It’s no secret unemployment rates are nearing record lows. Great for the working class? Indeed. Challenging for the staffing industry? Definitely. Aside from having a smaller candidate pool of active jobseekers, those who are looking typically have multiple options for employment, making it even more challenging to attract and retain talent.
To combat this, you could offer your candidate an increase in pay, but does this really help you separate from the competition? The top healthcare staffing companies have thought outside-the-box and are making their candidate experience a top priority. In today’s job market of record-low unemployment and record-high job growth and turnover, skilled clinical candidates can be pickier than ever and won’t settle for a so-so experience.
No matter where a candidate is in the hiring process, a strong experience can be affected by any of the following areas:
- Company culture
- Application process
- Onboarding
- Benefits and perks
- Wellness programs
Let’s focus more specifically on the last two bullets above: benefits and perks and wellness programs.
Benefits and perks. Healthcare is cited as the number two household expense in the US. Given this large expense, close to 90% of candidates consider health insurance a deal breaker, according to Paychex. Implementing the right benefits package is essential, but how do we know what our candidates want? Well, to put it simply, by communicating and listening. Many staffing companies just assume what their candidates and employees want without ever listening to what they actually want.
Though it may sound obvious, not everybody is the same, and we each want different things. Employee surveys, along with your insurance broker, are great resources to help determine what’s trending in the marketplace. Here are just a few examples to differentiate your benefit package from competitors:
- Immediate coverage
- Greater employer contributions toward insurance premiums
- Rewards program
- Flexible scheduling
- Unlimited paid time-off
- Volunteer days
- Retirement options
A Glassdoor Confidence Survey found 80% of candidates choose having additional benefits over a pay raise. Pairing your medical plan with access to a variety of voluntary benefit options is one way to meet the needs of all your employees, while not adding additional employer cost or administration. It also lets you package your plan differently to appeal to generational preferences. Personalized, industry-specific voluntary benefit options include:
- Critical illness
- Accident
- Student loan reimbursement
- Hospital indemnity
- Legal coverage
- Identity theft protection
The next step is to implement a wellness program that can meet the needs of a dispersed workforce and attract quality candidates.
Wellness programs. Wellness programs are a great way to improve the health and well being of your employees, lower claim costs and differentiate your staffing organization when candidates are seeking a new opportunity. The first step in building an effective wellness program is to use biometric screenings. In short, a biometric screening is a clinical assessment of key health measures that identify certain conditions like diabetes and heart disease or indicate an increased risk for these conditions.
Biometric screenings can be completed on-site or at local testing centers. Based on the screening data, staffing companies can set wellness program goals and understand what education is needed to positively impact the health and well being of the employee population. Screening data can also paint a picture of potential medical claims for self-funded plans.
Corresponding wellness education and resources can be supplemented through an insurance carrier or broker. Most carriers offer employee discounts for things like gym memberships, weight loss programs, meal delivery, exams…etc.Insurance carriers and brokers also likely have educational tools that can help employees better use their benefits and take control over their health. These tools can enrich your wellness program and be attractive perks to candidates all while saving your staffing company time and money.
Overall candidate experience. It’s easy to understand why voluntary benefits and wellness programs can go a long way in attracting quality candidates, while simultaneously improving your bottom line. To truly understand the impact, compare the costs of your investment to the lost revenue from candidates that signed with a competitor, as well as the lost opportunity to then re-deploy those candidates following their first assignment.
Having the reputation of a company that invests in a strong candidate experience will not go unnoticed among your candidate pool. After all, the most influential way to promote your company is through word of mouth.
If you need help attracting and retaining talent, here’s an Assurance University webinar replay on Strategies to Attract and Retain Talent in the Staffing Industry.
