Today’s widespread talent shortages and rising costs are no longer a secret in healthcare. In fact, reports indicate that the looming talent shortage is only expected to worsen over the next few years. According to the Bureau of Labor Statistics, 1.2 million vacancies will emerge for registered nurses between 2014 and 2022; and by 2025, the shortfall is expected to be more than twice as large as any nursing shortage experienced since the introduction of Medicare and Medicaid in the mid 1960s.

While the future of healthcare remains uncertain and more baby boomers approach retirement age, HR leaders and hiring managers will need to discover new ways to attract high performers. Employers must understand what incentives appeal to millennials, today’s largest generation, and how their organization’s mission and values align with the candidate’s expectations and career goals.

Despite the continued growth in nursing, the demand is outpacing supply at overwhelming rates. Here are four things you should closely consider as you review your recruitment strategy to attract today’s top healthcare talent.

1. Work-Life Balance

Flexible scheduling is an emerging priority among applicants of all age groups. In healthcare, many positions offer flexibility, which affords employers as well as employees the opportunity to find balance between their personal commitments and work responsibilities. Kevin Nakao, Head of Marketing at TINYpulse, says, “Organizations need to establish guidelines that help support this so that not only can they retain top talent but also attract new talent.” As the push for work-life balance gains prevalence, employers who support this rising trend will gain an advantage in today’s competitive marketplace.

2. Compassionate Workplace

While compensation still holds great relevance in attracting talent, Sylvie Woolf, Director of Client Service at ClearCompany, says employers who exhibit compassion will catch the eye of today’s high performers. In fact, a survey by Catalyst revealed that 46 percent of women and 44 percent of men who earned MBA degrees between 1996 and 2007 were likely to search for a new job if their current culture didn’t align to the one they had envisioned, Woolf says. “For [millennials], working for a company that has a similar worldview and fosters a great work ethic, is more important than money.” For example, most millennials (53%) are more interested in volunteer opportunities than they are compensation when it comes to selecting a job. They want more compassion in the workplace, and volunteering is a piece of that.

3. Student Loan Debt Repayment Programs

Debt relief is a top priority among many new nurses and physicians entering the field. In fact, the University of Missouri Health Care or MU Health Care recently announced in a news release that it would be offering a student loan debt repayment program incentive as part of their new 2017 recruiting and retention plan. It will offer nurses and health professionals up to $10,000 if they agree to work in high-volume patient clinics. Conversely, those without student loan debt will be awarded a retention bonus of $2,000 at the end of each year, with a maximum total of $10,000. This is an example of how employers can design new types of compensation packages that reflect the changing financial and lifestyle needs of today’s new physicians.                                                                                                          

4. Mentorship Systems

Seventy-nine percent of millennials consider mentoring crucial to their career success. “Not only do they crave feedback and coaching from their superiors, they enjoy engaging in peer or group mentoring,” says Nicole Beckerman, Marketing Consultant at Everwise. “Millennials in talent development programs expect mentorship opportunities, and likely will value ones [that] can integrate into their day-to-day working life and offer real-time feedback.” If a new clinician feels overwhelmed by the expectations from their peers for clinical expertise, documentation and decision making, it may push them to move on if another opportunity presents itself. In addition to offering valuable institutional knowledge, mentorship is a great way to develop new leaders and strengthen workplace relationships.

What are some of the latest strategies you’ve seen to be effective at your healthcare organization? Please share! We’d love to hear from you.