How to Ensure Your Healthcare Salaries are Competitive: Learn the keys to addressing employee staffing to help enhance your ability to hire the best candidates and reduce existing staff turnover.
With healthcare hiring staying at a high level, it's essential for HR professionals, healthcare recruiters and hiring managers to understand how the salaries your hospital, medical clinic, or healthcare practice measure up in your region. What may have been a competitive salary 16 months ago is most likely no longer valid. Further, in a very competitive healthcare hiring climate in place, the power of decision-making often lies with the candidate.
How High Should You Go?
A recent survey showed that a large percentage of healthcare professionals are paid more or the same as the previous year. Also, over 45% of healthcare professionals are confident in finding a new position in their field. On the employer side, over 30% reported that turnover at their hospital, clinic, or healthcare facility increased due to natural attrition (retirements), and the "grass is greener" mentality.
To attract the best healthcare candidates, while retaining your key staff members, creating salary ranges can ensure employee pay is in line with other organizations. Listed below are three keys to help ensure the salaries offered are at market-rate.
What's the Job Worth?
One easy and effective method for gauging local healthcare salaries is leveraging online tools. Some of the most popular sites that can provide information for clinical and administrative healthcare positions in specific regions include salary.com, CareerBuilder, pay scale, and Indeed.
Stay in the Healthcare Loop
Keeping up with the latest trends in the healthcare industry is an essential factor in understanding what the market will bear in terms of medical salaries. Here are some popular healthcare publications and e-zines to follow:
- HealthTech Magazine – explores technology and healthcare issues relevant to IT leaders and managers at hospitals and healthcare organizations
- Hospital & Healthcare Magazine – a leading business-to-business magazine featuring global news, views, and updates for healthcare professionals in hospital management
- Insightscare Magazine – covers essential issues and trends shaping the future of the healthcare industry
- Modern Healthcare – a leading weekly business publication targeting executives in the healthcare industry
- National Association for Health Care Recruitment – the preeminent organization for health care recruitment professionals, providing education, information, and resources.
- Are your Benefits Beneficial?
To attract and retain valued healthcare workers, employers are increasing their reliance on recruitment tools such as benefits. When candidates are provided with the benefits they value, they'll be more likely to accept an offer. And once onboard, feel more satisfied with the job, be less likely to quit, and have a higher commitment to meeting the company's goals.
While the law requires that companies provide full-time employees with certain benefits such as workers' compensation, state and federal tax withholding, etc. most healthcare organizations offer the following benefits to stay competitive:
- Retirement plans
- Health plans
- Dental or vision plans
- Life insurance plans
- Paid vacations, holidays, or sick leave
Healthcare organizations are only as successful as their approach to hiring the right doctors, nurses, administrators, IT professionals, and support staff. Formulating a competitive compensation strategy based upon your specific region will not only help attract high-level candidates but motivate current employees to stay.
With a complete front-to-back office solution built specifically for the healthcare staffing market, BlueSky has the proven knowhow to help you assess your hiring needs. To learn more, request our demo, contact us today!