Despite all of the crazy things going on in the world (and there seems to be more crazy things happening every day), sometimes it’s helpful to reflect on the fun things happening in your life. I had quite a few last week.
- I had the opportunity to teach my “Executive Perspectives on Leadership” class to EMBA139 in Miami and EMBA138 in Chicago. They are both fun groups and I am looking forward to our follow up classes in the next several weeks.
- While in Florida, I had a chance to spend a day in Siesta Key, Florida with my very good friend, Steve Isaacs.
- While preparing for my Wednesday night leadership class in Evanston, I found a new roommate to share my office…my grandson, Harrison. As you can see, he’s already signed up for the Kellogg class of 2050. I will have to pace myself if I am going to teach his class 25 years from now.😂😂
- Since the Chicago Cubs made it to a wild card spot in the baseball playoffs, Julie and I had to make it to the very last game of the year with some good friends, and the Cubs beat the Cardinals 2–0! Now onto the playoffs and hopefully the World Series👍🙏
- To end the week in a perfect way, Julie and I hosted a mass at our house celebrated by Father Bradley Zamora for the Catholics@Kellogg and their friends. It was a wonderful service by Lake Michigan.
And here is another of my bimonthly Forbes articles. Here’s a link, and the full article is below.
Here’s wishing everyone a great week!!!👍😁
Amid Job Market Uncertainty, Healthcare Offers Career Opportunities
As concerns increase about the outlook for the U.S. job market, one bright spot continues to be the healthcare industry, which the U.S. Bureau of Labor Statistics predicts will see a much faster rate of job growth than overall employment trends. Adding to that, a recent Indeed survey showed that six out of the top 25 jobs, factoring in job satisfaction and pay, are healthcare positions such as veterinarian, physician, and registered nurse. But what if you haven’t gone to medical school or your background and skills have nothing to do with patient care?
Based on my corporate career, including serving as chairman and CEO of Baxter International, a $12 billion healthcare company, I know first-hand the opportunities that can be pursued by professionals with a variety of backgrounds — from finance to marketing, human resources to technology. Here are three compelling reasons why people for diverse backgrounds to look for jobs in healthcare.
According to National Health Expenditure Accounts statistics from 2023, healthcare spending reached $4.9 trillion in 2023, or $14,570 per person. As a share of U.S. gross domestic product, healthcare accounts for 17.6% of the total. By 2033, healthcare is expected to account for 20% of GDP, according to the Peterson-KFF Health System Tracker report. Growth is being propelled by a variety of factors, including a larger proportion of older adults in the U.S. population, which translates into a greater need for healthcare.
Without question, doctors, nurses, and other clinicians change people’s lives. We only need to think back a few years to the pandemic and recall how healthcare workers were the heroes on the frontlines. Today, other professionals in non-clinical jobs can also enjoy the intrinsic value of working in such an important industry.
I think back forty years, when I was a young financial analyst at Baxter. William Graham, the long-term CEO, told me something the first time I met him that left a lasting impression: “In healthcare, we are blessed to do well by doing good.” Today, as a board member of a large health system, and in serving on the boards of many healthcare companies, I can attest that Graham’s words still ring true.
The healthcare industry faces two major challenges. One is the need to control and reduce costs, which for years have escalated faster than the pace of inflation. According to a KFF report, elevated health care expenditure in the U.S. “does not consistently translate into superior health outcomes.” Improvements in cost-effectiveness and quality will require solutions from across the healthcare industry, from the way medical care is delivered (e.g., more community- and home-based and less in the hospital) to greater efficiency in operations. This will require professionals with a keen understanding of finance and economics.
The growth prospects in healthcare alone might be reason enough to attract professionals from a variety of backgrounds. However, before making a move — especially one that might involve a career change — here are some considerations:
- Educate yourself. From an outsider’s perspective, healthcare can seem very complicated due to insurance reimbursement, government payments for services (such as Medicare and Medicaid), and the overall regulatory environment to ensure patient safety. You can educate yourself on these issues and the basics of how the industry functions by reading reports and healthcare industry publications. However, if you’re coming from another industry, you probably won’t be expected to know the intricacies of regulations and insurance; much of this can be learned on the job.
- Self-reflect to gauge your genuine interest. No matter how compelling the statistics and projections around healthcare, if you do not have a genuine passion for the industry you likely won’t find satisfaction. Self-reflection will help you determine how (and if) healthcare appeals to you and aligns with your values. For example, one of my early influences was my paternal grandfather, Dr. Harry Kraemer Sr., who was a general practitioner in Scranton, Pennsylvania. Although I never had a calling in patient care, I can trace my affinity for working in the healthcare industry back to my grandfather and his desire to improve the lives of those in his community. Continuing that legacy, today two of my children are in healthcare: my daughter, Diane, who is a critical care nurse at a major health institution, and my son, Daniel, who works for a large EMR company.
- Finding your way in. As I advise my MBA students at Northwestern University’s Kellogg School of Management, when you are interested in an industry or a particular company, the first priority is finding a way in. Most likely, this will start with your existing background, which makes it easier to apply your core skills and experiences from other industries. Then once you’ve landed a job in healthcare, you can see what areas appeal to you, such as enhancing the patient experience or improving operational efficiency.
- Network broadly. Throughout your process of discernment, network with everyone you know who works in healthcare — such as classmates, family members, friends, and acquaintances. You’re looking for insights into where they work; for example, on the provider side at a health system or on the product side such as a company that makes medical equipment. What is it like to work there? What do they enjoy about their jobs? Given your background, what advice do they have for you to enter the industry?
No matter your professional expertise, healthcare could offer opportunities to find a new job and launch your career. Beyond the prospects for industry growth, you could experience the satisfaction of knowing — as my mentor Graham once told me — that you are doing well by doing good.
