Industry Insights: Healthcare

Industry Insights | March 22, 2022 | 5 minutes read

Welcome to our resource page for Healthcare Hiring!

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This page is set up to give you the latest information on what’s happening in the hiring market right now, as well as the trends healthcare businesses, are facing when it comes to hiring. We have compiled the latest stats, arming you with all the data you need to make informed decisions when looking at your hiring plan.

Healthcare executives agree that the greatest challenge to hospitals and health systems in 2022 is the staffing shortage. The turnover rate near double creates the perfect storm. Here’s what you can do to keep your team from burnout, engaged and loyal.

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The Healthcare Facts

Prior to the coronavirus pandemic, healthcare worker burnout rates on average ranged from 30% to 50%. Now, burnout rates range from 40% to 70%.
Healthcare systems are experiencing double-digit turnover rates and difficulty recruiting.
A quarter of U.S. hospitals reporting their data to HHS said they faced critical staffing shortages in early 2022.
When a record 4.5 million people quit their jobs in November, healthcare workers had the second highest quit rate at 6.4%, according to data from the Bureau of Labor Statistics.
At the beginning of 2022:
- The number of job openings is 51.9% higher than before the pandemic.
- The number of quits is 35% higher than before the pandemic.
- Average weekly wages are up by 10.8% from the pre-pandemic levels.
While many healthcare recruiters blame the Great Resignation for the high turnover rates, it’s hardly the only culprit. Between 2016 and 2021, the average hospital turned over a shocking 90.8% of its workforce.

Short on Staff? Lowering Attrition is Key

Healthcare workers don’t want the 12-hour shifts, they want shorter shifts.
To make hiring challenges even more difficult, many of the competing industries are targeting the same pool of candidates and trying to rehire hourly workers at the same time.
Recruiters in the healthcare industry must come up with new innovative ways to attract and retain new employees at a time when budgets are at their lowest.
Today, 33% of recruiters spend over 20 hours a week sourcing candidates.
During the Great Resignation, in the time it takes to hire one candidate, you could lose two workers.

Vertical Fact

The average age of a registered nurse in the U.S. in 2020 was 51 years old.

Most senior and experienced nurses nearing are retirement, or some leaving earlier than expected due to burnout.

What Healthcare Workers are Looking For

With “The Great Resignation” in full swing and candidates demanding more benefits, raising pay has swiftly become a standard requirement. As a result, employers will need to look at implementing other benefits to attract and retain talent and stand out among the competition:

Shift flexibility
Housing opportunities at some properties
Part-time benefits
Transportation to and from work for employees who may need it
A mobile communication platform to digitize the employee experience for front-line workers

Staffing Shortages Translate to Decreased Quality of Care

Even before Covid-19 hit, hospitals and healthcare faced staffing issues. According to a new report from the Boston Consulting Group, these issues impact hospitals even more now. In practice, those shortages translate to decreased quality of care. In particular, the report noted an increase in hospital-associated infections for the first time in years.

Pandemic aside, in the next 10 years, the U.S. healthcare industry is likely to face a significant talent shortage. The rapidly increasing population will need millions of physicians, nurses, technicians, and home health aides, turning recruitment into a serious challenge.

Hospitals and Health Systems have Experienced Challenges and Staffing Issues

Source: BCG health care executive survey, August 2021

The Big Picture

The healthcare industry can offer a range of employee benefits to stay competitive—flexible hours and scheduling, increased pay, vaccination incentives, employee discounts and training, to name a few.

Provide a safe, protective, and inclusive environment.
Give team members opportunities to grow and collaborate.
Offer a healthy mix of perks, like flexible hours, incentives and competitive, on-demand pay.
Do more to retain the staff you have, develop inclusive environments, and give workers greater flexibility over their shift schedules, something that 19% of people want in their jobs.
Offer employment opportunities to younger people who don’t have prior experience. Look beyond their lack of experience and invest in skills and development training that will help them in the position and beyond.
Plan to offer perks such as bonus pay for working difficult shifts, sign-on/retention bonuses, a rewards and recognition program, tuition assistance and complimentary meals and transportation.