ATLANTA, August 5, 2014—U.S. healthcare workers’ confidence levels continue to improve, rising for the second consecutive quarter to 59.8 from 58.0, according to the Randstad Healthcare Employee Confidence Index. The online study among 157 healthcare employees, which included physicians, nurses, healthcare administrators and other healthcare professionals, was conducted by Harris Poll on behalf of Randstad Healthcare. Alongside improvements in overall employee confidence levels, more healthcare workers also believe the economy is getting stronger and are much more confident in the future of their employer this quarter.
Representing the largest increase quarter-over-quarter among the index measures, healthcare workers’ confidence in the future of their current employer jumped 17 percentage points, from 54 percent in Q1 to 71 percent in Q2. Meanwhile, similar gains were seen this quarter in healthcare professionals’ sense of job security, with eight out of every 10 workers (81%) saying it is not likely they will lose their job in the next 12 months—a nine percentage point increase.
One of the largest challenges confronting healthcare organizations is managing costs. With health insurance exchanges giving people more access to medical care, it could lead to tremendous cost pressures for our nation’s healthcare systems. In fact, according to the 2014 Healthcare Workplace Trends and Salary Guide, 41 percent of healthcare executives report challenges with operating cost management. As such, providers are examining their overall cost structure and deciding whether to provide certain functions internally or outsource them – including telecommunications contracts, real estate, shared services and staffing, according to Deloitte Consulting LLP.
“We are seeing many of our healthcare clients address a need for cost control through re-examining their staffing model and utilizing a mix of part-time, contract, temporary and full-time workers,” said Steve McMahan, President of Randstad Healthcare. “In addition, the labor shortage has required many healthcare organizations to turn to staffing experts to supplement their recruiting methods, or outsource their recruitment process in whole or part. Not surprisingly, the U.S. healthcare staffing market is projected to grow seven percent in 2014, to $10.5 billion, significantly exceeding the four percent growth we saw in 2013.”
The Randstad Healthcare Employee Confidence Index also found continued optimism in healthcare workers’ ability to find a new job, with six-in-10 (61%) indicating confidence in their ability to do so this quarter—the same level of confidence as measured in Q1. This outlook may be partly due to many of the country’s largest healthcare employers struggling to address an issue of understaffing in their facilities.
“Understaffing is an issue that affects all healthcare organizations across the country right now, most notably in VA facilities where steps are being taken to hire nurses and doctors with an infusion of $500 million government funding,” McMahan said. “When medical facilities are understaffed, there are high costs including low staff morale, high stress, patient diversion, decreased patient outcomes and satisfaction. Given the importance of maintaining adequate staffing levels, while addressing the need to contain costs, the opportunities for healthcare workers, both full- and part-time, are growing.”
Q2, 2014 Survey Highlights:
Healthcare Workers’ Job Security Very High
• Rising nine percentage points, 81 percent of healthcare workers say it is not likely they will lose their jobs in the next 12 months, compared to 72 percent in Q1 of this year.
Further Decline in Number of Healthcare Workers Looking For New Job
• In the next 12 months, only 28 percent of healthcare workers say they are likely to look for a new job. This was a further decline from 33 percent in Q1, and from 46 percent in Q4 2013.
Confidence in Finding a Job Remains Unchanged for Healthcare Workers
• In the second quarter of 2014, less than half (44%) of healthcare workers believe fewer jobs are available, a decline of four percentage points from Q1 2014. Representing no change quarter-over-quarter, 61 percent of healthcare workers indicate they are confident they could find a job in the next 12 months.
Healthcare Workers’ Optimism about Economic Strength Improves Slightly
• The number of healthcare workers who say the economy is getting stronger rose two percentage points this quarter to 31 percent. Thirty-three percent of healthcare workers believe the economy is staying the same, while more than one-third (37%) believe it is getting weaker.
For more information about workplace trends related specifically to the healthcare industry, view our Workplace Trends and Salary Guide.
This survey was conducted online within the United States by Harris Poll on behalf of Randstad Healthcare from April 7-9, May 8-12 and June 4-6, 2014 among 3,352 adults ages 18 and older, of which 157 are employed in healthcare, which included physicians, nurses, healthcare administrators and other healthcare professionals. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact firstname.lastname@example.org.
About Randstad Healthcare
Randstad Healthcare is one of the largest healthcare staffing firms in the U.S. and offers market leading, all-inclusive healthcare staffing solutions. Randstad Healthcare has been matching healthcare professionals with career opportunities at America’s top healthcare facilities for over 25 years. From large hospital systems and rural medical centers, to physician groups, insurance companies, clinics and Fortune 500 companies, Randstad Healthcare offers full-service staffing capabilities, including physicians, nurses, advanced practice, case management, allied health and vendor managed services. For more information, please visit www.randstadhealthcare.com.
Randstad US is a wholly owned subsidiary of Randstad Holding nv, a $22.0 billion global provider of HR services. As the third largest staffing organization in the U.S., Randstad holds top positions in permanent placement, office and administrative, IT and accounting and finance. From professional services, commercial staffing, recruitment process outsourcing, to managed services and more, Randstad delivers a comprehensive range of temporary, temporary-to-hire, permanent placement and outsourced placement services. With its 5,324 employment experts, Randstad puts an average of nearly 100,000 people to work in the U.S. each week, through its network of more than 900 branches and client-dedicated locations.
Learn more at www.randstadusa.com and access Randstad’s panoramic U.S. thought leadership knowledge center through its Workforce360 site that offers valuable insight into the latest economic indicators and HR trends shaping the world of work.