During the pandemic, hourly rates for healthcare workers increased—especially for frontline roles like nurses and other critical care staff. To attract and retain staff, healthcare organizations and staffing agencies had to raise wages to stay competitive, often providing premium pay for per diem workers. 

Enter: today’s post-pandemic landscape, and a new sort of “rates reckoning,” with many healthcare orgs and staffing agencies unable to keep offering such high rates. Yet the need to attract and retain talent is more crucial than ever; not only does it  help you fill more shifts for clients, but recruiting and retaining the very best can potentially translate to better patient care. And in an industry that’s moving towards value-based care, this has become increasingly important. 

What can be done if it’s not in the budget to increase your hourly rate—but you still need a way to find and keep the best healthcare talent around? Consider these strategies to maintain a competitive advantage without raising rates.‍

1. Accelerate the Pace of Pay

While offering clinicians competitive pay is crucial, the pace of pay can also play a meaningful role in creating a better work experience and improving the lives of healthcare workers. 

Consider the fact that nearly half of Americans live paycheck to paycheck. If a clinician is bogged down by financial stress—and can’t even pay for gas to get to their next gig—you could see higher attrition, and lower job satisfaction.

Accelerating pay beyond the traditional bi-weekly paycheck—by offering same-day pay, for example—can help improve cash flow and prevent workers from taking on high-interest payday loans, credit card debt, or overdraft fees. 

Trisha Norris, Payroll Clerk for Tri-State Nursing, said it best when she described the power of getting paid  same-day or sooner at her organization:

“It’s been great for our temps, because now they don’t have to wait until the end of the day to be paid. Some of them rely on these fast payments for gas money to get to their next job; being able to offer them real-time payments is crucial.” 

2. Offer Scheduling Flexibility & Control

Data from our 6th annual Branch Report found that flexibility ranks high on the list of benefits contingent workers want. Consider whether you’re offering enough choice, control, and autonomy when it comes to how healthcare talent can pick up shifts. Are you ensuring that people with other responsibilities—such as those caring for small children, attending school, etc.—have ways to pick up shifts that work around existing obligations? And are you creating ways for clinicians to easily swap or pick up shifts themselves?

As Robert Crowe, executive VP of per diem and local workforce strategies for Medical Solutions, says in this recent SIA article: “flexibility is becoming the new currency in healthcare employment, and it’s critical to embrace it if you want to attract and retain top talent.”

3. Ensure a Smooth Hiring & Onboarding Process

If your hiring process is too lengthy or complicated, you might receive fewer applicants. And similarly, if the onboarding process doesn’t set your new hires up for success, you may have people who suddenly stop showing up to shifts. Data suggests that for healthcare personnel, as roughly 20% of new employees will leave within 45 days if onboarding goes poorly. That results in wasted time, resources, and the need to re-fill positions for your clients.

In order to ensure that both hiring and onboarding go smoothly, you should:

• Provide candidates a clear description of what to expect in the hiring process, including how many rounds of interviews, what they will need to fill out, and when they can expect to hear back.
• Offer thorough and welcoming onboarding that not only clearly outlines the responsibilities of the job but also works to foster loyalty. Giving new hires a comprehensive overview of all benefits offered and providing clear and consistent check-ins can go a long way in making them feel valued.
• Create a streamlined payments onboarding experience, allowing workers to easily set up their direct deposit and start getting paid Day 1 on the job. 
  

By investing a little more time and energy into these processes up front, you could boost retention and maintain a competitive advantage in the search for top healthcare talent.

Stay Competitive Without Breaking Your Budget

87% of healthcare workers prefer to have their pay faster than bi-weekly; are you offering the right pace for your workforce?

Recruit and retain more clinicians with quick, seamless payments. Branch helps accelerate payouts for both W-2 and 1099 workers alike, allowing you to pay healthcare pros as often as after each shift. Onboard, bank, and pay new hires Day 1 with Branch. 

Learn more here.  

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