According to data from the US Centers for Disease Control and Prevention, healthcare is the fastest-growing sector of the U.S. economy. Healthcare employs over 18 million workers, about 12% of all employed Americans. Additionally, women represent nearly 80% of the healthcare workforce. The CDC also notes just some of the many job-related hazards facing healthcare workers which include:
- Sharps injuries
- Chemical and drug exposure
- Back injuries
- Latex allergies
- Stress and Burnout
The data show that prevalence of nonfatal work injuries and illness impacting healthcare workers are among the highest of any industry sector. It is not surprising that after almost three years running of unprecedented events caused by the COVID-19 pandemic, that healthcare workers, their organizational leaders, and the HR teams that support these workers, have experienced startingly high levels of burnout, and even resignation from the healthcare field.
Since 2020, long hours and the stress of caring for COVID-19 patients and supporting their own health and their families have worn down much of the healthcare workforce. Recent surveys suggest that a significant number of nurses are weighing the decision to retire or leave the healthcare industry entirely, while the number of new doctors and nurses entering the industry is expected to be insufficient to meet the growing demands of 2022 and beyond. Notably, the Bureau of Labor Statistics estimates that employment in healthcare occupations will grow 13 percent from 2021 to 2031, a rate faster than the average for all occupations, resulting in about 2 million new jobs created over the decade.
In addition to new jobs from growth in healthcare, opportunities arise from the need to replace workers who leave the field permanently. About 1.9 million job openings each year, on average, are projected to come from growth and replacement needs for healthcare workers.
At the same time, HR leaders in healthcare are also dealing with other industries to fill non-clinical positions such as administrative staff, food service workers, and technology workers amidst a so-called “Great Resignation” and persistently low unemployment rates. With as many as one in three healthcare employees considering leaving their job due to burnout— critical staff shortages are widespread. And formerly able to count on seasonal shifts in demand for healthcare services, the consistently high patient numbers many healthcare organizations experience make HR leader’s challenges a 365 day a year concern.
It’s a “perfect storm” if you like, for the healthcare industry and for the HR leaders facing these myriad challenges. Since healthcare is so important to the overall economy and to society, and given its unique needs and requirements, leading technology and services providers have increasingly responded with renewed focus, industry-specific solutions, and dedicated resources in support of the healthcare industry and their healthcare customers.
One such provider in the HCM technology space, is Oracle Cloud HCM, who are focusing on the healthcare industry by delivering a comprehensive HCM solution suite which is centered on improving employee experience; aligns with healthcare organizational values; supports diversity, equity, and inclusion initiatives; and helps healthcare HR leaders to benefit both clinical and nonclinical staff to succeed in their careers.
Oracle Cloud HCM has identified four primary challenges for healthcare HR leadership today:
- Attracting and Retaining Talent
- Safeguarding Employees
- Controlling Costs and Increasing Resilience
- Enabling Agility and Improving Employee Experiences
While these challenges and priorities are often shared by HR leaders in all industries, the unique characteristics and realities of healthcare workers and healthcare HR make it necessary to have a dedicated, and targeted, approach to HCM, one that is supported by a technology solution built with that focus as well.
What we have found impressive about Oracle Cloud HCM and their approach is that they have developed an HR platform to help healthcare HR leaders remove silos between disparate, legacy HR systems and other business applications. This gives HR and organizational leaders a single source of truth and visibility into all workforce data so they can take proactive steps to improve healthcare worker experiences, provide targeted development opportunities, support healthcare specific requirements, and provide proactive insight so that HR leaders can support the workforce before burnout kicks in.
Additionally, the growing roster of Tier 1 healthcare providers that have partnered with Oracle Cloud HCM (Kaiser Permanente, Adventist Health, Northwell Health, for example), serve to strengthen both Oracle Cloud HCM’s portfolio of insights on healthcare HR, as well as provide a vital feedback loop from these partners to continue to develop and enhance the HCM suite to serve healthcare organizations’ unique needs.
If you are interested in learning more about healthcare HCM, and Oracle Cloud HCM, I encourage you to register for the upcoming Oracle Cloud World event coming up October 17 – 20, 2022. At the event, you will not only be able to learn about healthcare HCM, but also see and hear directly from Oracle leaders, customers, and thought leaders about all things HCM innovation, and how modern HCM technologies are driving success at some of the world’s most successful organizations.
The team at H3 HR Advisors will be attending Cloud World as well, and you can look forward to hearing us share what we are seeing and hearing on the HR Happy Hour Podcast, the Work Break vlog, and here at H3HR.com.
Learn more about Oracle Cloud World and register for the in-person or the digital event experience at Oracle Cloud World.