What’s Culture Got to Do With It? Healthcare Recruiting for Retention, Cultural Fit, and Leadership Propensity
Date: Wednesday, June 20, 2018
Time: 10:00 a.m. PT / Noon CT / 1:00 p.m. ET
Presenter: Kathy Jordan, Jordan Search Consultants
1 hour CE credit
As the population health paradigm transforms healthcare delivery across the country, healthcare providers and physician leaders are in unprecedented demand. Although organizations and physicians may believe they have found the right match in today’s competitive environment, keeping physicians long term proves more challenging. An Association of Staff Physician Recruiters’ report disclosed that 45% of searches are to replace a departing provider. According to a recent article exploring physician recruitment trends in the New England Journal of Medicine’s Career Center, voluntary turnover for physicians is the highest during the first three years of employment. When factoring recruitment costs, startup costs, and lost revenue of a physician vacancy, the estimated turnover costs can be in access of $1 million per physician lost. While healthcare organizations may be able to recruit for and fill positions, they must prioritize physician retention for their continued financial health.
In addition to the increasing numbers of positions and decreasing numbers of qualified candidates, there is another reason for this market segment volatility—cultural fit. According to a landmark survey conducted by Physician Wellness Services, 77% of physicians surveyed agreed that organizational culture influences job satisfaction. Cultural fit was identified as the top controllable cause of voluntary physician departures.
Cultural fit is paramount to both landing and retaining the best candidates. So, why are healthcare organizations across the country losing healthcare providers at an exorbitant rate—and cost? The answer is two-fold; first, many healthcare organizations do not know how to accurately—and authentically—define their corporate mission and culture. Secondly, organizations do not know how to interview to assess candidates for long-term cultural fit and leadership proclivity.