Get Off on the Right Foot
Here is where we learn the job market and the influential factors that go into determining the rates and jobs out there for travel nurses.
This requires a slight history lesson but I promise it will be worth it; as once you understand, you can plan accordingly how to be a savvy travel nurse.
The History of Travel Nursing
From the graph, you can see the steady rise of travel nurse positions. At the onset of the coronavirus, you see a abrupt halt, followed by massive uptakes to coincide with the peaks and surges of hospitalizations.
Going forward, in the aftermath of Covid, the outlook for the next ten years is on the rise and travel nurses can expect to see approximately a 12% increase in employment over that time.
The hospital and healthcare sector in the United States is the largest and most booming industry with the highest projected growth. This is largely due to the aging baby boomers, increasing medical advancements, and improved access to care.
However, during covid, many nurses and agencies entered this business, leaving behind their staff positions and creating more competition. As covid funding disappears and hospitals seek alternatives to travel nurses, there is a decrease of job postings, more cancellations, and lower pay rates which we are seeing now. But even with the decrease, from the graph, you can see that even if hospitals hope to get rid of travel nurses, they still need us more than they did pre-covid.
Likewise, travel nurses who entered the job market during covid, leaving their staff positions behind, technically didn't increase competition per say as they left a vacancy behind at their former hospital which may not be able to be filled with another staff nurse. Thus, you see the more American nurses entering into the travel nurse gig, also means they leave behind a vacancy at their former staff hospital. Eventually, with a return to lower rates than during covid (but higher compared to pre-covid rates), many travel nurses who entered specifically for the outlandishly high pay are deciding to go back to staff now that the rates are lower again.
From the graph above, you will note that currently, the overall demand for travel nurses has not returned to pre-pandemic levels.
Factors Affecting Travel Nursing
1
⬆️ Agencies
2
⬆️ Travel Nurses
3
⬆️ & ⬇️ Government Funding
4
⬆️ Agency Rates
5
Changes to Healthcare Policies
6
Changes: Location & Time of Year
7
Changes: Season I
8
Changes: Season II
9
Need for Your Nursing Specialty
01
⬆️ Agencies
Due to Covid and the money forecasted in the healthcare sector, many companies both healthcare related, or not even (e.g. IT companies) wanted in on the rapidly growing and booming travel nurse industry.
02
⬆️ Travel Nurses
Nurses all over America (and abroad) saw the advertising and money to be made as a travel nurse and many quit their staff jobs and started travel nursing, this caused a saturation of travel nurses within the travel industry, but also caused vacancies at their former staff jobs, potentially resulting in not so much a saturation, but a displacement of nurses.
Currently, there are many hospitals putting out appallingly low rates. However, as long as travel nurses accept these low-ball offers, nothing will change. Some reasons travel nurses accept these low contracts include: Less experience or new to travel nursing, competition from more seasoned nurses, desire for a specific location, limited negotiation abilities, need for urgent work, lifestyle needs, limited job contracts available, and willingness to extend current contract for lower rate due to comfort and ease of staying on at current job.
03
⬆️ & ⬇️ Government Funding
The American government gave a lot of extra funding to hospitals (via Coronavirus aid, Economic Security Act, Paycheck Protection Program, and many other federal relief programs) during the Coronavirus pandemic. A lot of this money was what allowed hospitals to hire more nurses they desperately needed. However, the funding has largely ceased resulting in a return to former pre-covid pay rates.
04
⬆️ Agency Rates
As a result of the major nursing shortages during covid, agencies were charging much more from hospitals desperate for nurses. In the covid aftermath, now that federal funding is gone, many hospitals are attempting to explore alternatives to agencies such as legislation (to cap travel nurse pay), hospital policies, hiring internally, incentives to push nurses to take staff positions, and other ways to avoid paying such high rates ever again.
05
Changes to Healthcare Policies
Some nurses see fewer positions posted, positions taken down, or have their contract cancelled due to low census. Although unfathomable in Canada, there are more hospitals per capita in the U.S. than in Canada and this coupled with changes to healthcare policies (e.g. the Affordable Care Act) may result in fewer people seeking medical care and that may result in a low census for hospitals. Often, travel nurses are the first to have shifts cancelled or the overall contract cancelled since we are significantly more expensive than staff nurses.
06
Changes: Season I
Aside from the changes brought by covid, there are more routine fluctuations every year...
Fall/Winter
As the seasons change, certain states become prime locations for all travel nurses to flock to in order to 'snowbird' (e.g. southern states during the winter). The pay often isn't as high and competition among travel nurses is fierce for these jobs. Whereas, the northern states (and Alaska) often pay more, knowing they aren't desirable locations.
Fall and winter also see increased job posts and needs for nurses due to the dreaded cold and flu season.
Travel Nurses tend to flock south (e.g. Hawaii, Florida, Arizona, Texas, etc.) and jobs in the north (e.g. New England area, Alaska, Minnesota, etc.) tend to be less desirable, pay a bit more, and have less competition.
07
Changes: Location & Time of Year
Aside from the changes brought by covid, there are more routine fluctuations every year...
Location
Some locations have specific needs at certain times, such as Aspen, Colorado during skiing season and Martha's Vineyard during the summer season.
Time of Year
A word of warning, January is by far the MOST competitive month to try and secure a contract. A lot of travel nurses can choose not to work the holidays and seek a contract right after, usually wanting somewhere warm. Likewise, September/October can see some competition as nurses try and squeeze in a contract before the holidays. I would suggest being patient if you cannot secure a job and waiting for the following month.
08
Changes: Season II
Aside from the changes brought by covid, there are more routine fluctuations every year...
Spring/Summer
Although typically there aren't as many job posts, some nurses claim summer is a great time to travel nurse since many travel nurses opt to take the summers off thus reducing competition for job posts. Others also suggest many travel nurses seek out the northern states and East Coast during this time and avoid the sweltering heat in the south, causing the south to pay more and less competition.
Travel Nurses tend to flock north (e.g. New England area, Alaska, Minnesota, etc.) and jobs in the south (e.g. Hawaii, Florida, Arizona, Texas, etc.) tend to be less desirable, pay a bit more, and have less competition.
09
Need for Your Nursing Specialty
The demand may also depend on your specialty; for example, ICU nurses were in extremely high demand during covid, especially in areas like New York City. However, when funding for Covid was reduced in some states, the funds for travel nurses lessened as well. This meant some job postings and even contracts could be removed or canceled. There is always a slight amount of competition in nursing, even travel nursing. Conversely, during the pandemic, since many hospitals deferred surgery and shuttered their operating rooms, this area of nursing has seen a more dramatic increase post-pandemic. While ICU contracts lessen, OR contracts and pay seem to be on the rise. Thus, you can see it really depends on your specialty and the current trends in healthcare affecting the nation.
Is It Still Worth It to Become a Travel Nurse At This Time?
With the healthcare industry booming in the United States, a nurse shortage worldwide, the strength of the American dollar, and the better weather, it would appear the answer is a resounding YES but it is really your decision.
Despite the slightly lower rates than during covid, the rates are unlikely to ever return to what they were pre-covid. Eventually, more American nurses who entered the travel nurse gig during covid for the high pay will likely return as staff creating a little less competition for those still in the game.
Overall, the pay is a lot better than in Canada (and Canadian provinces are increasingly restricting travel nursing within Canada), often at least double or possibly triple or quadruple. Include the better pay with typically better nurse-to-patient ratios, working conditions, multiple location options, better weather, and the overall cool traveler/tourist experience, then it really does sound nice to take your career abroad! Plus, you can always try it once and see how you feel about it. There will be more articles, as well as the Canadian Travel Nurses (to the U.S.A.) Facebook group to support you as you navigate the whole process.