State of Hiring
More than four years since the onset of COVID-19, the healthcare and pharmaceutical industries continue to grapple with the pandemic’s repercussions. A survey in the Journal of General Internal Medicine highlights ongoing burnout among healthcare workers, with half of the 32,000 respondents reporting burnout and nearly 29% considering leaving their jobs—particularly nurses and those in in-patient settings. Similarly, the pharmaceutical sector is experiencing a decrease in demand for COVID-19 treatments amid global economic challenges and stricter clinical study standards. This resulted in more than 180 biotech firms announcing layoffs in 2023, a significant increase from the previous year. Still, the healthcare sector is expected to experience steady growth in employment in 2024, while in pharmaceuticals, there’s a rising demand for skilled labor, especially among payers and contract research organizations.
The economies of the United States and Canada present a study in contrasts. Entering the new year, employers in the U.S. have continued a remarkable post-pandemic trend of month-after-month job growth, underpinning a national GDP that continues to expand. Even as data indicates a modest slowdown in hiring is underway, there is cause for optimism: the underlying strength of the job market—combined with a decline in inflation—offers encouraging signs that conditions are once again normalizing.
Across the border in Canada, economic data reveals a slightly different story. After a robust start to the year, the Canadian economy has seen a more pronounced deceleration, reflected by a sharper rise in unemployment rates from the lows of 2022. Still, the medium-term economic outlook for Canada remains positive, and employers are likely to benefit from a less competitive job market.
As companies search for ways to compete in the science, technology, engineering, and mathematics (STEM) talent revolution, understanding the latest economic trends is key to success. That is why we are pleased to present Workforce Solutions Market Overview: 2024 Outlook in STEM. Produced by AllSTEM Connections, an ActOne Group company, this report combines the latest economic data and insights from around the world with leading solutions to help companies adapt to change and succeed—no matter the circumstances.
Learn more in the 2024 STEM Workforce Solutions Market Overview
According to a recent survey, around 50% of healthcare workers reported experiencing burnout. Additionally, nearly 29% of healthcare workers expressed an intention to leave their jobs, with this sentiment being more pronounced among nurses and in in-patient settings.
Challenges Are Opportunities to Outperform Your Competitors
We are in a challenging time to hire and retain staff. However, this can be good news for companies that can rise to the challenge. When most companies are struggling, opportunities arise for the organizations that can be flexible and creative in their efforts to attract talent.
What Is Your Top Workforce Priority?
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Or, explore how we can help employers solve for some of the most common priorities we encounter below.
Better Customer Service
Customers report 3 times faster hiring and better results when working with AppleOne.8
Attracting Quality Candidates
48% of employers say that failure to find the right workers is the biggest risk to hitting their growth targets7, and 52% of employed workers are NOT actively seeking new opportunities.1
Filling Openings Faster
Job seekers say that a slow hiring process is the top reason they lose interest in a potential employer leading to increased ghosting and the loss of an employer’s preferred candidate.2
Optimizing Costs
Labor is often one of the biggest costs of doing business and labor expense is up 4.5% year over year.3
Improving Engagement and Retention
Voluntary turnover remains 20% higher than pre-pandemic3 levels with more than 4 million people quitting each month.