Information Increasing Career Center Revenue
How one medical specialty society turned job board royalties into a primary revenue stream by allowing members to anonymously craft and shop their ideal career opportunities—all powered using specialty-specific practice information provided by the society.
Society revenue was down in 2020 as a result of COVID-19 and the subsequent need to hold a reduced Annual Meeting. One society CEO responded by evaluating all sources of non-dues revenue and identified the society’s Career Center as a potential candidate for improved performance. She learned that only a small fraction of the $3B spent each year on physician recruitment went to medical specialty societies, which frequently sourced physician candidates through their hosted job boards. Other than renegotiating higher job board royalty rates, she wondered whether the society could provide better career support for its members while improving the society’s financial position by leveraging its established connection to desired specialists.
The CEO ordered an assessment of the Career Center but found that it consisted only of general career content and a job board. She learned that members criticized job board postings as generic and often constructed without any reference to existing market conditions, especially around compensation. As a result, only a small fraction of members actively seeking jobs used the job board and responded to ads. To increase society royalties from their third-party job board vendor, the CEO needed to find a way to create more job seekers among the membership to attract more paid job postings. By converting members to passive job seekers, the society could serve members’ career development by allowing them to define and access their ideal career opportunity. At the same time, job offerers would benefit from access to an otherwise difficult-to-reach pool of desired candidates content with their present jobs but who would consider a move for the perfect position. This seemed like a win-win situation, but how would they execute this strategy.
The CEO had heard about Phairify as a no-cost, specialty-specific information resource for physicians and medical specialty societies. She was delighted to learn that Phairify’s partnership program included a novel recruiting platform that worked with specialty societies’ job boards. That recruiting platform allowed physicians to use Phairify’s specialty-specific compensation and productivity database to create market-informed combinations of career elements and anonymously post them to the platform as the desired terms of their ideal career opportunities. The Phairify platform then provided job offerers access to the same specialty database to craft market-informed job offers and present them to those physicians that had expressed ideal career opportunities with precisely matching terms. Like a Match.com for specialists, Phairify connects job offerers and job seekers using preferences based upon data to craft ideal connections for long-lasting and mutually rewarding working relationships. Because Phairify access is exclusively offered only to job offerers who purchase a job board posting on the society website, the society had identified the ideal tool to increase the number of passive job seekers and job board sales. The CEO was excited to partner with Phairify to unlock this untapped potential and empower its members in their career planning, as well as improve the quantity and quality of job candidates available to hiring parties and generate new revenues for the society.
“The Phairify job platform transformed our Career Center into a revenue center. With access to this kind of data for the first time, our members developed a new understanding of their professional value and jumped into the job market using the Phairify platform. Now our society job board is now known as THE place to go when you need a specialist in our area.”
Benefits & Results
- Personalized Results, Immediately: Current market research is published on an annual basis and comes with a substantial price tag—one that only hospitals and recruiters are able to afford. With Phairify, participating physicians enjoy real-time access to their results and can create a personalized value report for free at any time.
- Empowering Physicians in Career Planning: Physicians are able to use Phairify’s real-time market intelligence to set the terms of desired career opportunities, and then anonymously post those preferred profiles on Phairify’s Physician Value Exchange to set the guideposts for offers by hospitals or physician recruiters.