Healthcare and associated services have witnessed a tremendous increase in demand, and huge rise in better opportunities in the areas of medicine industry. All the professional associated with this field of specialization, require higher qualification and correct certification in order to practice and get employed by prestigious health care institutions, private nursing homes or simply freelancing. Registered nurses are the professional who are certified and provide qualified and quality nursing services and assistance to individuals or institutions. Due to the nature of their profession and demand for the extremely high standard of performance, as the lives of the sick and needy often depend it, professionally qualified and certified nurses are in high demand today. Accordingly, their remuneration and salary figures have also scaled northwards.
Factors are responsible for better pay packets
Many factors are responsible for better pay packets and career opportunities emerging in this field of work, many of them are being dependent on the rapidly changing socioeconomic scenario of the world:
– Like many other healthcare related professions, nursing is a recession proof occupation. In fact, it is growing at a fantastic speed due to the fact that more and more people are coming under the ambit of healthcare and medical facilities due to greater awareness among people about their longevity and physical well being, and availability of the state run or assisted hospitals, clinics and home care facilities.
– The technological advancement in the invention of new medicines and medical procedures and equipments makes it essential for the nursing professionals to obtain qualified degrees and certifications in order to ensure their competency and knowledge. These nurses then command a higher remuneration for offering their specialized services to the various health care institutions.
– Increase in global population, emergence, and humongous coverage and reach of insurance companies and the rise in the income levels of the people are some other factors that lead to high demands for qualified nurses, and in turn, offering of better salaries and increments.
– Due to the changing social fabric of our societies all over the globe, emergence of nuclear families, pursuance of career and wealth advancement in places far and wide, and increasing number of childless families have become an increasingly common phenomena. The accumulation of these factors has led to rising dependency of the elderly population on nursing and old age homes, making nurses an integral part of the overall process. Rise in demand naturally leads to rise in salaries and compensation.
Factors that decide the salaries/remuneration of registered nurses
Many factors are considered before the pay packets and remunerations of qualified and registered nurses are decided. There are basically three types of registered nurses:
* Full time – full time registered nurses receive total salary packages including full benefit programs.
* Part time – those registered nurses who work part time or in partial shifts receive equal vacation pay as a percentage of their pay package or salary.
* Casual – registered nurses who take up specific job assignments and do not take it up as their regular job are also entitled to equal vacation pay as the percentage of their salary.
The salary of a qualified nurse is directly proportional to his/her work experience earned. Big hospitals and institutions try to attract registered nurses with good work experience. Nurses who have prior experience in critical and complex work areas like neonatal intensive care, trauma etc., are in greater demand, and get better salaries by the concerned organization. In many cases, the salaries offered to registered nurses often depend on the size and type of organization, like private healthcare facilities, clinics, Insurance firms, nursing homes, regional health authorities, government organizations etc.
Salary packages of registered nurses
Just like any other line of profession, the supply and demand factors play their role in deciding the earnings of qualified registered nurses also. Hospitals and clinics offer competitive pay packets to obtain competent nurses. A general pay package of a registered nurse includes annual basic salary, commissions, bonuses, hourly wages and tips. Many other internal factors also change the figures of the annual package. For example, the size of the concerned organization. The greater number of hospital beds means hike in the salary amount. The area of specialization of the registered nurse is also one of the major decisive factors. Nurses qualified to attend to critical patients and wards of a hospital receive better compensation.
In addition to the annual salary amounts, benefits offered to the registered nurses are a major incentive to motivate the professional in this field. Benefit packages like pension plans, flexible work schedules, housing assistance, group life insurance, child care, college tuition reimbursement, where a fresh pass-out of college struggling to pay the student loan is offered reimbursement in exchange of a work agreement, are few of the monetary motivations provided to the registered nurses. Apart from these, reimbursement of continuing education, relocation assistance and sign-on bonuses are other lucrative offers made by the health industry to encourage and retain qualified nurse workforce. These big and small healthcare organizations understand that to avoid vacancy dilemmas and high turnover rates, competent salary and remuneration is the need of the hour.
Why registered nurses get higher pay packages
According to a survey conducted recently by CNN, out of the top fifty jobs in the U.S.A., two of the top fifteen were filled up by specialized nursing jobs. Since the job of a responsible nurse demands higher levels of dedication, stress and professional knowledge, registered nurses are compensated accordingly. They are the work engines that drive the well being of the patients admitted in any facility, and have to shoulder the responsibility of a patient`s health on a professional as well as many a time on personal levels. A registered nurse in the U.S.A gets paid approximately $66,530 annually. According to a recent survey, even paramedics at times get paid lower than the nurses. The nurses who work for personal care homes, private sector pharmaceutical or medical device producers/manufacturers are paid far more than their counterparts. Those who have certified specialized courses under their belt, like that of mother-child nursing, neonatal services and other advanced knowledge and skills programs, also get better salary packages.