Job Security: A Thing of the Past, Except for in Healthcare
February 23, 2016
The concept of job security is largely gone as contract work and corporations have worked to maximize profits to appease shareholders. But not all is lost. In healthcare, job security is continually strengthening relative to all other fields.
That’s because healthcare workers are in high demand, and they do a job that millions of people need every year. Talk about an indispensable field. Medical jobs have some of the best job outlooks out of any field, with the median job growth being 19% over the next few years. The industry will also add over 2.3 million new jobs, which is more than any other field.
Healthcare workers get paid more on average than workers in any other occupation, also. On average, healthcare industry workers brings in more than $61,000 a year, while other occupations’ workers only bring in an average of $35,540– healthcare workers bring in just shy of double what everyone else does a year, on average.
Turnover in normal occupations is growing at an increasingly high rate. There is so much turnover in the job market that many people turn to freelance work or they just drive people around for cash. Companies cut thousands of workers on bad months or if they feel like they can get the jobs done cheaper somewhere else.
But, the medical industry is solid because it’s a field that depends on good people for good work, not just an industry that looks for the cheapest workers, or the largest number of people who will click buttons. If that doesn’t make you want to go back to school for a healthcare job, I don’t know what will.
Job Security is Strong in Medicine
The medical field is arguably one of the best career fields in America. Without a doubt, it is one of the most challenging fields, but also one of the most rewarding and most in-demand. It is also a field where the most in-demand jobs are also the most tangible. They need more nurses, techs, and many positions you can get with an associate degree.
Now that we’ve gone over a brief overview, we are going to talk about what specifically makes the medical field strong. Over the past few years, some important factors made it possible for the healthcare industry to have some of the most stable, highest paying, sought after jobs in America.
1. The Affordable Care Act
The Affordable Care Act created a ton of jobs in the healthcare sector– or it created the need for a ton of jobs, anyway. The Affordable Care Act gave a huge amount of people access to healthcare and in-turn increased demand on our healthcare workers in the field and created the need for more.
It basically opened the floodgates in the medical community and there weren’t enough doctors and nurses to see everybody. Jobs like nursing, advanced practice nursing, and physician’s assistants became highly sought after and they began filling gaps that our doctors couldn’t. They also are more cost efficient.
Since there is more affordable healthcare now, it means there need to be more affordable workers in healthcare. That has also increased the need for nurse practitioners and physician’s assistants who can do many of the tasks doctors can, but for cheaper.
2. Retiring Baby Boomers
Baby boomers accounted for the highest number of births our country ever saw, now, they are retiring. This means a huge number of people are leaving the workforce. It also means a huge number of people will need medical attention because with age comes the need for healthcare– they alone buy 77% of all prescription drugs. By 2029, there will be upwards of 71 million people in retirement. This will hugely impact our system as a whole, especially the medical community because of overwhelming use of the system.
By 2020, over 25% of employees will be 55 or over, meaning that they will soon be going into retirement and there will be a huge gap open up in the job market. There will be a gap in medical jobs too. Many healthcare workers, like in other occupations, hope to retire over the next couple of years. This opens up spots for younger professionals to move in and secure their spot over the years to come. Also, this huge increase in our elderly population means we will need people more than ever to step in and take care of the growing amount of patients we will no-doubt see.
3. It Makes a Ton of Money
The healthcare industry brings in 1.668 Trillion dollars in revenue every year. There are over 784,000 healthcare companies in America and those companies employ hundreds of thousands of people. The industry is so large it is no wonder why there is strong job security in the field. It brings in so much money that it can afford to keep its workers and hire more.
In America, if you make a company money, you will, in-turn, make money. So the medical industry needs more and more skilled workers to keeps its money rolling in. They keep their workers because it takes specialized training and time to do well in the industry and to attract patients to use their services.
Because it is such a money-maker, it will always have more positions that need to be filled, and always need for its workers to stay, so they can meet the overwhelming demand they face in the coming years. Baby boomers will generate a ton of income for hospitals and healthcare companies, so they need their workforce to stay strong and in place.
4. It’s Skill Oriented, Not Numbers Driven
They can’t just pull any Joe Schmo off of the street and make them your nurse. That’s why there is such strong job security in the medical field. It is a market-driven job, where schooling and skill determine your job placement– and the market always demands medical workers. It is one of the few jobs out there today that requires specific degrees and credentials, but also allows you to get jobs straight out of school with as little as an associate degree.
Many entry-level jobs today just require an un-specific college degree or just need people acting as cogs in their corporate machine, but healthcare needs real, skilled workers who are specifically trained in an area of medicine. There are also a ton of graduating students with non-specific degrees who are all competing for the same jobs and they don’t have any real skills to set them apart.
Healthcare is different. There is a clear path, with certain qualifications you must meet in order to advance or even get a job. There aren’t people in healthcare competing for the same job having only humanities and marketing degrees; they have specific credentials which keep them clearly focused and allow them to become valuable to a specific job.
With an overwhelmingly stunning number of bad jobs in America, there is no wonder why many people turn to healthcare for job security and fulfillment. The situation in America will continue to make medical jobs some of the most in-demand jobs over the next decade. With a huge influx of patients, an entire generation going into retirement, and many jobs turning their business practice into an unskilled numbers game, the health industry is set to provide more and more jobs to qualified candidates and create more jobs than any other industry.
The field makes so much money it’s absurd. Only time will tell how our healthcare system changes over the next few years with a new presidential administration and when we see how the baby boomers impact our system, but one thing is for sure: medical jobs are here to stay and the industry provides the most stable jobs on the market today.