In today’s employment market, recruiting and retaining C-suite executives can be challenging, especially in healthcare. However, with a few strategies in place, a healthcare organization can successfully hire and retain C-suite talent. So, what are the four tactics to recruiting and retaining c-suite executives in healthcare?
Top 4 Tactics for Hiring and Retaining the C-Suite
Compensation: At or Above Market
In order to attract top c-suite executives, compensation must be at or above the current market rate. Compensation packages must also go beyond the traditional salary and insurance benefits. Perks such as unlimited sick days, generous vacation, and paid sabbaticals can be a massive plus for C-suite executives.
Performance Bonuses: Management by Objectives (MBOs)
Ensuring C-suite executives can see their stellar performance awarded is crucial to hiring and retaining executives. Make sure to outline performance bonus information in an executive’s employment contract, so that objectives, scales and milestones are known and agreed to by all parties. Per Tim Mulvaney, UHC Solutions’ CEO/President, “Management by objectives or MBOs should be introduced in every compensation plan beyond base salary. It is recommended that no more than five objectives are targeted.” Additionally, “targets that are most important to an organization” need to be considered when drafting MBOs.
The Promise of Innovation and Exploration for the Physician Leader
For C-suite executives, the lure of innovation and exploration can be a desirable aspect of joining and staying with an organization. By providing an executive candidate with a corporate summary regarding available technology, allocated resources, and plans for the future, it can turn corporate information into a powerful recruiting tool. Not only does it display an organization’s commitment to innovation, it can also serve as inspiration for C-suite executives who are looking to drive change and stay ahead of the curve. Per Tim Mulvaney, UHC Solutions’ CEO/President, “The physician leader wants to make a difference. Otherwise, they could have remained a staff physician.”
Charting a Path for Progression
For any employee, whether junior or executive, seeing a path of career progression is essential to both recruiting and retention. Showing an executive how their role will grow and evolve is critical. Also, demonstrating to an executive the reach of their position and their possible legacy within an organization is vital to both hiring and retaining c-suite executives.
Planning for the Future
Hiring and retaining c-suite executives can be challenging, especially in today’s employment market. In the healthcare industry, it is essential to have tactics to ensure top executives not only join your organization, but stay in place to provide legacy knowledge. If your healthcare organization requires C-suite talent, turn to the experts at UHC Solutions. At UHC Solutions, we are industry experts in the recruitment of C-suite healthcare executives. Contact a healthcare recruiter today to learn more!