There continues to be dribs and drabs of high-profile tech layoffs making headlines; however, the overall job market’s strength is driven by hiring in many non-tech, service sectors catering to consumer spending on experiences and services.
The tech hiring malaise is notable, but not representative of the broader labor market. While tech and white-collar professional roles comprise only a small portion of the overall job market, its colossal cultural influence magnifies every layoff announcement, according to Indeed’s Hiring Lab.
Hiring demand remains strong compared to pre-pandemic levels in the majority of sectors—39 out of 47 sectors tracked by Indeed (83%)—especially for in-person service roles.
Indeed Job Postings
While job postings in tech-related sectors, such as software development, have declined sharply from pandemic peaks, falling 25% from pre-pandemic as of February 2024, many other sectors have seen even larger increases in postings.
Interestingly, the sectors with the biggest gains include physicians and surgeons (+102%), childcare (+80%) and beauty and wellness (+67%)—reflecting continued demand for in-person services.
Some professional roles beyond tech, such as marketing, human resources and media, have also seen declines in postings on Indeed compared to pre-pandemic levels.
Why The Growth In Physicians And Surgeons?
Job postings for physicians and surgeons have led the way, more than doubling their pre-pandemic baseline. Here’s why:
Staffing Shortages
With an aging population, there is an increasing demand for healthcare services, especially specialty care, which is often provided by physicians and surgeons. Specifically, the population over age 65 is projected to grow by 34.1% by 2036, a recent study by the Association of American Medical Colleges revealed, and caring for older patients tends to require more specialty care.
The AAMC report also found that the U.S. will face a physician shortage, estimated up t0 86,000 by 2036, unless there is a surge in hiring.
The study indicates that a substantial portion of currently active physicians will reach retirement age in the coming decade. As older physicians retire, there is a need to backfill those positions, driving demand for new physicians and surgeons.
Long work hours, productivity pressures and poor work-life balance have contributed to physician burnout, causing some physicians to retire early or leave the field entirely, exacerbating the shortage and need for new hires.
With a finite number of medical schools and residency programs, there are constraints on how quickly the healthcare workforce can be replenished.
Growing U.S. Population
Demographics continue to be the primary drivers for increasing the need for more physicians to meet U.S. healthcare demands.
Last year, the U.S. population grew by 0.5% to 334,914,895, according to the Census Bureau. More states experienced population growth in 2023 than in any year since the start of the pandemic. By 2036, it is projected to grow by 8.4%, AAMC reported.
This growth is attributed to a return to pre-pandemic migration levels, said Kristie Wilder, a demographer in the population division at the Census Bureau.
Additionally, “If communities underserved by the nation’s healthcare system could obtain care at the same rate as populations with better access to care, the nation would have needed approximately 202,800 more physicians as of 2021,” AAMC wrote in its Complexities of Physician Supply and Demand report.
While undocumented immigrants use less care overall, their very high uninsured rates contribute to delayed treatment—due to language barriers, lack of transportation, fear of deportation or the inability to leave work to attend to health care needs—and potentially more complex, costly health needs over time, if conditions go unaddressed.
This unmet need, combined with the public health benefits of increasing coverage, is driving more states to extend insurance to undocumented immigrants—thereby increasing the demand for health services for this population.
Source: Forbes
