Big data in healthcare tends to refer to health data like electronic health records (EHRs), medical imaging, and medical devices. But big data can also be applied to identify the care-takers and professionals managing healthcare recruitment systems.
How is healthcare recruitment changing with Big Data?
Automation is becoming quickly integrated into intelligent recruitment. With new technology, talent acquisition teams are able to identify and assess the best candidates.
80% of executives from industries like finance, insurance, manufacturing, and entertainment claim big data has been transformation for how they do business---including how they hire.
In healthcare, the movement towards rewarding caretakers based on the health of their patients means finding the best caretakers is a necessity for healthcare organizations. For value-based healthcare, values-based recruitment will be needed. To support recruitment, healthcare data analytics will be needed, like learning of not only the skills, but the values a professional brings. This evidence-based information may empower recruiters to select the best candidates from a large pool. Healthcare recruitment is similar to other forms of recruitment and hiring. Big data can be used to correlate the performance of new employees, for example.
However in healthcare, it’s becoming about supporting the movement of value-based healthcare, creating a space for advancement, but also savings.
Employee turnover is expensive in every industry, but it’s especially detrimental to hospitals and healthcare systems. The cost of turnover for just one experienced registered nurse can reach $88,000, according to a 2017 study published in SAGE Open Nursing. In order to keep operations cost-effective, administrators must successfully recruit and retain highly skilled staff members.
"The demand for talent, particularly for clinical executive talent, has never been greater," Gail Wurtz, MSN, MBA, RN, vice president and account relationship executive with healthcare leadership solutions company B.E. Smith, told a room of more than 20 clinical healthcare leaders during a May 11 executive roundtable discussion at Becker's Hospital in Chicago. "You and the clinical staff you lead are the key to providing superior patient care, which supports your organization's future success and services."
Firms are using tools like TalentBin, Evolv, and other tools to up their hiring strategies. However healthcare is especially important to values-based fit. If a candidate doesn’t share a sense of purpose around values, then they aren’t a good fit. Having a strong fit means significant savings. Firms with mature integration of big data perform better.
Their stock market returns are 30% higher than other companies; they’re twice as likely to be delivering high impact recruiting solutions; and their talent pipelines are more than 2.5X stronger than other organizations. Big data can impact the entire recruitment funnel: from building better candidate pipelines, expected profile need analysis, active sourcing, employee performance analysis to employee retention analysis.
Data and analytics are often leveraged to find patterns of behavior, which pays off.
Recruiting is a human-driven profession. Healthcare recruiters must ask human-centric questions such as
- What are the steps applicants taking?
- How are they finding us (or how do we find them)?
- What’s their candidate experience like?
- Does their experience make us look good, bad, or just like everyone else?
For recruiters, they also have to think about their own organization's mechanics:
- How many positions are available?
- What’s our average time to fill a position?
- How do we qualify people for skills?
- How do we qualify applicants to gauge if they’ll be someone people want to work with?
Fortunately data analytics and other technologies, like AI, can help answer them.
Strangely talent analytics is taking a back seat to other business analytics, leaving an untapped pool of valuable information leaders could leverage to improve business decisions. In fact, only 40% of senior leaders seek out HR data when making business decisions. For the business leaders and managers leveraging talent data, a major competitive advantage will unfold.
How Retorio shortened the time line of one team:
The recruiting team worked actively on approximately one hundred open positions at once. Getting more hours in their day was not possible. Each staffer or recruiters was responsible for providing operations managers with a weekly status update. at any given time. They did this manually. Recruiters would enter their notes into their ATS system. The operations manager compiled the information for analysis. They had to gather all this information before a short-list of candidates was made. Then they had to send out invites to candidates for in-person or video conference interviews. Then, each recruiter or staffer would have to coordinate and schedule interviews. Afterwards, they had to manually fill in their thoughts of each candidate, enter it into the ATS system, and wait for approval for rejection or the next step in the process.
This scenario is common for every size of company.
For small or medium-sized businesses, they may not even have an ATS system, but an Excel sheet, increasing the risk for human error and time wasting spikes.
We integrate into every ATS system. So we eliminate some of the most time-intensive work: first-round video interviews can be immediately sent out to every applicant. A company doesn’t have to wait for approval or coordinate times to set up for interviews. Retorio also helps qualify candidates for arguably the most important question: How will it be like working with this person?
Retorio’s Big 5- based personality assessment shows recruiters the values and thinking processes a candidate may bring to the table. Paired with AI, Retorio helps companies do this quickly by assessing gestures, vocal timbre, sentence structure, and thousands of other “personality data points”. In the end, we saved each recruiter an average of 3 hours of work each week. They could then place that attention to active recruiting.
Big data can have a major impact on health recruitment. As a CEO or a manager you may want to continually update yourself on trends within big data and the broader tech ecosystem. Values-based care may depend on it.