Successful Recruiting in a Struggling Economy
In today's ailing economy, financial troubles have affected professionals in myriad sectors of the marketplace. Job recruiters—namely those in healthcare—have been no exception. And a looming physician shortage doesn't help.
Working to address a rising physician shortage, many hospitals and physician practices are in the midst of recruiting doctors from various regions nationwide. Innovation in the recruitment process has become almost a necessity.
Examples of creative practices include:
Alternative bonuses. Traditionally, hospitals and physician practices will offer a recruitment bonus when courting potential candidates. But as the housing market continues to be unkind to sellers, some are opting to forego the bonus and use this money to help candidates with relocation, particularly in the way of a down payment on a new home.
Loan forgiveness. Some are offering to provide the candidate money toward a new home. Per this option, candidates must agree to stay in the position for a specified period of time—typically several years, says Trelles. If they do not agree to this or fail to live up to the obligation, the money must be repaid.
Rental. Some physician recruits having trouble selling their homes are opting for the rental market. They're making their homes long-term rentals as they wait for the housing market to turn around.
This article was adapted from one that originally ran in the February issue of Health Governance Report, a HealthLeaders Media publication.
- CEO Exchange: Preparing for Population Health
- Advocate, NorthShore Deal Would Create 16-Hospital System
- Better HCAHPS Scores Protect Revenue
- 3 Strategies for Retaining Millennial Employees
- Narrow Networks Cut Costs, Not Quality, Economists Say
- Power of price: In South FL and the nation, healthcare costs often are shrouded in secrecy
- Two NY hospitals to offer free hip and knee replacement surgeries for qualifying patients in December
- Hospital mergers may lead to higher prices
- Healthcare data of 1 million NJ patients compromised since 2009
- CEO Exchange: Pressure is On to Partner, Drive Quality