From rising costs to an aging population, today’s hospital leaders have no shortage of concerns. However, they are all connected to a single issue—the need to acquire talent. This emerges from an Economist Intelligence Unit (EIU) survey— sponsored by Prudential—of more than 300 executives from hospitals of different sizes, locations and structures.
The survey reveals that talent is becoming a more pressing issue. In 2015, when the EIU conducted the first survey of the sector, attracting the best talent was less of a concern than other challenges. In the latest research, it is the second-leading issue for the industry, according to survey respondents.
Part of the problem is that, in a cost-constrained environment, it will not be easy for hospitals simply to increase pay packages to secure top talent. And this challenge is being compounded by an industry-wide shortage of nurses, doctors and other clinical staff.
For many, it is a game of catch-up. “For every vacancy filled, two or more positions come open and need to be filled,” says Julie Hill, Recruitment Coordinator for Tidelands Health and President of the National Association for Health Care Recruitment. To compete for talent in this environment, hospitals are finding creative solutions. While remuneration must remain competitive, hospitals are using other weapons in their battle to win recruits, from developing candidates internally to using social media as a recruitment tool.