Using AI to Recruit and Retain Healthcare Talent
As the number of workers over the age of 65 increases by nearly 50% by 2050, a new report looks at how health systems plan to hire, train, and retain employees, and with some help from artificial intelligence (AI) technology.
The report, “Creating a Sustainable U.S. Healthcare System,” by the TIAA Institute and consulting firm High Lantern Group, finds an unprecedented demand for healthcare services, even as younger workers are less available to provide care. The findings link employee burnout and high turnover rates to “20 years of stagnant productivity.”
A 2024 TIAA Institute Healthcare Workforce survey found that 40% of healthcare employees list staffing shortages and a lack of resources as a major problem in their workforce, and 30% tie stress and burnout as contributing issues. For those at elevated risk for turnover, these challenges rise to 63% and 56%, respectively.
“Tackling this challenge means we need to think differently,” said Colin Pierce, healthcare national practice leader at TIAA. “We should be exploring untapped talent pools, borrowing smart ideas from other sectors, and embracing technologies like AI. When we streamline workflows and cut administrative burdens, we free up healthcare providers to do what they do best—care for people.”
Researchers in the study recommend health care systems to incorporate a “three lens” strategy to address these challenges. According to TIAA, this includes:
- Cross-Sector Collaboration Lens: Learning from and working with partners outside the healthcare sector, like higher education.
- Work and Workforce Lens: Tapping into new and overlooked talent pools to create a combination of roles, skills, and teams, while enhancing the workplace and the work experience itself by adopting technology.
- Longevity and Aging Lens: Positioning for the growth of the intergenerational workforce and people changing careers.
Providing financial security products like lifetime income solutions can also help retain employees, TIAA says, and especially in an industry where only 52% of workers feel like they earn a fair compensation.
Implementing these approaches could lead to increased productivity and reduction in administration burden, TIAA researchers say. According to the findings, 15% of nurses’ time could be saved by tech enablement.
For example, a nurse might direct at-home care across a network of home health aides and remote monitoring devices, or an AI “medical assistant” might assist or automate patient onboarding, therefore freeing up clinicians for other tasks, TIAA researchers state.
However, it’s important for health care systems that stay cognizant on how they’re applying AI technology, wrote Andrew Scott, professor of Economics and a research fellow for the Centre for Economic Policy Research at the London Business School, as well as director of Economics for the Ellison Institute of Technology.
“AI and tech advances could lead to disruption, increased productivity, and shifts in the ratio of clinicians required for care,” he wrote. “But if the innovation also adds new layers and intermediaries, it won’t result in the required level of progress.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
