The healthcare industry is facing a talent shortage crisis, and it’s only going to get worse. As the demand for healthcare services continues to grow, there simply aren’t enough qualified professionals to fill the available positions. Some say the shortage is most pronounced at the executive level, where finding the right leaders is becoming increasingly difficult. Others say it is at the coal face, where allied health professionals, carers and hotel services staff are hard to find and keep.
This problem isn’t unique to healthcare, of course. Many industries are struggling to find the talent they need to succeed in today’s fast-paced, post-pandemic, ever-changing business landscape. But healthcare is particularly vulnerable, as the industry is facing a host of unique challenges that require specialised skills and ability.
So, what can healthcare organisations do to overcome this healthcare talent shortage? One strategy that’s gaining traction is using industry adjacency in executive recruitment. It is one of our strategic intent items for this year as a business P.J. Recruitment and Executive Search is using, wherever possible, adjacent industries to increase the size of our target candidate pool. So, each time we go out to market on an executive recruitment assignment, our clients willing, we strategically set about finding and attracting talent outside of the purely healthcare or aged care industries.
What is industry adjacency?
Industry adjacency refers to the idea that certain industries have overlapping or related skill sets, experiences, and knowledge bases. For example, the pharmaceutical industry and the biotech industry are both next to healthcare, as they need similar scientific and technical ability. These are fantastic industries to target.
By using industry adjacency in executive recruitment, healthcare organisations can cast a wider net and tap into talent pools that might not have been considered otherwise. By looking beyond, the traditional boundaries of the healthcare industry, organisations can find executives with fresh perspectives, diverse experiences, and unique skill sets that can help drive innovation and growth. The other benefit is sometimes attracting candidates who aren’t from healthcare or aged care, means there isn’t a ‘jaded’ or ‘negative’ energy which people may be carrying post-Royal commission into aged care and also leading through a pandemic. The candidates who are working in adjacent industries that we speak to often comment that aged care and healthcare are booming industries and they are keen to secure a career pathway in this sector.
Why is industry adjacency important for healthcare talent recruitment?
Healthcare is a complex and rapidly evolving, regulated industry, with a wide range of challenges and opportunities. Finding executives with the right mix of skills, experiences, and knowledge is essential to success. But with the healthcare talent shortage, many organisations are struggling to find qualified candidates who can meet these requirements.
Industry adjacency offers a solution to this problem by expanding the pool of potential candidates. By looking beyond, the traditional boundaries of the healthcare industry, organisations can find executives with the skills and experience they need to succeed in today’s healthcare landscape.
For example, a healthcare organization might look to the technology industry for a chief information officer (CIO) with ability in data analytics and digital transformation. Or they might look to the finance industry for a chief financial officer (CFO) with experience in managing complex budgets and financial forecasting. We have recruited exactly this example last year, a CFO from an adjacent industry and that person is kicking huge goals, bringing about a different energy and context to her work.
In addition to expanding the pool of potential candidates, leveraging industry adjacency can also help healthcare organisations stay competitive in a rapidly changing market. By bringing in executives with diverse perspectives, energy and experiences, organisations can gain new insights and ideas that can help them stay ahead of the curve.
How can healthcare organisations use industry adjacency in executive recruitment?
To use industry adjacency in executive recruitment, healthcare organisations need to take a strategic and proactive approach. Here are some key steps to consider:
1. Identify the skills and experience you need
Before you can start looking for candidates in adjacent industries, you need to have a clear understanding of the skills and experience you need. This requires a thorough analysis of your organisation’s current and future needs, as well as an understanding of the broader healthcare landscape.
2. Name the adjacent industries that are most relevant
Once you’ve named the skills and experience you need, you can start looking for adjacent industries that are most relevant. This requires a deep understanding of the skills and ability needed in each industry, as well as an understanding of the connections between industries.
3. Develop a targeted outreach strategy
To attract candidates from adjacent industries, you need to develop a targeted outreach strategy. This might include reaching out to industry associations, attending industry events, or partnering with recruiting firms that specialise in executive recruitment in adjacent industries.
4. Be open to new perspectives and ideas
When considering candidates from adjacent industries, it’s important to be open to new perspectives and ideas. These candidates may have different approaches to problem-solving or different ways of thinking about the industry. Embrace these differences and use them to drive innovation.
Frequently Asked Questions
How do you strategise to target adjacent industries to help with your healthcare talent shortage?
To strategize targeting adjacent industries to help with healthcare talent shortage, you can first name which industries have transferable skills and talent pools that could be suitable for healthcare roles, then develop targeted recruitment campaigns and partnerships to attract them. Specialist recruiters with experience and networks in both healthcare and adjacent industries can also play a key role in finding and connecting with potential candidates.
What industries might be considered adjacent to healthcare and aged care?
Industries that may be considered adjacent to healthcare and aged care include pharmaceuticals, biotechnology, medical devices, and health insurance. Additionally, customer service industries such as hospitality, retail, and call centres may also have transferable skills and be suitable for certain roles within healthcare and aged care.
If you’d like to talk with us about securing you healthcare talent, using a broader approach to attract adjacent talent, when you’ve tapped out of your networks, call us on (02) 9144 4544.