Healthcare staffing agencies have an incredibly difficult job right now trying to find qualified medical talent. The healthcare labor shortage is acute. For example, the American Nurses Association (ANA) reports there will be more than 100,000 registered nurse jobs next year. There are shortages of both primary and specialty care providers. On top of all this, healthcare lost 90,000 people during COVID, but since the baby boomer population isn’t getting any younger, the demand for qualified healthcare staffers will only increase.
Healthcare organizations, whether they are hospitals, small independent practices, or staffing agencies are all struggling to find talent. That’s exactly why an employer of record (EOR) like FoxHire can help the industry meet these latest challenges.
Why Do Healthcare and EORs Work Together?
How Does an EOR Solve Healthcare’s Biggest Challenges?
Retaining staff is a big issue in healthcare and this isn’t a new phenomenon. Even before COVID, the average turnover rate was just over 17% in the industry. Since 2013, most hospitals have turned over 85% of their entire teams. Healthcare has had the second-worst turnover rate (hospitality is the first) in the entire country. In 2020, 21% of the healthcare workforce left their jobs. An American Medical Association study shows one in five nurses and one in five doctors are planning to leave their current job in the next two years.
All of these trends are increasing the pressure on recruiting teams to find talent. It’s an all-hands-on-deck mentality to try to fill open seats in a healthcare facility. The last thing these professionals need is to worry about payroll or other administrative tasks associated with hiring. Instead, what if they could focus solely on finding talent?
An EOR offers these organizations a turnkey operation for handling all back-office functions:
- Payroll
- HR
- Benefits
- Taxes
- Workers’ compensation
- And more
By delegating these time-consuming functions to a third-party vendor like FoxHire, your organization suddenly has the luxury of time again. This allows your recruiting team to focus strictly on what they’re food at; finding talent.
What Other Benefits Are There?
To add to the benefits offered by an EOR, consider their onboarding service. Not only can a firm like FoxHire keep an employee paid while contracting, they can also benefit from a professional onboarding service. Outsourcing the onboarding process ensures that your HR teams can stay focused on initiatives that retain your workforce or help you find new workers.
An EOR can go a long way toward providing payroll services promptly and efficiently. This increases employee satisfaction. These services are particularly welcome for healthcare staffing agencies who no longer have to worry about tax compliance or the regulatory rules governing the employer-employee relationships.
Is Your Healthcare Facility Using an EOR?
FoxHire understands how tough your job has really become now. That’s why we’re standing by to help your healthcare organization succeed. Talk with the FoxHire team to find out how we can free you from mundane HR tasks to keep you focused on hiring and retaining talent. Talk with our team today to find out how we can help.
