Confidence soars among healthcare employees on industry growth and improving macro-economic conditions threatening higher turnover in the ambulatory care, hospital and nursing sectors, according to a recent Randstad study.
While the recent market-wide slowdown in job creation correlated in a 4.5 percent decrease in overall confidence from Q1 2012, the latest Randstad Healthcare Employee Confidence Index finds the majority (58 percent) of healthcare workers
remains confident in the financial health of their employer, and 70 percent believe it is unlikely that they will lose their job. All three major healthcare employment locations saw rises in employment from Q2 2011—a trend expected to continue over the next decade to accommodate78 million baby boomers
reaching retirement age and requiring additional healthcare services. Ambulatory Care
led the rise adding 194,400 positions nationwide and hospitals
filling an additional 95,100 positions. Furthermore, nursing
and residential care
employment is forecasted to grow faster than all other occupations, adding 20% to the workforce before 2020.
Nearly one-quarter of healthcare workers express a visible increase in the availability of jobs in Q2 2012—a 33 percent rise from Q1 2012. Despite a slight decline in confidence in Q2 2012, the majority of healthcare
workers continue to be optimistic about the future of their current employer (58 percent) and their ability to find a new job (51 percent).
Overall optimism in the in the employment market by healthcare workers may lead to an increase in turnover
over the next year. With nearly 40 percent of employees indicating a desire to look for a new position, employers must prepare for an increasingly competitive hiring market and explore revitalizing employee retention practices.
While addressing similar concerns in the broader employment market, John Link, managing director of human resources for Randstad U.S
., recently noted forWorkforce360
in an article
, “it is important for employers to assess their employees’ needs and create programs that stimulate and inspire their workforces. An investment now in promotions or bonuses, along with impactful programs aimed at motivating, recognizing and rewarding employees, will help with retention efforts, increase productivity, and boost employee confidence in their companies.” With substantially higher growth forecasted in the healthcare industry, it is even more pertinent for employers and human resources executives to assess their employee engagement practices.
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