Even with a few recent downswings, the U.S. economy is booming… so why aren’t hospitals happy about it?
It all comes down to nurses.
During tougher economic times when a family’s personal finances might be more of a struggle, nurses tend to stay put in their jobs. They keep their shifts, work extra hours, and may even push retirement back a few years. That paycheck, after all, is vital to making ends meet.
But when the economy is stronger and family finances aren’t strained, suddenly the idea of retirement or fewer work hours becomes a lot sweeter and a lot more doable. That means fewer nurses filling shifts on top of an preexisting shortage of nurses nationwide. In other words, the higher that stock market arrow climbs, the harder hospitals start thinking about finding ways to entice you.
Many hospitals are turning to pricey perks and incentives, as CNN Money reports. Some of these include five figure signing bonuses, free housing, and in some rare cases, programs may even pay for your kids to go to college.
“These are some of the grandiose examples we’ve heard from our members,” says Seun Ross, director of nursing practice and work environment at the American Nurses Association. “Who knows what employers will come up with next?”
Other incentives include perks such as bonuses for continued education and specialized training to help career advancement—for example, training nurses for intensive care units or emergency medicine. One hospital in Ohio even offers a Knowledge Bonus for new hires who already possess certain job skills.
Of course, when you’re fresh from graduation and looking for that first nursing job, signing bonuses tend to grab the attention first, and there are plenty of opportunities for signing bonuses available nationwide. But a handful of cash can sometimes distract from a less than perfect working environment.
“We’ve never offered nurses a sign-on bonus,” says Kathy Franz, director of human resources at Washington’s Yakima Valley Memorial Hospital. “Sign-on bonuses typically keep nurses in their jobs for two years. Our goal is to attract candidates who want to work here for other reasons.”
Instead, Franz’s hospital offers lifestyle perks, such as flexible scheduling, onsite childcare, tuition reimbursement, and better opportunities for advancement. And the approach is working… the hospital constantly has a “steady stream” of applicants.
“All it takes is for one nurse to tell her friend that where she works is a great place for these reasons and applications will come in,” says Seun Ross.
So remember, as you begin your job search, make sure not to miss out on the perks available. But keep in mind that not all job benefits can be quantified on the front of a check.