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What are Retained Healthcare Executive Search Firms?

What Are Retained Healthcare Executive Search Firms?

The healthcare industry in the US is an ever-growing sector in the economy. According to US Census data, around 12% of the population is over 65 years old, increasing the need for more medical physicians. In fact, predictions say that by 2026 there will be an addition of 2.6 million jobs in the healthcare field, which is much higher than in any other field. However, this field usually requires a much higher level of expertise and vetting than most jobs, which makes the recruiting process much longer and more complicated.

A study performed by the Association of American Medical Colleges also found that there’s a wide talent gap that is only bound to get worse in the coming years. To top it off, the turnover rates in the industry is approximately 19%, which makes it even harder to find and retain talent, in all fields of healthcare – from doctors to nurses, orderlies, pharmacists and non-clinical employees such as food service staff, facility maintenance workers and security guards. This is why it may be best to outsource the recruiting process to healthcare search firms, who have a lot more experience at finding the best talent. Or more specifically, retained healthcare executive search firms, of which we’ll get into more detail below.

What are retained executive search firms for?

In general, there are two types of recruiting firms. The contingency firm will usually work free of charge, and will only receive its fee after it is successful in placing a candidate. In contrast, the retained search firms will charge you an upfront fee and continue receiving payments based on predetermined milestones. You can read more about what a retained search firm is here. The most prominent benefit of working with a retained firm is that they will dedicate as much time to finding you the right talent as needed. They are not in a rush to place anyone they can so they can get paid. Instead, they will make sure the candidate is thoroughly screened, goes through preliminary interviews, and is exactly what you need for your organization.

As hard as it is to fill roles in the healthcare sector, executive positions are even more difficult to fill with the right talent. Retained healthcare executive search firms can help you conduct a specialized search for senior level roles in healthcare, as they usually have a pool of pre-vetted candidates and many connections in the field. They also have a vast knowledge of the healthcare industry, which can help you determine who a good candidate is and who is just a waste of your time.

Why use healthcare retained search firms?

Executive positions in healthcare typically offer a salary of around $140,000 and sometimes even higher, which means that the recruiting process needs to be very selective. Specialized healthcare recruiters can help make sure that you make the right decision when you select your candidates. In addition, in those higher ranked roles, it’s most likely that the best candidates are already employed and are not currently looking for a new job. The approach of skilled healthcare recruiters, who are discrete and sensitive to their situation, can help motivate top talent to move to a new position. In many cases, a direct approach from a competitor hospital or clinic will be rejected immediately, just for the fear of colleagues finding out.

Often, when a potential candidate speaks to a third-party recruiter, they are more honest about their career goals, their motivations and where they wish to end up. They are not afraid of opening up, as they don’t look at the recruiter as someone who can expose their secrets to their competition. This can ensure a more accurate and productive recruiting process for your healthcare position.

Working with retained healthcare executive search firms

Within the healthcare industry, there’s a large variety of organizations, from large government-funded hospitals to small clinics, and they are all competing for the same pool of talent. The retained executive search firms have the experience and expertise to help locate the right candidates and convince them to pick the role you are offering over the others. They know how to spot a good candidate based on their educational background, as well as skill sets. Typically they will track the best students right after graduation, and follow their career path.

You can find the right retained executive search firm for you by simply using the search to the right of this article. Search by healthcare industry or location and get matched with the right firm, which will help you find the best talent for your organization.