Transform Your Nursing Career: Tips to Maximize Income Potential
Nurses will always be in demand. No matter where you go, they’re the backbone of every medical institution, working diligently behind the scenes.
The nursing workforce makes up the bulk of the healthcare profession in the U.S. It is nearly four times the size of the physician workforce, according to the National Library of Medicine (NIH).
The history of nursing is an interesting one. Although historians can’t pinpoint the exact origins, they know it predates the mid-19th century. Florence Nightingale, the pioneer of modern nursing, was not only a trailblazer and social reformer but also a skilled statistician. She paved the way so millions more could follow.
While many feel inspired to take on a noble cause, the nursing sector has seen its fair share of ups and downs. The U.S. is in the grip of a nursing shortage crisis. It’s had a knock-on effect on the quality of patient care and rising healthcare costs.
The U.S. Chamber of Commerce says high levels of burnout and an aging population have led to significant employment gaps in the healthcare sector. Those working in stressful environments have voiced concern over compensation, resulting in low retention rates.
Whether we want to admit it or not, financial security is a big motivator for staying in a job. That’s why it’s important to maximize income potential via career growth.
In this article, we’ll offer practical tips and strategies for nurses looking to enhance their earning potential.
Breaking Down the Nursing Salary Landscape
According to the U.S. Bureau of Labor Statistics, registered nurses (RN) can earn an average salary of $86,070 per year or $41.38 per hour.
The nursing shortage is concentrated in this particular sector. The good news is the positive job outlook; currently at 6%, faster than the average rate of 4%. However, the U.S. anticipates that only 177,400 nurses will join the workforce each year. This is significantly fewer than the number required to fill the projected openings.
Average Salary Ranges
Nurse.org released a list of the highest-paying nurse jobs and their annual salaries in 2024. See the list below:
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Certified Registered Nurse Anesthetist (CRNA) - $212,650
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Certified Nurse Midwife - $129,650
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Neonatal Intensive Care Unit (NICU) Nurse - $128,211
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General Nurse Practitioner - $126,260
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Clinical Nurse Specialist - $124,374
Influencing Factors
Earlier this year, The Hill published an article on nurses faced with low pay and the high cost of living. The publication noted that nurses were forced to look for work overseas or leave the profession altogether.
When considering living expenses and taxes, California and Texas surpassed the average salary for registered nurses. Washington D.C. and Honolulu were the metro areas where the take-home salary was dramatically decreased.
Wanderly notes that the pay rate for registered nurses has shifted considerably in recent years. Influencing factors include education and training, experience, location and type of healthcare facility.
Current Salary Trends
American Nurse Journal reported during a survey of nursing staff that 46% earned a salary between $80,000 and $139,999.
Nearly half earned less than $80,000, and 62% reported a higher salary than 12 months ago.
Clinicians were more likely to have received a raise within the past year. Approximately half of the nurses in management roles received a discretionary bonus over the last 12 months. Nearly 49% of clinical nurses earned extra compensation for shift work.
The most common benefits nurses reported receiving were health insurance, paid time off, and dental insurance.
Invest in Your Future
Pursuing an advanced bachelor’s degree or online nursing programs can unlock many career opportunities, not to mention the financial rewards. Let the potential salary increase and career opportunities be your motivation for embarking on an online nursing degree.
Benefits of Advancing Your BSN Degree
With your Bachelor of Science in Nursing (BSN) as a foundation, you can now advance your education. There are a multitude of nursing programs online.
All you have to do is research which program will best suit your skillset and experience. The beauty of online studying is that you can pursue your degree while working.
Have you considered enrolling for an RN to BSN Program? The online RN to Bachelor of Science in Nursing degree program is specifically formulated for working nurses. You’ll learn advanced clinical, analytical and professional development skills necessary to advance your career.
You’ll gain advanced clinical, analytical, and professional skills to advance your career. If you’re interested in mental health advocacy, you can expand your practice by becoming a psychiatric mental health nurse practitioner (PMHNP).
Spring Arbor University suggests doing a comprehensive comparison of online programs to find the perfect fit.
Specializing as a Certified Registered Nurse Anesthetist
CRNAs are among the highest-paid specialized jobs within the nursing sector. As previously mentioned, the average annual salary is $212,650.
A CRNA is an advanced practice Registered Nurse (APRN) who administers anesthesia and other medications. They monitor patients receiving or recovering from anesthesia. It’s a complicated role that requires specialized training.
Forbes Advisor says that coupled with academic and professional experience, it can take about 10 years to become a CRNA. Every CRNA has the basics covered by attending nursing school (BSN) or having an associate in nursing (ADN) qualification to become an RN.
To gain your RN license, you must pass the National Council Licensure Examination for Registered Nurses (NCLEX-RN). As an RN, you need a year’s experience in an ICU setting.
The next step is to earn a Master of Science in Nursing (MSN) degree. Following that, a three-year doctorate program will qualify you for accreditation from the Council on Accreditation of Nurse Anesthesia Educational Programs (COA).
To become a certified CRNA, you must pass the National Certification Examination administered by the National Board of Certification and Recertification for Nurse Anesthetists (NBCRNA).
Professional Career Development
Continuous learning is the key to career growth and having a competitive edge in the job market. It’s an investment in yourself and your future. It opens your mind to the possibilities that are available to you, including changing career paths.
Learning and Development Opportunities
During a 2023 edX survey, over 80% of respondents viewed their companies as post-secondary colleges.
About 77% of employees said they would remain longer with a company if it offered a better learning and development (L&D) program. A third revealed they would leave their current position for a business that provided L&D perks.
The survey offered important insight into how companies could encourage continuous learning via programs that improved employee skills. Built In says the learning culture fosters a sense of belonging and allows organizations to reassess employee skills and promote from within.
The Future of Learning
As a means of decreasing the workforce shortage, McKinsey & Company suggests healthcare facilities partner with postsecondary education institutions. The organization believes reskilling and upskilling can help build resilience and job security.
The proposed model could change the nursing school landscape. McKinsey says the focus should be meeting the health system’s own workforce needs. These institutions will offer micro-credential programs; short courses designed to provide in-demand skills and experience.
Many hospitals are learning grounds for in-house training. If your position allows it, ask to be transferred to a healthcare facility that facilitates on-the-job work experience.
Exploring Alternative Income Streams
Side hustles have been in existence ever since humanity knew the value of money. The nursing profession has had to adapt and thrive during the pandemic.
Ironically, many people who expanded their income as a side hustle went on to do it as a full-time job.
Below, we’ll suggest a few side hustles while keeping your day job.
Healthcare Podcasting
The podcast industry is an undervalued medium, says eMarketer. U.S. listeners tune into a podcast for an average of 50 minutes at a time. It provides the opportunity to tap into an engaged audience.
Right now, the healthcare industry is taking notice and using podcasts to market their products. If you have the gift of the gab and an innate knowledge of anything health-related, healthcare podcasting could be for you.
Consulting Roles
RN consultants can average about $91,700 per annum, says ZipRecruiter. The recruitment agency went as far as listing the top 10 highest-paying cities in the U.S. for RN consultant jobs. These included Berkley, California and Two Rivers, Wisconsin as the top leading cities.
Negotiating Your Salary Increase
So, you’ve upskilled and received your certifications. You’ve proven your worth and value in the workplace. Now, it’s time to negotiate a salary increase.
Leveraging AI
Rebecca Ann is the founder of The Successful Leaders' Collective. She tells Forbes that the generative AI platforms can help you start a conversation about a pay rise.
She advises to start preparing for the all-important discussion weeks in advance. Ann also suggests using specific prompts to ask ChatGPT for a detailed plan and a checklist to prepare for an important pay rise conversation.
Pleading Your Case
British GQ spoke to career experts and many agreed that you should choose the right moment wisely. Take your time in pleading your case and come prepared with a number. If you don’t get an immediate answer, ask your manager to commit to another discussion further down the line.
Things to Avoid
Asking for a pay rise can be a nerve-wracking experience. Sometimes, emotions can get in the way. Career coach Fay Wallis tells GQ it’s important to detach your feelings from the conversation. Remain calm, concise and logical.
Don’t ever gamble your job and say there are better work opportunities out there. People have learned the hard way that everyone is dispensable. Instead, say how much you appreciate working for the company, and that you love what you do, but your salary is holding you back.
Building a Strong Career Network
Networking is an integral part of building professional relationships. It could lead to new career opportunities or job promotions. However, some obstacles do remain.
Gender Roles
The Conversation says networking is especially profound for women. Because they are less represented in leadership roles, women have to make themselves more visible. During its study of more than 900 people in executive roles, the publication found that networking presented both opportunities and obstacles for female managers.
Building on Strategies
Connecting with peers, mentors and industry leaders is a great way of putting yourself out there. By joining professional associations, you come into contact with people in the same field.
Attending conferences is another way of networking in a more social setting. Also, don’t be afraid to use LinkedIn and other social media platforms to create more visibility.
These key strategies are meant to help maximize your income potential as a nurse. But it’s up to you to take proactive steps towards career development and ultimately financial growth.
