HIRE, KEEP, GROW: Making the Case for Strategic Talent Management
It’s a tight labor market for every industry, but the challenges are unprecedented in health care. HealthcareSource’s Chief Strategy Officer Dave Wilkins’ advice boils down to three ideas: Hire, Keep, Grow.
Health care continues to be the fastest growing sector with the biggest gap between number of openings and jobs filled. Yes, it is taking months to fill some of the most important hospital and health system staffing jobs, and it’s just going to get worse as the baby boomers retire. But hospitals can take a strategic approach to talent management to reduce the pain — and the time — for filling positions.
Health care’s current employment situation is costly to hospitals. Wilkins points to rising vacancy rates, with half of hospitals maintaining vacancy rates above 7.5 percent. As a result, premium labor costs have gone up 1.3 percent in less than three years. Using contingent labor and overtime to fill the gaps for these vacant roles can impact staff morale, reduce productivity, lower patient satisfaction and contribute to overspending on labor budgets.
Some of Wilkins’ advice requires health care hiring managers to accept difficult realities — such as the idea they need to be recruiting new graduates and investing in their growth on the job rather than hoping the perfect candidate with the right experience is waiting just outside the door. Wilkins also wants health care managers to have the information needed to better predict which candidates are going to be good, sustainable fits for the long run.
Read this issues brief for valuable insights on how to effective hire, keep and grow your workforce.