In our whitepaper “5 Healthcare Talent Management Best Practices,” we focused on the five critical factors we think all healthcare organizations should focus on now to maximize their recovery efforts and achieve significant business results.
Like most endeavors worth pursuing, creating this piece led to deeper thinking about the connections between macro-economics, the impending recovery, the workforce, and the overall effect on talent management in healthcare.
Consider this possible domino effect:
As the economy recovers, jobs and the need to hire top talent will come back. While this can be a pleasant outcome in most industries, it will inevitably bring the nursing shortage back in healthcare, resulting in the need for better recruiting strategies.
At the same time, baby boomers continue to exit the workforce, which actually has two effects in healthcare. First, it presents a talent management dilemma: as boomers retire, healthcare organizations are hard-pressed to replaced them. Second, aging baby boomers will require more healthcare in the next 5-20 years, further exacerbating the strain on healthcare.
All of this will accelerate the war for talent. While this challenge may have slowed for other industries, healthcare will feel its resurgence first.
To remain one step ahead, hospitals and healthcare organizations will need to examine their strategies for attracting and retaining younger employees, improve overall recruiting strategies, and do everything they can to identify and develop the next generation of leaders today.
In many ways, the economic downturn represented a bit of a reprieve, but now healthcare needs to focus on the right talent management strategies to stay ahead of the competition.