The U.S. Nursing Labor Market Report 2014
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Transcript of The U.S. Nursing Labor Market Report 2014
U.S. NURSING LABOR MARKET REPORT 2014
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
EXECUTIVE SUMMARY
This slideshare provides a summary of research on the
U.S. nursing labor market. Designed to assist employers in
understanding the market influences affecting recruitment,
it also highlights some of the drivers employers are using to
attract and retain top nursing talent.
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
The demand for nurses is expected to increase by 2% every year, significantly
outpacing the supply by 2020.
Demand
The number of RNs under age 30 is decreasing even as more nurses retire.
An Aging Workforce
There is an increased demand for specialized nurses.
Specialization
California, Florida and New York have the most RN job vacancies.
Geography
Employers are doing more to attract and retain experienced staff.
Retention
TRENDS SHAPING THE MARKET
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
In 2008, RNs over the age of 50 made up 43% of the overall registered nursing
population. As these nurses reach retirement age, the nursing workforce will
lose a large portion of their most experienced healthcare professionals.
Age Distribution of Total Number of Registered Nurses Over Time
60s
50s
40s
30s
20s
1980 1990 2000 2004 2008
Source: Findings from the 2008 National Sample Survey of Registered Nurses, September 2010
30%
30%
21%
16%
3% 3%
14%
29%
37%
17%9%
23%
35%
22%
12% 14%
28%
32%
18%
8% 10%
21%
27%
30%
13%
Age
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
Download this presentation to learn about:
• New incentives being offered by top organizations that want to retain staff
• Five ways to improve retention
• Distribution of nurses by state and age
• Employment markets popular with RNs
• Challenges and solutions for rural placements
READ THE ENTIRE REPORT
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
1. California 10,900
2. Florida 7,440
3. New York 6,360
4. Ohio 4,630
5. North Carolina 4,093
6. Illinois 4,020
7. New Jersey 3,700
8. Michigan 3,500
9. Georgia 3,340
10. Massachusetts 3,290
Top 10 States with the Highest Job Vacancies for Nurses
Source: U.S. Bureau of Labor Statistics, March 2012
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
1. California
2. New York
3. Texas
4. Florida
5. Pennsylvania
6. Ohio
7. Illinois
8. North Carolina
9. Michigan
10. Massachusetts
1. Wyoming
2. Alaska
3. Vermont
4. North Dakota
5. Hawaii
6. District of Columbia
7. South Dakota
8. Delaware
9. Idaho
10. Montana
States with the Highest Number of Registered Nurses
States with the Lowest Number of Registered Nurses
Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
A large percentage of
the nation’s registered
nurses work in Southern
states such as Texas,
North Carolina, and
Florida.
Ten percent of the U.S.
nurse population resides
in California.
SUPPLY & DEMAND
Distribution of Registered Nurses by Region
Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file
WEST
20%MIDWEST
24%
SOUTH
35%
NORTHEAST
21%
CALIFORNIA
10% of the U.S.
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
• Over 700,000 openings are forecast between now and 2020.
• Registered nursing ranks fourth on the list of jobs in the US with the highest
number of job vacancies.
• 90% of long-term care facilities lack enough nurses to provide basic care.
• In 2013, about two-thirds of nurses considered quitting their job due to high
stress levels.
• Floor nurse satisfaction continues to be a large predictor of retention.
Market Snapshot
Sources: http://www.aacn.nche.edu/media-relations/fact-sheets/nursing-shortagehttp://www.nursingsociety.org/Media/Pages/shortage.aspx http://www.sbwire.com/press-releases/department-of-labor-estimates-requirement-for-over-700000-registered-nurses-this-decade-293109.htmhttp://www.theguardian.com/society/2013/aug/31/nirses-want-resign-two-thirds
SUPPLY & DEMAND
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
Demand for nurses is projected
to increase by 2% every year, as
the supply steadily decreases.
Driver: Demand vs. Retirement
PROJECTED NURSE WORKFORCE
PROJECTED NURSING
SHORTFALL
PROJECTED DEMAND FOR NURSES
2,001,500
2,161,300
2,347,000
2,569,800
2,824,900
1,942,500
1,890,700
110,800
218,800
405,800
683,700
1,016,900
1,941,200
1,886,100
1,808,000
2000
1.5 million
2 million
2.5 million
2005 2010 2015 2020
Source: U.S. Health Resources and Services Administration’s “What is Behind HRSA’s Projected Supply, Demand, and Shortage of Registered Nurses?”
SUPPLY & DEMAND Projected Nurse Supply & Demand
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
Hospitals across the country continue to experience a shortage of clinical
specialties, including:
Driver: Specialization impacts supply.
• Labor and Delivery
• Operating Room
• Cardiovascular Operating Room
• Pediatric/Newborn Intensive Care Unit
• Cardiovascular Intensive Care Unit
• Emergency Room
SUPPLY & DEMAND
Source: http://www.travelnursing.com/news-and-features/news-detail/Todays-Hottest-Specialties-in-Travel-Nursing/40690
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
Data shows that on average, there isn’t a correlation between age and the
distribution of RNs in urban and rural environments.
Drivers: Demographics including age and work experience can drive the spread of urban and rural nurses.
SUPPLY & DEMAND
Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file
25 or younger
5.39.7 11
Perc
en
tag
e
Age
Areas
12.54.9
910.7
12.6 12.5
14.915.3
11.9
11.2
5.7
1.70.80.81.8
5.9
15.114.412.2
26-30
0
5
10
15
20
25
30
35
31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-70 71 or older
Rural
Urban
Distribution of RNs in Urban and Rural Environments
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
Registered Nurses Throughout the U.S.
Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file
DID YOU KNOW?
Urban areas are more popular among travel
nurses than rural areas.
50k+15-30k<9k
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Leading hospitals such as Mayo Clinic and Kaiser are incentivising new grads
and experienced RNs to drive retention.
Incentives include:
• Scholarships
• Workforce grants to nursing programs
• Tuition reimbursement
• On-site degree and training programs
• Increasing CE and certification offerings
• Loan forgiveness programs
Solution
SUPPLY & DEMAND
Source: http://nursezone.com/Nursing-News-Events/more-news/Nursing-Jobs-Outlook-Workforce-Trends-and-Actions_38108.aspx
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
• Regional markets in the North and Midwest continue to have the
lowest number of nurses.
• Rural supply continues to be a challenge as employment in
metropolitan markets remains more attractive.
• Nurses prefer employment in urban vs rural settings seven to one.
Driver: Shortages are regional.
SUPPLY & DEMAND
Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
CAREER
Solution: Focus on career trajectory.
EARLY CAREER
LATE CAREER
• Banner and Providence Health implemented a RTT (Rural Track Training)
program in rural environments with great success. RTT programs have a 75%
success rate in placing physicians in rural practices, often in the same place
they trained.
• Promoting incentives similar to the loan forgiveness and RTT programs
that are typically offered to residents may increase placement rates in rural
settings for new grad nurses.
• Retirement programs focused on reintroducing retired nurses to the
workforce are another way to augment rural staff who are more likely to be
45 years old and older.
Source: Factors in Recruiting and Retaining Health Professionals for Rural Practice, December 2007http://www.bannerhealth.com/http://www2.providence.org/pages/default.aspx
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
CAREER
Driver: Money and adventure affect travel nurse assignment selection.
Reasons Nurses Travel
Adventure
Money
Independence
Career development
Prevent burnout
Avoid politics
Relocate
38%
28%
16%
6%
6%3% 3%
Source: http://www.travelnursingcentral.com/news_tips.html
Factors
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
Employers are increasingly offering a creative range of incentives to attract and
retain RNs, including:
CAREER
• Sign-on bonuses/401K matching
• Job shadowing for new nurses
• Flexible scheduling
• Job sharing, sabbaticals
• Loan forgiveness programs
• Retention bonuses
• Commuter benefits
• Down-payment programs
• Concierge services
Source: http://www.travelnursing.com/news-and-features/news-detail/hospitals-offer-big-incentives-to-recruit-retain-nurses/30978
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
Look to your staff to help with your current recruiting efforts.
CAREER
• Bayhealth Medical Center in Delaware leverages nurses as recruitment and
retention specialists. Behavior-based hiring techniques are used to ensure
“right fit,” and nurses tend to have a better idea about right fit issues with
peers.
• Social recruiting helps leverage current staff relationships and can help you
hire through employee referrals, as nurses tend to be connected to other
nurses.
• Check out how Coastal Healthcare hired two quality nurses in two weeks
using Identified Recruit.
Find New Solutions
Sources:2013 National Healthcare & RN Retention Report, March 2013www.hhnmag.com/hhnmag/jsp/articledisplay.jsp?dcrpath=HHNMAG/PubsNewsArticle/data/0601HHN_FEA_Gatefold&domain=HHNMAG
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
CAREER
• More than 75% of RNs believe that shortages have a significant impact on the
quality of work and patient care.
• Additionally, as RNs’ patient loads increase, so does job dissatisfaction and
emotional exhaustion.
• According to the Journal of the American Medical Association, low retention
rates are associated with avoidable patient deaths.
Driver: Satisfaction is key.
Source: Nursing Economic$, March 2005, Journal of American Medical Association, October 2002
U . S . N U R S I N G L A B O R M A R K E T R E P O R T 20 14 identified.com
CAREER
Five Factors that Contribute to Higher Nurse Retention
1. Consistent, transparent communication between staff and management
2. Encouragement of professional growth and development
3. Collaborating with other organizations to address nurse workforce needs and
building relationships within the industry
4. Shared responsibility between the business hierarchy (matrix model)
5. Recognition and appreciation for staff
Source: http://www.hhnmag.com/hhnmag/jsp/articledisplay.jsp?dcrpath=HHNMAG/PubsNewsArticle/data/0601HHN_FEA_Gatefold&domain=HHNMAG
The U.S. Nurse Market Report 2014 provides an overview of the
current market to assist recruiters in recruiting, engaging, and
hiring top nursing talent.
Identified Recruit can help you quickly find qualified candidates in
the healthcare industry and beyond. To take a tour of Identified
Recruit, visit www.identified.com.