Smart Hiring and AI Use Key to Sustainable US Healthcare: TIAA Report
TL/DR –
The US healthcare system is facing rising demand due to an aging population and workforce shortages, leading to cost issues and employee burnout, according to a report from the TIAA Institute and High Lantern Group. The report suggests that smarter hiring practices, enhanced training, use of artificial intelligence (AI) to improve productivity, and employee retention strategies could help create a sustainable future for healthcare. It was found that 21% of healthcare workers are at risk of leaving their jobs within two years, and while wage growth has increased by 20% over the past four years, only 52% of healthcare workers feel fairly compensated.
The US Healthcare System Faces Challenges as Aging Population Grows
The US healthcare system is preparing for an influx of elderly patients and rising costs, as the country’s population ages, and workforce gaps widen. According to a TIAA Institute report, the solution may lie in innovative hiring, training, and retention strategies, and the adoption of artificial intelligence (AI).
As the US population ages, healthcare institutions are intent on recruiting, training, and retaining enough employees to meet the increasing demand for care. This includes exploring untapped talent pools, adopting smart strategies from other industries, and embracing technologies like AI for productivity and stress reduction, said Colin Pierce, healthcare national practice leader, TIAA.
Aging Population and Workforce Shortages
Americans aged 65 and older are projected to grow from 58 million in 2022 to 82 million by 2050, leading to a higher demand for healthcare services. Despite the rebound of healthcare employment after the pandemic, high vacancy rates remain, notably among registered nurses. However, the healthcare sector faces challenges like workforce shortages, stagnant productivity, and staff burnout.
Healthcare Workers Prioritize Job Features and Benefits
Data from the 2023 Healthcare Workforce Survey showed 21% of healthcare employees could leave within two years, citing salary, benefits, and work-life balance as vital job features. Even with a 20% wage growth over the past four years, just 52% of healthcare employees feel fairly compensated, says the new report.
Addressing Healthcare Challenges
Addressing these issues involves multifaceted strategies like tapping into new talent pools, improving work conditions, utilizing AI, and offering financial wellness programs. Surya P. Kolluri, head of TIAA Institute, stated that comprehensive financial wellness programs could offer an advantage in staff recruitment and retention.
References
1. New report offers solutions to healthcare staff turnover
2. Fact sheet: aging in the US
3. Towards an employee value proposition (EVP) in the healthcare sector
4. Towards creating a sustainable US healthcare system
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