Healthcare job cuts up 128% year over year

Healthcare/products companies and manufacturers, including hospitals, announced the third-most job cuts year to date among 30 industries and sectors measured, according to one new analysis

The finding comes from an Aug. 31 report from Challenger, Gray & Christmas, a global outplacement and business and executive coaching firm that examines job cuts by U.S.-based employers.

Healthcare/products companies and manufacturers, including hospitals, announced 48,865 job cuts from January through August this year, up 128 percent from the 21,292 announced in the sector during the same period in 2022. Technology (149,452) and retail (55,755) are the only sectors with higher year-to-date numbers for 2023. 

"Healthcare, particularly hospitals, are undergoing a lot of turmoil with staffing and trying to remain profitable while delivering high-levels of care. Hospitals are changing chief executives at a faster clip than last year, as well," Andrew Challenger, labor expert and senior vice president of Challenger, Gray & Christmas, said.

Becker's has reported on at least 80 hospitals and health systems trimming their workforces or jobs due to financial and operational challenges. Job cuts have included the C-suite and nurses.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.