Data-Driven Healthcare Recruiting
EXECUTIVE SUMMARY:
Predictive analytics are driving many healthcare organizations’ hiring decisions in today’s competitive market. It’s important for organizations to capture the right data to help optimize their recruitment strategies and eliminate the time and money holes spent on untargeted recruitment campaigns.
In today’s competitive hiring market, it’s especially important for healthcare organizations to optimize their recruitment strategies to help attract quality healthcare professionals. For instance, the Health Resources and Services Administration projects that by 2020, there will be a shortage of more than 1 million nurses in the U.S., and with labor-intensive efforts like the ICD-10 transition and meaningful use, the industry is in the midst of a talent shortage crisis.
In order to streamline current processes, human resources departments are now implementing human capital management solutions to capture the data needed to fuel predictive analyses and continuous process improvement for recruitment. According to a recent KLAS (Orem, Utah) report, among human capital management solutions, talent acquisition systems are one of the most widely implemented modules, and healthcare organizations are clearly focusing on these modules to address their immediate hiring needs.
Predictive Analytics and Hiring
Over the last five to 10 years, many healthcare organizations have often used backward-looking metrics to predict recruitment success and identify necessary improvements. “When you ask managers what’s important to them, four things always pop up—cost, quality, responsiveness, and efficiency,” says David Szary, founder of LEAN Human Capital, a Plymouth, Mich.-based healthcare recruiting consultancy. “Your recruiting solution has to be at a fair cost; you need to have quality candidates and quality service; you need it to be responsive to [organizational] needs and [positions] to be filled quickly; and [it needs to] be an efficient process, so it’s easy to engage.”
David SzaryIn the process of hiring staff for her organization, Miranda Maynard, employment supervisor at EMH Healthcare, a three-hospital system based in Elyria, Ohio, uses many key metrics to analyze her organization’s recruitment efforts and continuous process improvement. These metrics include:
- Percent of current positions open more than 60 days;
- Percent of positions filled in less/more than 60 days;
- Time-to-fill for positions filled in less/more than 60 days;
- Vacancy rate for critical positions;
- Turnover rate; and
- Termination data (voluntary and involuntary) in less/more than 90 days.