Assess Your Unique Earning Potential
Are you considering applying for travel nurse jobs? Perhaps you’re fed up with life in your hometown, and want to see more of our wonderful country. You may want to experience other places, meet new people, and learn new skills. You love your job but want to trash the ‘office politics’. All these benefits are possible when you choose to become a travel nurse – but what is the earning potential?
Let’s examine how much you could earn as a travel nurse.
How Travel Nurses Are Paid
Travel nurse earnings can be extremely high, even reaching $100,000 a year or more. But there are a lot of factors that play a part in how much you can earn.
Working short-term assignments (usually between 13-26 weeks) in clinical settings that require nurses to fill staff shortages, you won’t be on the same pay structure as a permanent nurse, who will receive a salary and employee benefits.
In general, travel nurses receive:
- No employee benefits – you’ll need to arrange your own insurances, and budget for unpaid time off
- An hourly rate
- Non-taxed housing stipends – used for expenses such as housing and meals
- Travel reimbursements
Travel nurse packages can vary, so make sure you get some clarity from each assignment or staffing agency to ensure you are fully aware of how your total compensation adds up.
Now, let’s look at the factors that can change just how much you earn in travel nurse jobs.
How Much You Work
The more you work, the more you earn. On average, travel nurses work 46 weeks a year. But it’s your choice.
If you need some time out to enjoy your new surroundings or return home for a short while, the flexibility of travel nursing allows this. If you want to ramp up your earnings, get those assignments booked in your diary early.
Where You Work
Probably the biggest earnings-impacting factor is location. You’ll need licenses for different states, so obtain these and maintain them to increase your reach for the highest-paying assignments, most notably in:
- California (highest-paying)
- San Diego
- San Francisco
- Los Angeles
However, don’t forget to consider the cost of living in each location. While your accommodation is likely to be covered by your employer (either directly or via a stipend), you’ll need to buy food and pay for your recreation time.
When You Work
Night shifts and unsocial hours pay more. They are a great way to increase your total pay. If night shifts don’t agree with you, make sure you put your health first before money. You can still earn well without having to work the shifts that others don’t want.
Extra tip: When unions call a strike, patients still need to be cared for. This is a good time for you to step in – you’ll be in huge demand and will be handsomely rewarded.
Your Specialty
If you’re specialized in a certain field, you’ll be more highly valued, and therefore paid a higher hourly rate. Here are some of the highest-paying fields, from highest to ‘lowest’:
- Cath Lab
- ICU, Neonatal Intensive Care, Psychiatric Intensive Care, Cardiovascular ICU, Emergency Room, Operating Room, Post-Anesthesia Care Unit
- Intermediate care, Case Management, Definitive Observation Unit, StepDown Units, Progressive Care Units
- Medical Surgical, Psychiatric, Pediatrics, Post-Partum, Home Health
Bonuses
Look out for bonuses advertised in assignments. These include:
- Hospital bonuses – paid on completion of the assignment
- Agency retention bonuses
- Referral bonuses – starting usually at around $500
Extra Tips to Boost Your Earnings
Here’s some extra money-boosting tips for you to pack in your travel nursing suitcase:
· Find Your Own Housing
Talk to agencies and see if you can take a housing stipend, and find your own housing at a price chosen by you.
· Be Flexible
If money is your key motivator, remain open to less desirable assignments – such as a less desirable location or shift – and you’ll be on a higher rate than travel nurses who only agree to the more glamorous roles.
· Be Organized
How can you best do this? Register with a staffing agency that specializes in travel nurse jobs. You’ll need to make sure all your paperwork, certifications, and licenses are updated and ready to go, but submitting these to a staffing agency will ensure you are first in line for the best assignments.
Though travel nursing provides a very desirable lifestyle, playing happy-go-lucky won’t serve you well if you want to achieve your full earning capability.
Set up your personal schedule, communicate with the staffing agency, tell them what you want to achieve, and go grab those amazing opportunities.
Summing Up
As you can see, there is no set ‘average salary’ for travel nurses. With so many factors playing their part in how much you can earn, it’s down to you how you tackle the world of travel nursing to maximize your earnings. From location to shift, to nursing expertise and stepping in during a crisis or strike, to being ready and organized with a staffing agency, your earning potential is limited only by you.
To find out how much your experience and skills could earn you in the state of your choice, contact Loyal Source now.