More Nurses Expected to Retire
One million nurses are expected to retire by 2030 as the older adult population grows. So as a large population will begin needing care, an exodus of skilled nursing professionals due for retirement is projected to occur. Organizations will face multiple risks when these experienced nurses who have accumulated invaluable knowledge and skills leave the workforce. The knowledge these nurses have to assess, identify changes, and respond to evolving medical conditions can only be learned over time. Patient care organizations and care settings must train and monitor new nurses and ensure that workplace morale is safe and effective in promoting professional growth. Those in leadership roles can develop programs to have older nurses mentor new nurses to ensure consistent quality patient care.
Before the pandemic, several statewide initiatives were underway to address the impending shortage of nurses and nurse educators. Among them is the University of Wisconsin’s 3.2 million Nurses for Wisconsin initiative to provide financial assistance for nurses who become educators in the state. The initiative came from the state-funded UW System Economic Development Incentive Grant, which was launched in response to the projected nursing shortage.
Nurse Practitioner Demand Will Rise with Aging Population
The demand for nursing practitioners is expected to grow the most. Nurse practitioners share the foundational principles of nursing, providing an integrated approach and unique perspective on total health. As the fastest-growing primary care provider, nurse practitioners focus on health promotion, education, and disease-preventative care. According to the U.S. Bureau of Labor Statistics, the number of employee nurse practitioners is projected to grow by 114,900 by 2030 to reach an estimated workforce of more than 335,000. According to the American Association of Nurse Practitioners, four of the top certifications for nurse practitioners were in primary care. As part of the Coronavirus Aid Relief and Economic Security (CARES) Act, nurse practitioners were permanently authorized to order and provide care for Medicare-eligible home health patients, many of whom are within the aging population. Currently, 43 states allow nurse practitioners to practice independently without physician oversight.
Wages and Benefits May Need to Increase to Keep Nurses
As the aging population requires more acute and chronic care management, they will need more geriatric and long-term care services. Recent data from the Bureau of Labor Statistics showed that registered nurses in long-term care settings earn lower wages compared to hospital nurses, and the general median wage for all nurses is less than that for other diagnostic and treatment positions in the healthcare industry. Regardless of the care setting, nurses report feeling underpaid and undervalued.
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