Think your healthcare staff is here to stay? Think again!
Healthcare professionals’ employment opportunities are expected to grow 19 percent between now and 2024, according to the Bureau of Labor Statistics, with a projected add of 2.3 million jobs. This growth rate is remarkable, and is actually faster than any other occupation out there!
You are probably already experiencing this in your own organization – adding more jobs now than you did even just a year ago.
And, are you also experiencing an increase in turnover as a result?
In one of the most critical healthcare employment climates in history – thanks, Baby Boomers! – healthcare professionals have the opportunity to be picky. They are feeling the increase in the number of job opportunities, and they are ready to take full advantage of this talent-driven economy. Not surprisingly, 29% of healthcare professionals expect to make a career change within the next year; and another staggering 86% are confident that if they looked, they could easily secure a new position, as reported in a recent Staffing Industry Analysts’ article.
I mean - why stay when you can go somewhere else to make more money? Especially with analysts predicting a 5.3% salary increase for certain healthcare positions.
So, what does this mean for you?
As an employer, you have two key issues to consider, and to plan for:
1) Increased expectations of healthcare professionals for higher pay. Budgets beware!
2) Continued increased with employee turnover – even within your happy employees. Better beef that Human Resources’ team up!
How do you plan?
Well, the good news is that you have taken the first step in figuring this out for your organization by even reading this article – phew! Next step, analyze your current employee base:
- Who is planning to retire over the next few years?
- What is your current employee retention rate…okay, take that and add 29% to it!
- How many existing roles will you need to backfill just to account for retention?
Then, meet with the varying department heads:
- Are they seeing an increase in patient needs?
- Do they have the staff to cover those increased needs?
- If not, what is their projected headcount need for the coming months and years?
This is a complex situation, that is going to require time and attention to planning accordingly. The good news – you aren’t alone. All healthcare institutions are facing this same challenge, and turning to partners like PPR Talent Solutions for help.
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