ORLANDO, Fla.--(BUSINESS WIRE)--ZeroChaos, a global provider of workforce management solutions, today released the ZeroChaos Healthcare Industry Workforce Report, providing insights into the unprecedented growth of the healthcare industry and highlighting how healthcare providers can have an “early mover advantage” to manage talent and procurement.
As the fastest growing industry in the U.S., healthcare is facing a relentless pace of change. Industry consolidation, shifting demographics, consumerization, the growth of new service delivery options and technology advancements are reshaping healthcare and driving demand for talent. According to the ZeroChaos Healthcare Industry Workforce Report, “The U.S. Bureau of Labor Statistics (BLS) estimates that between 2014 and 2024, the healthcare industry will add approximately 2.3 million jobs, representing growth of 19 percent -- significantly faster than the average for all other occupations.”
“Healthcare employment is thriving, creating complex challenges for talent leaders who face stiff competition,” said Sean DeAvila, vice president of strategic solutions, ZeroChaos. “Technological innovations and the consumerization of the industry are driving new ways of working. And, with labor representing up to 60 percent of total operating costs, there are significant upsides to managing talent more strategically to create efficiencies and improved processes.”
ZeroChaos provides an inside perspective into the healthcare industry, outlining business strategies to help better manage the shifting workforce. The report utilizes market data and industry statistics to examine:
- Economic Pressures Facing the Industry: Hospitals and healthcare systems are facing pressure to reduce costs by 20 to 25 percent.
- Demographics Driving Change: By 2020, for the first time in history, the population of Americans aged 65 and over will outnumber children five and under.
- Technology Acceleration and Advancement: The increased use of technology in clinical settings and the growing adoption of telemedicine and remote monitoring applications open the door to new skills and career opportunities for healthcare practitioners.
- Industry Consolidation: Last year saw more than 900 merger and acquisition transactions in the industry.
- Workforce Issues Challenging Healthcare Employers: Industry projections state that expenditures on supplemental healthcare staffing will reach a record high of $15.5 billion in 2017.
- How to Take a Strategic Approach on Building a Strong Workforce: Organizations can significantly improve healthcare workforce management by applying advanced talent acquisition strategies, technology tools and systems designed to more effectively attract, engage and retain talent.
Industry growth and evolution, along with economic developments, are driving demand for specific skills and expertise in this market, including more technology savvy individuals – creating an increased imbalance between supply and demand for finding and hiring the right talent in today’s candidate-driven market.
Added DeAvila, “Healthcare providers must take a fresh look at business models – examining every operational process and protocol to reduce costs without negatively impacting delivery. Methods of sourcing, engaging and managing talent – both among the employed and supplied workforce – will be critical to successfully managing through an agile and evolving industry.”
To read more about ZeroChaos’ perspective on the healthcare industry, download the full report.
ZeroChaos is a global provider of workforce management solutions that help organizations achieve greater management and financial control of their workforce and talent supply chains. ZeroChaos' award-winning solutions, including its vendor-neutral Managed Services Program, enable procurement and human resources to improve visibility into contingent labor spend and talent pools, effectively manage and optimize contingent workforce program performance, and mitigate risks. Headquartered in Orlando, ZeroChaos has global operations in the Americas, Europe, and Asia. For more information visit www.zerochaos.com, follow on Twitter @ZeroChaos, or connect with ZeroChaos on LinkedIn.