What do business leaders find most daunting right now? A recent pulse survey from PwC asked industry leaders about the risks they face in the current environment. Among the items at the top of their list of risks were cyber security, production costs, and acquiring and retaining talent. Examining the implications with the healthcare industry’s tight labor market, the right strategic staffing partner can help manage and mitigate the hiring risks leaders feel.
In the survey, executives identified risks to their companies. Cyberattacks topped the list with 40%, followed closely by talent acquisition and retention at 38%. Other risks included rising production costs (34%), supply chain disruptions (34%), and inflation reducing consumer demand (31%).
Let’s zero in on talent acquisition and retention. The survey also showed that a majority of leaders – 63% – saying they have changed or will change their business to address labor shortages. This is up 7% from just a year ago. It’s a progressing issue.
Healthcare leaders were a portion of the 772 executives surveyed, and roughly a third (31%) said that attracting and retaining talent was their top business risk. So, what can they do to find and keep talented clinicians? Working with a provider of total workforce solutions would be a place to start.
By pairing hundreds of in-house recruiting professionals with hundreds more affiliated agencies nationwide, a managed services provider (MSP) can cast a much wider net for talent. Paired with thoughtful and strategic advice to address a facility’s needs and priorities, it can be a more effective way to attract valuable clinicians.
But what about quality? Attracting new clinicians doesn’t mean much if there is excessive churn. In many ways, retention is the new recruitment. At Medical Solutions, our Clinical Team of experienced nurse managers screen candidates for both clinical expertise and cultural fit with a unit and community. It’s part of the reason many clinicians sign multiple assignment extensions and why 97% of our travelers are rated by clients as re-hirable following their assignments.
There’s also a bit of a paradox in the PwC survey findings when it comes to workforces. Leaders reported being concerned about hiring and retaining talent. But, at the same time, they say they are trying to streamline their workforces. Specifically, 50% of leaders say they are reducing their headcount.
Streamlining hiring and reducing inefficiency is one way to balance those two potentially conflicting ideas. Inefficient hiring takes time from nurse managers and directs it to administrative tasks like communicating with staffing agencies, interviewing, managing compliance, and invoicing. That time is better spent on patient care.
Working with an MSP can help facilities find and manage the clinical talent, while reducing administrative burden. In addition to finding the right candidates for open roles, the service assists leaders with everything from consultation and candidate screening to invoicing and performance evaluations. In simple terms – less paperwork work, more patient work. Using this scorecard can help leaders identify where they may be best able to reduce time and increase hiring efficiency.
If you’re curious about how total workforce solutions can help address your strategic staffing needs, now is the best time to reach out and start a conversation. The world and the healthcare industry are full of risk. A strategic partner can help healthcare leaders mitigate one risk they say is among the most troubling.