Healthcare & The Job Market: What You Need To Know 

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Healthcare & The Job Market: What You Need To Know

By Jenny Favaro | October 22, 2018

Healthcare is a booming field. While this is positive news for healthcare companies and their bottom lines, it might prove challenging for talent acquisition functions. We can’t predict the future of the field but here’s what you should know is coming down the pipeline:

  • There is a labor shortage

According to the US Bureau of Labor Statistics (BLS), healthcare and social assistance job openings in June 2018 totaled 1.1 million compared to only 689,000 hires. The shortage of qualified healthcare workers is real – and is predicted to only get worse as baby boomers age and demand increases.

  • Demand for high-touch relationships

A survey conducted by SMD of 200 hospitals, 1,000 care centers and 100 long-term care facilities, with a total of nearly 500,000 employees, found that employees most commonly leave their positions due to senior leadership, job fit and management. This highlights the importance of a high-touch relationship between healthcare workers and managers – one in which regular feedback and open communication is prioritized.

  • Retention is key

The “Health eCareers 2017-2018 Salary Guide” survey found that 49 percent of respondents said their organization’s time-to-fill increased last year. This may be due to greater competition in the job market. Thirty-six percent of respondents also said turnover at their organizations grew. Additionally, 87 percent of respondents are very confident or somewhat confident they can find a new job in healthcare. This data proves the retention of healthcare workers is important.

  • Roles will change

According to Forbes’ “10 Future Healthcare Jobs To Watch,” we will see the following jobs come on scene in the near future: reconstructive surgery 3D printing specialist, voice assistant healthcare content specialist, robotic clinical documentation scribes, virtual hospital manager, precision medicine compounding pharmacist, epigenetic counselors, health finances planner and brain neurostimulation specialist.

  • Emphasis on employee well-being

If you expect your employees to prioritize patients’ health, then prioritize theirs. A study published in the American Journal of Infection Control showed four in 10 healthcare workers have worked with influenza-like illness. Be sure employees have a substantial amount of paid time off, so they can skip coming to work when they shouldn’t. And consider wellness perks like free healthy snacks, mental health services/employee assistance program (EAP) and subsidized gym memberships so they can take care of themselves.

  • Be aware of political shifts

In the US, President Trump has plans for healthcare – from repealing the Affordable Care Act to implementing the American Patients First blueprint. Laws change the healthcare landscape, and the only way to ensure you’re prepared is to stay abreast of the changes and keep a healthy pipeline of candidates. You typically have time from when these regulations are passed to when they go into effect, so use it wisely to be well-equipped.

  • Technology & AI

Technology, especially artificial intelligence (AI), in healthcare will change the way we’re treated. An article published by Forbes lists these most powerful real-world examples of AI in healthcare: AI-assisted robotic surgery, virtual nursing assistants, aid clinical judgment or diagnosis, workflow and administrative tasks and image analysis. Are you ready to hire the human oversight that’ll be required to keep these machines in check?

 

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About the Author
Jenny Favaro

Jenny Favaro is a Life Sciences Associate Vice President operating out of the New York office. Her primary area of focus is CMC Development and Operations.

She builds teams across the United States from the clinical to commercial stages. Her network, particularly within small molecule pharmaceuticals provides access to elite talent in this space. Harnessing her vast knowledge recruiting across the life sciences area, Jenny has a proven track record of successfully placing talent in an industry that is constantly changing.

Jenny moved from Chicago to New York for the proximity to innovative technology in the life sciences space. Her background in drug development allows her to hone in on the technical interests and research key focus-areas of her clients and candidates.

Jenny received her bachelors in Chemistry at Carthage College in Wisconsin.

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