2023 has remained a tumultuous year for the U.S. job market, with employment rates rising and falling and new workforce trends, including "bare minimum Mondays" and "quiet firing," dominating the headlines.
As the healthcare workforce continues to rebound from the COVID-19 pandemic, here are several key trends that will shape 2024 for practice owners and employers:
1. Bare minimum Mondays: Cleveland Clinic experts are encouraging employees to ward off the "Sunday scaries" by not taking on more than is necessary on Mondays. Instead, workers are encouraged to ease back into the workweek by only completing the most necessary tasks.
2. Quiet quitting: While the term was first coined in 2022, quiet quitting is still having an impact on businesses. Around 60% of employees worldwide are quiet quitting, according to a June Gallup poll, taking actions to work less hours, participate less in meetings or take more time off.
3. Quiet firing: Quiet firing puts the "quiet" trend in the hands of employers rather than employees. It often comes in the form of employers ignoring employees' requests for pay raises or promotions in hopes they will choose to leave on their own.
4. The Big Stay: 2023 has seen an increase in high-profile company layoffs, making workers nervous to leave steady jobs. As a result, employers are expected to see more employees remaining in their current positions as a precautionary measure.
5. The Great Inheritance: Baby boomers are poised to pass down $16 trillion in the next decade and $84 trillion through 2045. That means the younger workforce will have more of a financial cushion and be more likely to quit their jobs. They also will be more willing to take lower paying jobs with high moral value.
6. Mandatory Mondays: While remote work is still popular among industries where it is possible, large companies are beginning to require certain in-office days for employees to promote collaboration.
7. The labor force is growing quickly: The labor force participation rate of workers ages 25 to 54 increased to levels not seen since the early 2000s. As of October, the participation rate for these workers was 83.3%, down from a recent peak of 83.5% as of September but still comparable to rates two decades ago. "More prime-age workers may continue to join the labor force if the labor market remains tight and immigration flows stay high," Indeed said. "But don't expect these forces to hold off the shrinking effects of an aging population forever."
8. Healthcare employment is also growing rapidly: The U.S. healthcare and social assistance sector added 93,200 jobs in the month of November alone, the most of any sector, outpacing economist predictions. This could signify a growth trend headed into the new year.