Navigating the Shifting Tides of Nursing Pay: A Conversation with Zach Smith
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It’s no secret that nursing pay, and pay for healthcare professionals in general, shifted dramatically from 2019 until present, 2023. For example, travel nursing pay rose dramatically during the pandemic and is declining dramatically as the pandemic wanes.
I recently had the pleasure of discussing the issue of healthcare pay with Zach Smith, RN, BSN. Zach is the VP of brand at Stability Healthcare, one of the nation’s leading healthcare staffing companies. Zach and I dove deep into the complexities of nursing pay and adjacent issues in the healthcare staffing industry. Zach’s expertise comes from his extensive nursing and business experience. With this unique perspective, Zach provides a wealth of insights into the current state and future directions of nursing and healthcare careers in general. In this article, we’ll summarize this insightful conversation and provide links to video and podcast versions for your convenience.
Before diving in, I want to highlight Stability Healthcare, which Zach represents. With its inception in 2009, Stability Healthcare stands out in the industry for its beautiful website and seamless experience. They’re a true leader among their peers. They blend cutting-edge technology with a personal touch to provide world class service that others rarely achieve in this industry. As a result, they consistently achieve high rankings on our annual list of the best travel nursing companies. This is a testament to their exceptional service and it’s backed by reviews from numerous healthcare professionals.
Understanding Nursing Through Zach Smith’s Lens at Stability Healthcare
“My journey from bedside nursing to the business side has been enlightening,” Zach shared as he discussed his transition from hands-on care to advocating for nurses at Stability Healthcare. This segment of our discussion highlighted the critical need for nursing perspectives in decision-making roles at healthcare organizations. Essentially, having someone who understands the front lines involved in shaping policies and practices in healthcare companies has immense benefits for all stakeholders.
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Delving deeper, Zach explained how his experiences as a nurse have informed his approach to addressing the challenges faced by healthcare workers, particularly in terms of work-life balance and job satisfaction. He emphasized the need for healthcare organizations to listen to their healthcare providers in order to create more empathetic and effective policies. Zach also discussed how Stability Healthcare leverages his nursing insights to enhance their services. In doing so, they ensure that their offerings are not just beneficial but also practically applicable to the day-to-day realities of nursing.
The Tale of Two Pay Rates: Travelers vs. Permanent Staff
We next discussed the pay rate disparities between permanent staff and travelers. Zach observed, “We’re still splitting up the same workforce pie.” He emphasized how the pandemic caused inflation in travel nursing pay. On the one hand, we had the obvious patient census increase which spiked the need for healthcare professionals. Meanwhile, the federal government alone pumped nearly $200 billion to healthcare organizations during that time.
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Next, Zach described the post-pandemic shifts in pay rates. Travel nursing pay has decreased as census normalizes and government funding dries up. Meanwhile, pay for permanent staff appears to be trending up. I pointed out that Kaiser workers recently won a 21% pay increase over 4 years and protective terms around subcontracting and outsourcing from a recent strike.
Further, Zach delved into how these pay disparities have evolved over time, discussing the impact of supply and demand on nursing salaries. He highlighted that while travel nurses often receive higher pay due to their flexibility, willingness to relocate and need to pay for duplicate expenses like housing, this discrepancy can sometimes lead to tensions within the healthcare workforce. To address this, Zach suggested that hospitals and healthcare institutions need to develop more transparent and equitable pay structures that recognize the unique contributions of both permanent and travel nurses.
Fostering Unity Among Healthcare Workers
“It’s about linking arms and standing together,” Zach emphasized the power of collective action. His perspective on the effectiveness of strikes and unity among healthcare workers, regardless of their roles, resonated deeply. He advocated for understanding and mutual support across the healthcare spectrum, highlighting the common challenges faced by all. Expanding on this, Zach discussed the importance of creating environments where healthcare workers feel valued and heard. He mentioned how vital it is for healthcare institutions to foster a culture of collaboration and respect, where differences are not just tolerated but celebrated. Zach also touched upon the importance of mental health support for healthcare workers, advocating for resources and programs that address the emotional and psychological stresses of the job.
The Intricacies of Hospital Staffing and Technology
Zach reflected on the challenges hospitals face in staffing and technology, saying, “Hospitals are not technology companies; they struggle with modernization.” His insights into the resistance to technological innovation and the need for systems supporting flexibility revealed the hurdles in adapting to the evolving demands of healthcare. Zach further explained how this resistance often stems from a lack of understanding of the potential benefits of technology in streamlining operations and improving patient care. He argued for a more proactive approach towards technology adoption in healthcare, suggesting that hospitals partner with tech companies to develop solutions that are tailored to the unique needs of the healthcare industry. Zach also highlighted the potential of data analytics and AI in enhancing patient care and reducing the administrative burden on healthcare workers.
Championing Flexibility to Prevent Burnout in Healthcare
“Nurses and healthcare workers want flexibility,” Zach stated. He highlighted the critical need for varied roles and schedules to sustain healthcare workers’ well-being. Although he noted a lack of optimism about hospitals’ current capabilities, he called for a paradigm shift towards more innovative and flexible solutions. Zach elaborated on the different forms flexibility could take, such as offering part-time positions, remote work options for administrative roles, and flexible shift patterns. He stressed the importance of healthcare institutions recognizing the diverse needs and life circumstances of their staff. By providing more flexible working conditions, Zach argued, healthcare providers can not only reduce burnout but also attract and retain a more diverse and talented workforce.
The Complex Journey to Establish a Per Diem Marketplace
On the topic of per diem marketplaces, Zach explained, “The challenge is balancing opportunities with available staff.” He outlined the difficulties in creating a functional per diem marketplace, discussing the need for a balance between shift availability and the qualifications and availability of staff. His insights pointed to the potential benefits and the significant challenges in this endeavor. Zach went on to discuss how a successful per diem marketplace could revolutionize the way healthcare staffing is managed, offering more autonomy to healthcare workers and helping facilities manage staffing shortages more effectively. He also touched upon the technological and logistical hurdles that need to be overcome, such as creating a user-friendly platform that
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In wrapping up our enlightening conversation, it’s clear that Stability Healthcare is not just about innovative technology. Their commitment to maintaining a personal touch in an ever-evolving industry sets them apart. This blend of technology and human connection is what places them at the forefront, as evidenced by their high rankings and positive reviews from healthcare professionals. For anyone interested in exploring what Stability Healthcare offers, I highly recommend visiting stabilityhealthcare.com. My heartfelt thanks to Zach for joining us and sharing such valuable insights. His expertise has undoubtedly shed light on many aspects of the nursing profession, offering guidance and perspective in these changing times.
