3 reasons why healthcare is the most secure industry to work in right now•
If you’re working, or training in healthcare right now, then you’ll be happy to know that your job is really secure! The US healthcare system is an unstoppable powerhouse at the moment, which means that hiring and wages are at an all time high, AND your job security is really high. Join us as we take a look at three reasons why the healthcare industry is the most secure industry to work in!
Healthcare is the largest and healthiest sector in the US economy
It’s widely believed that the US health sector helped the country recover from the financial crisis from 2007-2008, and in the years since, it has gone from strength to strength!
Today, healthcare accounts for almost 18% of GDP in the US! As such, it’s one of, if not the, biggest job engines for the American economy. This is because Americans spend considerably more on health care than any of the world’s most advanced economies. In fact, healthcare spending grew 4.6% in 2018, reaching $3.6 trillion or $11,172 per person!
This growth in healthcare is being driven by a number of different factors. Firstly, America has an increasing and aging population, which is creating more and more demand for healthcare services. And not just in traditional hospital and clinic settings, as the demand for home health and outpatient services has skyrocketed too!
“Our pharmacy space is super small but we keep growing as a pharmacy.” – anonymous employer review at Genoa Healthcare
Secondly, this aging population is increasingly being diagnosed with chronic conditions (such as diabetes and obesity) which is also driving up the demand for healthcare workers. According to the National Center for Chronic Disease Prevention and Health Promotion 2019, about six in 10 adults in the U.S. have a chronic disease and many of them require home visits and/or consistent care.
Thirdly, medical advances and improvements are expanding the type and number of jobs. Over the last few years, healthcare jobs in administration, IT, research and other exciting areas have all grown big time, along with lots of new jobs that you can do from home! Healthcare administration, in particular, is projected to grow at almost triple the average rate of all U.S. professions!
Lastly, recent Federal health care insurance reform (also called the Patient Protection and Affordable Care Act) has also increased the number of people seeking routine medical care.
All of this means that the healthcare industry has grown considerably in the last few years, faster than any other industry in the U.S. and this growth looks set to continue.
The healthcare industry in the U.S. is expected to continue growing
According to this report published in Health Affairs, it’s estimated that the healthcare industry will continue to grow at an average annual growth rate of 5.5% from 2018 to 2027 and that it will represent 19.4% of US GDP in 2027!
The industry growth in the U.S. is largely attributed to the fact that the US population is aging. By 2030, all Baby Boomers will be older than 65, and by 2035 there will be more Americans over 65 than under 18, which means that more than 20% of Americans will be of retirement age and more likely in need of healthcare services.
“Lots of retirements going on recently and in the next few years as the baby boomers (me included) jump ship and retire. That translates into a lot of vacant positions upcoming.” – anonymous employer review at State of Oregon
Other factors that are driving growth are the increasing prevalence of chronic diseases as mentioned earlier and the rising price of healthcare goods and services. Prices for healthcare goods and services are projected to grow 2.5% per year, on average, for 2018–27 faster than the average price growth experienced over the last decade.
Medical jobs have some of the best job outlooks
There has been a 20% growth in healthcare sector jobs since 2008, while the average rate for the economy was only 2%! And, according to the Bureau of Labor Statistics, healthcare jobs are expected to grow at a rate of 14% from 2018 to 2026, again, which is way faster than the rate of the rest of the economy.
The fastest-growing sectors include healthcare support occupations (which are projected to grow by 23.2% between 2016-2026) and healthcare practitioners and technical occupations (15.2%), which includes home health aides, physician assistants and nurse practitioners, among others. These two occupational groups make up 14 of the 30 fastest-growing occupations across all industries from 2016 to 2026! And they’re projected to contribute about one-fifth of all new jobs by 2026!
“I brag that we are a fast growing field that will continue to improve and become more everyday that goes by.” – anonymous employer review at Anderson Hospital
When an industry is continually adding new jobs you don’t have to worry much about cutbacks or sudden terminations. Plus, healthcare, unlike other industries, will continue to need people for years to come because you can’t replace the human-interaction part of the healthcare industry with a robot. So, if you’re working in healthcare already you don’t have to worry about getting fired or getting laid off, so you already have more stability than most people in the working world.
And since there’s such a high demand for healthcare professionals,healthcare workers are also getting paid more on average than workers in any other occupation! On average, healthcare industry workers bring in more than $61,000 a year, compared with workers in other occupations who only bring in an average of $35,540! That’s almost double! This is an obvious incentive to get a healthcare job and stay in the industry but there are so many more surprising perks, too.
So, if you’re not working in healthcare yet, now’s your chance to get in on the action and secure your job for years to come.
Here at kununu, we’re on a mission to make the world of work more transparent. Let us know what your experience of job security has been like for you in the healthcare industry. Do you feel secure? Or do you feel like your workplace is letting a lot of people go? Tell us all about it in a review on kununu.