Labor_Market_Research

Assignment: Labor Market Research Renee Trinkaus Axia College of University of Phoenix Eco 205 Economic Theory Momoh Dudu November 2, 2009 The factors that weight the supply and demand for nurses and how they are compensated will be discussed in the following paragraphs. This paper will focus on the labor market and demand in the state of Florida. The factors that are to be taken into account when determining the wages that are considered median in the nursing industry. Things like education, tenure, and the need for nurses. Nursing is a condensed word for such a large field of employment opportunity. If a person is considering going into the field he or she has a plethora of options to choose from. This education will determine where he or she fits into the wage scale and the supply and demand charts. According to the U.S. Bureau of Labor Statistics the median wage for a nurse in the state of Florida is $29.46. A majority of nurses earn an hourly wage and this wage is based on demographics and the type of nurse he or she is designated. An example would be a surgical nurse that has a BA is going to be on the higher end of the pay scale then a staff nurse in school. To take it even further a RN is going to make a higher hourly wage and be more in demand in the bigger cities. According to the U.S. Bureau of Labor Statistics the highest wages for RN’s are found in California. The growth rate of the population compared to the number of skilled nurses that are or will be employed may influence the supply and demand for nurses. The number of RN’s age 51 and over equals 44 percent of the nursing workforce in the state of Florida. Over the next 10 years many of these nurses will be or nearing retirement which will include scaling back on hours. According to FCN the RNs who are age 30 and younger represent the smallest proportion of the RN workforce. As the elderly population grows the need for healthcare will grow in turn the need for skilled RN’s in all fields of nursing (FCN, 2009). The state of Florida needs to implement programs that promote production of new nurses. Implementing a program where the experienced nurses nearing retirement go out to high schools and job fairs and mentor the younger generation. Information and knowledge is the key to the future. Going into the troubled neighborhoods and giving young men and woman another option, besides poverty or a life of crime. Hospitals and other places of employment that house nurses in the state of Florida can offer incentives to its current nurses, such as bonuses for mentoring. Hospitals can offer quarterly rewards for quality care, offering patients a chance to recognize a job well done. Offering the RN’s tuition reimbursement to go back to school and become ARNP’s. There are several options available to give nurses the boost they need to succeed. It takes a special person to carry out the daily routines and care of patients they should be the ones being rewarded. The state of Florida could build a state wide benefits program for nurses. No matter where he or she works there are standards in wage and in the overall benefits program that must be available to him or her on the job and in retirement. The idea of tuition reimbursement and bonuses for mentoring were for mentioned. To add a hospital or health care facility would have to provide the following to a skilled nurse. Benefits such as leave sharing, earned time off, sick time, insurance, matching TSA contributions. If possible onsite wellness centers that offers access to a fitness center, massage therapy, continued education (lectures and workshops). In conclusion, if a person wants to become a nurse some research should be conducted as far as the location they want to live and work. Being a nurse is a job that requires specific fields be considered picking a target area and focusing on that specific specialty could assist in the salary. There are three important factors to consider when making the choice to become a nurse, location, education and field of study. Having compassion and a loving hand helps out too! Reference Bureau of Labor Statistics. (2009). Occupational Employment and Wages. 29-1111 Registered Nurses. Retrieved on October 29, 2009 from http://www.bls.gov/oes/current/oes291111.htm FCN. (2009). Workforce Information. Retrieved from http://www.flcenterfornursing.org/workforce/researchreports.cfm