The global healthcare staffing industry accounted to $29.86 billion in 2018. However, there is still a huge staff shortage in the healthcare industry. This is one of the main reasons the healthcare industry increasingly outsources to healthcare staffing agencies. The competition among the staffing agencies is going to increase moving forward. With competition increasing and a lot of demand, how will your healthcare staffing agency stand out?
Automate Wherever Possible
Every business like yours promises to deliver the best candidate for the requisition. The differentiation will be the speed in which you fulfill your promise. If you have an IT team, ask them to develop an internal applicant tracking system.
This system should allow your customers to view the list of best candidates within seconds of searching. Automation of the process can ensure you’re producing what your customers need faster than the competition is.
Use social media channels, like LinkedIn, to connect with potential candidates. Your network can also share to their network, contributing to an even faster result.
Target your messaging by using relevant hashtags such as; #healthcarestaffing, #travelnurses, #tweetmyjob, #healthcare, etc. By using hashtags, candidates searching for opportunity can easily find jobs based on keywords.
Your sales team can also use social media to look for potential customers in need of your services. To show that you are an authentic healthcare staffing agency, you should have a company page that has your current contact details and an updated logo.
Manage your Finances
Your staffing company can increase profitability by accommodating economic and revenue changes. Healthcare agencies sometimes get stuck with expensive staff, and fixed contracts and leases. Without managing your finances and impact of choices, you can find yourself in a financial bind.
Healthcare staffing agencies should focus on balancing the fixed and variable costs and the revenue as well as the profit. As a small business you should evaluate pay. Make sure everyone’s pay can be afforded by the business and that their work reflects their paycheck. If you are in immediate need of cash for any of your business activities, you can investigate small business financing options.
Build Your Network
Networking is essential for increasing the number of customers you have. Allocate time to attend as many meetings and events as possible, monthly. When you are networking, make sure you are connecting with others authentically.
Be sure to bring business cards but only give when asked. You can always ask the other person for theirs first to invite the question into the conversation. Ask questions that will allow you to understand their business. This is a great way to pre-qualify them and make meaningful connections.
As an extension of networking, it is important for you to be an active member of healthcare service-related associations. American Staffing Association (ASA) is a great example. You should consider American Healthcare Service Association (AHSA) as well. It is the largest vendor management association in the US.
Create a Valuable Culture
Be intentional while creating your work culture. Hire employees who bring new ideas with cohesive values, as this will ensure your team moves in the direction of business goals.
A great working environment can reduce excessive turnover, retain long-term employees and increase overall satisfaction. Define core values for the company and ensure you hire people who hold those same values.
When you are hiring a new employee, think long-term. Be sure they are an employee that has the drive to become an asset in many different ways.
Make it a Win-win
Client and candidate satisfaction are vital for the success of your staffing agency. You can achieve this by fairly compensating your travel nurses and reducing the tax burden of the employer.
Maximize the non-taxable income such as travel expenses and per day allowances for travel nurses. This will lower their taxable wages. Make sure to balance expected wages and non-taxable items.
You can also list out taxable wages, health insurance, applicable reimbursements and non-taxable wages as a service to your customers.
Every staffing agency has a set of best practices. Impeccable screening process, customer satisfaction first, and expert problem solvers are some of the most common ones. However, what will drive potential customers to choose you is a question you must ask and answer for yourself.