Latent workforce opportunities in healthcare refer to untapped pools of internal and external labor that can help solve staffing challenges. With the ongoing healthcare staffing crisis, exploring these opportunities is critical to ensure high-quality patient care while reducing labor costs. One innovative solution to accessing internal and external labor is ShiftMed's technology platform, which empowers healthcare systems and facilities to seamlessly manage their internal labor pools and tap into a W-2 on-demand marketplace of over 350,000 credentialed nurses.
This article explores the importance of exploring latent workforce opportunities in healthcare and how ShiftMed's solution can help healthcare organizations access and optimize their workforce.
What are Latent Workforce Opportunities?
A latent workforce refers to an untapped pool of labor within an organization or geographic area that can be mobilized to meet the facility's needs. These individuals are not currently employed in a specific role or are underutilized in their current role. Exploring these opportunities is a critical step for healthcare organizations to address their staffing challenges and improve patient care.
In the healthcare industry, latent workforce opportunities can take many forms. One example is the use of internal labor pools, where healthcare organizations can tap into the skills and expertise of their existing staff to fill temporary or permanent positions.
Another example of latent workforce opportunities in healthcare is the use of external labor pools, such as technology platforms like ShiftMed that connect healthcare organizations to a vast workforce marketplace. These platforms provide access to fully credentialed healthcare professionals to fill staffing gaps at a moment's notice. According to a report by Grand View Research, the global healthcare staffing market size was valued at USD 22.5 billion in 2022, with a projected compound annual growth rate of 5.66% from 2023 to 2030. This indicates a growing demand for external labor solutions in the healthcare industry.
The benefits of tapping into latent workforce opportunities in healthcare are numerous. Workforce ecosystems, like ShiftMed, provide healthcare organizations with access to a large pool of fully credentialed healthcare professionals, enabling them to quickly and easily fill staffing gaps and improve the quality of patient care. Additionally, external labor solutions can help reduce labor costs and provide more flexibility in managing staffing needs.
The Problem Latent Workforce Opportunities Solve
Healthcare organizations face numerous staffing challenges, including high turnover rates, increased demand for skilled healthcare professionals, and difficulty filling open positions. According to the American Association of Colleges of Nursing (AACN), the shortage of registered nurses is bound to intensify as Baby Boomers age. This shortage is expected to impact the quality of care provided to patients and increase the workload on existing staff.
Latent workforce opportunities offer a solution to these challenges. By tapping into internal and external labor pools, healthcare organizations can fill open positions quickly and efficiently, reducing the workload on existing staff and improving the quality of care provided to patients.
Technology plays a critical role in accessing latent workforce opportunities. Platforms like ShiftMed provide healthcare organizations seamless access to a nationwide network of fully credentialed healthcare professionals. This on-demand marketplace enables healthcare organizations to quickly fill open positions and reduce the burden on existing staff. Healthcare organizations can optimize their staffing needs by providing real-time scheduling and communication tools and reducing the risk of staff burnout.
In addition to addressing staffing challenges, tapping into latent workforce opportunities can also provide cost savings for healthcare organizations. Healthcare organizations can better manage their labor costs and improve their bottom line by reducing the need for expensive temporary staffing agencies and overtime pay.
ShiftMed’s Solution for Accessing Internal & External Labor Seamlessly
ShiftMed's technology platform is a solution that enables healthcare organizations to access internal and external labor pools seamlessly. With over 350,000 fully credentialed healthcare professionals in their network, ShiftMed provides healthcare organizations with reliable on-demand staffing solutions by linking internal float pools with a W-2 marketplace.
ShiftMed's platform offers several key features that make accessing latent workforce opportunities easier. The platform provides real-time scheduling and communication tools, enabling healthcare organizations to quickly fill open positions and optimize staffing needs. Healthcare professionals in the ShiftMed network are W-2 employees, meaning that ShiftMed is responsible for payroll taxes, unemployment claims, and worker's compensation. This reduces the administrative burden on healthcare organizations and provides them with peace of mind that their staffing needs are being met.
Unlock The Potential of Your Workforce with ShiftMed
In the face of ongoing staffing challenges in the healthcare industry, exploring latent workforce opportunities is critical for healthcare organizations to improve patient care and reduce labor costs. ShiftMed's solution for accessing internal and external labor pools seamlessly provides healthcare organizations with reliable staffing solutions that are cost-effective, efficient, and easy to use.
With its real-time scheduling and communication tools, non-monetary incentives, and a large pool of fully credentialed healthcare professionals, ShiftMed's platform is a valuable resource for healthcare organizations seeking to optimize their workforce. Healthcare organizations are encouraged to consider ShiftMed's solution for taking advantage of latent workforce opportunities and improving staffing practices.