Why are Pay Rates so Low and Always Changing?

QUESTION

Greg –

Greg, why are the payrates so low and always changing?  Are the recruiters changing them to get the best commissions for themselves?

ANSWER

I’m glad you asked this since this topic is on everyone’s minds lately. I will try to answer this in two parts. However, one thing is clear, payrates are much like the spring weather; if you don’t like the weather now, wait a few hours and you will have a whole different season!

First, let’s talk about the current market for healthcare travel. You might find this a bit boring, but in order to find the right opportunity for yourself, I believe you need to understand the changes in your industry.

The travel nursing market is experiencing a bit of a re-balance. After posting record payrates, record risks, and record demands for travel nurses during COVID, facilities are struggling to adjust staffing to their current census levels. They are also under pressure to reduce costs due to losses during COVID. Nurses who left full-time positions to travel during the pandemic are returning to their facilities for permanent positions. Travel nurses, used to a high rate of pay from the Pandemic are reluctant to travel for reduced wages. Facilities, unsure as to what nursing resources are available at what pay are unable to plan accordingly, making pay rates confusing and compressing the time from submission to hire.

I can only speak about my firm, but at Convergence we post pay rates for openings per the facilities’ instructions. Because of the uncertainty in the market, the facility will initially post a job for the least pay they believe will attract a travel nurse. If the job doesn’t fill within their timeline, they will instruct us, the agency, to raise the payrate. That is why you see the same job posted at different rates.

What is the answer for you as a Traveler? Be prepared by having completed profiles with several recruiters or agencies. The reason being that when the right opportunity surfaces, it is basically too late to complete an application, upload credentials, have your references checked and be submitted. Those travelers who have completed their profiles will be submitted first, with the most attractive jobs filling within 24 to 48 hours.

At Convergence, we offer a convenient way to apply and upload your information through our Convergence Medical Staffing Mobile App. Travelers have found this to be a simple and fast option and one that positions them to be hired quickly. However, you are not obligated to travel with us even if you have completed a profile.

The good news is that Travel Nursing is not only alive and well, but it also has a bright future. The traditional travel professional who likes to be in control of their schedule, gain experience in new specialties, and explore the country is still in demand. Fluctuations in census still occur needing travel staff, and hard to fill openings still require coverage by travel nurses.

In conclusion, it is still a very good time to be a nurse and to explore Travel Nursing.

Have a burning question? Email me (Greg).