Healthcare Jobs Outlook

If you’ve kept up with healthcare market trends, you know that unemployment remains low and more and more jobs are being added. Many factors contribute to the rise in demand, including a large Baby Boomer segment that is aging rapidly. As we head into 2019, we thought it might be helpful to look at some job market statistics. You may want to keep this information in mind as you tackle talent planning and goals for you team.

• A recent report from The U.S. Bureau of Labor Statistics shows that approximately 531,000 positions went unfilled in U.S. healthcare and social assistance.
• In 2015, the turnover rate among nurses providing bedside care across different healthcare settings was 17.2%, while frontline staff, such as CNAs and DSPs, had the highest turnover rates of all professionals at 23.8%, as reported by the University of New Mexico.
• A study by Compdata Surveys found the average turnover in healthcare jobs in 2017 was 20.6%, putting healthcare’s turnover second only to the hospitality industry.
• According to the American Nurses Association, RNs are retiring at a significant rate. With more than 500,000 seasoned RNs anticipated to retire by 2022, the U.S. Bureau of Labor Statistics projects the need for 1.1 million new RNs for expansion and replacement of retirees.

Why Does This Matter?

Those are a lot of numbers so let’s take a step back and look at what this means. Despite the high level of separations (quits, layoffs and discharges), healthcare is a candidate-driven job market. In April 2017, the healthcare unemployment rate was 2.5%, which was the lowest level in more than 10 years, according to the U.S. Bureau of Labor Statistics. This seems to suggest that healthcare professionals remain in demand and therefore have the opportunity to move at any time.

In this type of environment, employee retention should be a high priority. Recruiting, onboarding, training and developing talent is a significant financial investment for an organization. According to a 2018 NSI Nursing Solutions, Inc. report, the average cost of turnover for a bedside RN is $49,500 and ranges from $38,000 to $61,000.

A high turnover rate can be caused by multiple reasons and varies among employees. Some factors may include:

• Hours – Long shifts and unpredictable scheduling can take a toll over time.
• High-stress environment – Hospitals, clinics and assisted living settings bring a high level of stress.
• Salary – With an increase in job openings, employees may search for more competitive pay and benefits.
• Access to tools and resources – Everything from cutting-edge technology to providing clean, comfortable uniforms can contribute to job satisfaction.
• Career development – If opportunities for training and advancement are few and far between, employees may look elsewhere for promotions.

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