affordable Care Act and an aging population.
How a strong employer brand helps recruiting
Job seekers look to a company’s brand to give them an idea of what it’s like to work there. According to research done by LinkedIn, 83% of individuals agree an employer’s brand significantly impact its ability to hire talent.
The most important elements of a job to U.S. job seekers are a good work-life balance, job security, and a pleasant work environment, according to Randstad’s Employer Brand Research 2017 report. In fact, quality of life is now so important that 9 out of 10 people surveyed by Metlife said that money is no longer the biggest incentive in selecting a job.
There’s also a case to be made that investing in your brand as an employer will save your organization money in the long run. The same LinkedIn analysis also showed that a great company brand has broader benefits: it lowers cost-per-hire by up to 50% and reduces staff turnover by up to 28%.
The Virtuous Cycle of a Great Employer Brand
The healthcare industry is growing quickly. Hiring healthcare professionals is getting more and more competitive.
A strong employer brand can fill a talent pipeline, improve quality of hire, reduce time to hire and cost for hire. Internalizing and “operationalizing” that brand, and building processes around it will help retain employees and help you recruit the next generation of leaders for your company. It’s also a great way to reinforce your customer-facing brand. The best talent wants to work for the best company. And the best customers want to do business with companies that hire the best employees.
Want to talk about strengthening your employer brand? Email us or call 317-631-6400.