The U.S. Nursing Labor Market Report 2014

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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.

Published in: Health & Medicine, Business

The U.S. Nursing Labor Market Report 2014

  1. 1. U.S. NURSING LABOR MARKET REPORT 2014
  2. 2. 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. NURSING LABOR MARKET REPORT 2014 identified.com
  3. 3. TRENDS SHAPING THE MARKET Demand The demand for nurses is expected to increase by 2% every year, significantly outpacing the supply by 2020. An Aging Workforce The number of RNs under age 30 is decreasing even as more nurses retire. Specialization There is an increased demand for specialized nurses. Geography California, Florida and New York have the most RN job vacancies. Retention Employers are doing more to attract and retain experienced staff. U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  4. 4. 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 3% 3% 16% 14% 12% 14% 13% 22% 21% Age 28% 29% 30% 60s 50s 40s 35% 30% 32% 37% 27% 30s 20s 1980 18% 21% 9% 30% 23% 8% 10% 2000 2004 2008 17% 1990 Source: Findings from the 2008 National Sample Survey of Registered Nurses, September 2010 U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  5. 5. READ THE ENTIRE REPORT 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 U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  6. 6. Top 10 States with the Highest Job Vacancies for Nurses 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 Source: U.S. Bureau of Labor Statistics, March 2012 U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  7. 7. States with the Highest Number of Registered Nurses States with the Lowest Number of Registered Nurses 1. California 1. Wyoming 2. New York 2. Alaska 3. Texas 3. Vermont 4. Florida 4. North Dakota 5. Pennsylvania 5. Hawaii 6. Ohio 6. District of Columbia 7. Illinois 7. South Dakota 8. North Carolina 8. Delaware 9. Michigan 9. Idaho 10. Massachusetts 10. Montana Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  8. 8. SUPPLY & DEMAND Distribution of Registered Nurses by Region A large percentage of the nation’s registered nurses work in Southern WEST 20% MIDWEST NORTHEAST 24% 21% states such as Texas, North Carolina, and Florida. Ten percent of the U.S. nurse population resides CALIFORNIA 10% of the U.S. SOUTH 35% in California. Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  9. 9. SUPPLY & DEMAND Market Snapshot • 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. Sources: http://www.aacn.nche.edu/media-relations/fact-sheets/nursing-shortage http://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.htm http://www.theguardian.com/society/2013/aug/31/nirses-want-resign-two-thirds U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  10. 10. SUPPLY & DEMAND Projected Nurse Supply & Demand 2,824,900 2,569,800 1,016,900 2.5 million PROJECTED DEMAND FOR NURSES Driver: Demand vs. Retirement 2,347,000 Demand for nurses is projected 683,700 to increase by 2% every year, as 2,161,300 the supply steadily decreases. 2,001,500 PROJECTED NURSING SHORTFALL 405,800 2 million 218,800 110,800 1,942,500 1,941,200 1,890,700 1,886,100 PROJECTED NURSE WORKFORCE 1,808,000 1.5 million 2000 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?” U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  11. 11. SUPPLY & DEMAND Driver: Specialization impacts supply. Hospitals across the country continue to experience a shortage of clinical specialties, including: • Labor and Delivery • Operating Room • Cardiovascular Operating Room • Pediatric/Newborn Intensive Care Unit • Cardiovascular Intensive Care Unit • Emergency Room Source: http://www.travelnursing.com/news-and-features/news-detail/Todays-Hottest-Specialties-in-Travel-Nursing/40690 U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  12. 12. SUPPLY & DEMAND Drivers: Demographics including age and work experience can drive the spread of urban and rural nurses. Data shows that on average, there isn’t a correlation between age and the distribution of RNs in urban and rural environments. Distribution of RNs in Urban and Rural Environments 35 30 Percentage 25 14.9 12.6 20 15.3 Rural 12.5 Urban 11.9 10.7 9 15 10 Areas 4.9 9.7 5 11 12.5 12.2 14.4 15.1 5.7 11.2 5.9 5.3 1.7 1.8 61-65 66-70 0 25 or younger 26-30 31-35 36-40 Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file U.S. NURSING LABOR MARKET REPORT 2014 41-45 46-50 51-55 56-60 0.8 0.8 71 or older Age identified.com
  13. 13. Registered Nurses Throughout the U.S. <9k 15-30k 50k+ DID YOU KNOW? Urban areas are more popular among travel nurses than rural areas. Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  14. 14. SUPPLY & DEMAND Solution 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 Source: http://nursezone.com/Nursing-News-Events/more-news/Nursing-Jobs-Outlook-Workforce-Trends-and-Actions_38108.aspx U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  15. 15. SUPPLY & DEMAND Driver: Shortages are regional. • 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. Source: Health Resources and Services Administration analysis of the ACS 2008-2010 three-year file U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  16. 16. CAREER Solution: Focus on career trajectory. EARLY 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. LATE CAREER • 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 2007 http://www.bannerhealth.com/ http://www2.providence.org/pages/default.aspx U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  17. 17. CAREER Driver: Money and adventure affect travel nurse assignment selection. Reasons Nurses Travel 3% 3% 6% 6% 38% 16% Factors Adventure Money Independence Career development Prevent burnout Avoid politics 28% Relocate Source: http://www.travelnursingcentral.com/news_tips.html U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  18. 18. CAREER Employers are increasingly offering a creative range of incentives to attract and retain RNs, including: • 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. NURSING LABOR MARKET REPORT 2014 identified.com
  19. 19. CAREER Find New Solutions Look to your staff to help with your current recruiting efforts. • 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. Sources:2013 National Healthcare & RN Retention Report, March 2013 www.hhnmag.com/hhnmag/jsp/articledisplay.jsp?dcrpath=HHNMAG/PubsNewsArticle/data/0601HHN_FEA_Gatefold&domain=HHNMAG U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  20. 20. CAREER Driver: Satisfaction is key. • 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. Source: Nursing Economic$, March 2005, Journal of American Medical Association, October 2002 U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  21. 21. 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 U.S. NURSING LABOR MARKET REPORT 2014 identified.com
  22. 22. 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.

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