Can you imagine a community without healthcare? It’s a very real and serious challenge as our nation is now facing a healthcare workforce shortage.
Healthcare is now the fastest-growing industry in the nation, partly because people are living longer and partly because the Baby Boomer generation—the largest generation of the 20th century and the largest percentage of the healthcare workforce—is now entering their retirement years.
In other words, we’re on the brink of the perfect storm: more healthcare is needed and there’s not enough healthcare professionals to provide it.
In 2016, The Atlantic reported that an estimated 700,000 nurses will retire or leave the workforce within the next 7 years. Already, hospitals in the United States lose an average of $5-$8 million annually in employee turnover costs, and this turnover is most evident among young people.
As a result, employee retention has become the key strategic imperative for 90% of U.S. hospitals. A report from University of South Carolina boldly stated: “We’re going to have deaths. We’re going to have unintentional injuries happen. Right now, across the state, we have a critical shortage of nurses at the bedside.”
Since 2013, XYZ University has celebrated Halloween by reporting on the scariest workforce stats and we felt it was important to spotlight the healthcare industry this year, especially considering these industry stats:
XYZ University’s team has worked with healthcare organizations nationwide, and the concerns are universal: there simply aren’t enough young workers to replace the retiring workers. Turnover and staffing shortages are skyrocketing, and it’s largely because hospitals are struggling to recruit and retain young talent.
The struggle to engage young talent largely stems from the hospital culture, which is usually rooted in hierarchy, schedules and processes, and outdated technology. In the world of healthcare, young professionals are still expected to ‘pay their dues’, working the worst shifts and longest hours.
I’ve heard the phrase ‘We eat our young’ frequently mentioned in healthcare circles, referring to the harsh treatment and criticism that’s given to young professionals as a common, and even expected, practice. Needless to say, teamwork is a challenge, and negativity and turnover have become the side effects.
We can and must do better. Without talent, our nation’s healthcare—and our health—is at risk. Recruiting and retaining talent must be the imperative in each and every hospital in each and every community.
In many ways, it’s symbolic that Generation Z is named after the last letter in the alphabet because their arrival marks the end of clearly defined roles, traditions, and experiences. After all, Gen Z is coming of age on the heels of what has been referred to as the most disruptive decade of the last century. America has become an increasingly changing and complex place.
Members of this generation have undoubtedly been shaped by crisis and disruption. This generation will largely be responsible for confronting the aftermath of the Great Recession, high youth unemployment, the effects of climate change, terrorism, energy sustainability, and more. These dark events have undoubtedly made this generation more cautious and pragmatic, but they have also provided this generation with the inspiration to change the world – and their grit will likely allow them to do it.
Coming of age during disruption means that most Zs will be comfortable being the disruptors. While Millennials tend to be collaborative and innovative, this generation tends to be sincere, reflective, thick-skinned, and self-directed, and will likely approach work in much the same way.
While Millennials have been criticized for their “delayed adulthood”, Gen Z is showing signs of “early adulthood”. Educators and parents often describe this generation as being more serious and contemplative about the world. Zs are thinking about their career paths and exposing themselves to career training at an earlier age than Millennials. It’s probable that some of this early onset of adulthood is caused by parents, who are pressuring their children to be competitive and successful and to avoid the debt that plagued both the Gen Xers and Millennials.
The numbers from our global research found 46% of Gen Z said they know what career to pursue and 51% have taken a class at school focused on their career interests. Forty percent joined an extracurricular program (team, club) based on their career interests.
Zs have been shaped by the aftermath of the Great Recession. They watched Millennials become debt-ridden and are concerned about falling into the same trap. XYZ University’s survey results show 66% of Zs said financial stability is more important than doing work they enjoy, which is the exact opposite of Millennial survey results. Also, 71% of survey-takers have a paying job.
When presented a list of leadership traits, Zs ranked positive and trustworthy the highest. While Millennials and Gen Zs both value trust in a leader, Millennials usually cite collaboration and vision as most important. In other words, Millennials focus on the outcomes leaders inspire, whereas Zs are more likely to consider leaders’ attitudes and personalities. To Z, what leaders encourage others to do isn’t as valuable as how they make them feel.
Both Millennials and Gen Zs place a very high value on feeling challenged and appreciated in the workplace. However, according to our survey results Millennials rank appreciation slightly higher than challenge, whereas Zs rank feeling challenged slightly higher than appreciation.
Time will tell how Zs go down in history, but we know this generation’s influence on history will be unlike any other.
Does your organization have what it takes to engage the next generation? Take this quiz to find out.
Sarah Sladek is CEO of XYZ University. Our generational intelligence can assist you with engaging and retaining young talent and members.
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