Today’s market presents several talent acquisition challenges, particularly for healthcare organizations. Even after the preliminary task of identifying talent, your organization needs to show why joining your company is more enticing than your competitors. Yet after you’ve overcome those barriers, you need to plan for the negotiating process.
Negotiating is always a complex undertaking, but during a talent shortage, it’s even trickier. Here are the leading benefits and expectations talent will expect during negotiating process.
1. Salary Speaks
Candidates know that they have the leverage in today’s labor market. The best nursing candidate is negotiating high compensation packages to reflect their market value. Healthcare organizations hiring in today’s landscape will need to forecast and budget accordingly if they want to compete.
2. Sign-On Bonus
Nurses are seeking sign-on bonuses as a part of their compensation package. Bonuses can range between 5-10% of annual compensation. Sign-on bonuses are becoming more frequent in situations when relocation is needed to compensate for moving costs or the bonus gets the starting salary to an acceptable level for the candidate.
3. Relocation Package
Candidates have become more reluctant to relocate in today’s market. The decrease is a result of various factors. With increased housing prices, coupled with technological advances, top talent is unwilling to relocate. Organizations that substantially reduce or remove this onus entirely will have a better likelihood of hiring their preferred candidates.
4. Speed to Hire
In a candidate-driven market, candidates rule the hiring process and if your organization is taking too long, top talent will turn to the competition to get employed faster. In addition to helping to ensure candidates won’t drop out of your hiring process, you’re also increasing the likelihood of hiring more high-quality candidates. For example:
- Speed means fewer dropouts of in-demand candidates
- Slow hiring means only the average remain
- Fast decision-making attracts the best
- Top candidates decide quickly
- Fast hiring reduces candidate bidding
- Top diversity candidates are gone quickly
Remember, a slow hiring process is costly for a business.
Precision Healthcare identifies, recruits, and attracts top nursing talent. By leveraging over 50 years of experience, learn how our approach to recruiting can deliver the quality candidates your facility needs. We provide scalable solutions to organizations through a unique targeted approach. We understand the value the right talent means to you, and we recognize the negative impact of time and resources working with a typical placement service.