Large Amount Of Baby Boomer Nurses Projected To Retire
Now that 2016 is up and running and February is already around the corner, it’s time to take a look how the healthcare industry is shaping up in 2016. The nursing industry is projected to see some pretty significant changes over the next several years as the Baby Boomer population continues to move into retirement.
Breaking Down The Numbers
According to StaffingIndustry.com, nearly two-thirds of registered nurses over the age of 54 are now considering retirement.
Of those nurses over 54 who are considering retirement, 62% plan to retire within the next three years. Additionally, 21% of nurses over age 54 said they will switch to part time work.
More than half of current registered nurses are over 50, according to a 2013 study by the National Forum of State Nursing Workforce Centers.
These numbers paint a clear sign that healthcare management needs to begin preparing for the sharp decline. Not only could the number of nurses decrease, but the amount of collective experience will decrease as well. This means that Millenials will begin to move in as the primary generation in nursing.
The 2015 Survey of Registered Nurses included 9,000 registered nurses in a variety of fields and specialties.
Registered Nurse Growth
The BLS projects a 19 percent growth rate by 2022, but it also estimates that 525,000 currently working registered nurses will have to be replaced due to retirements, which puts the total number of new hires anticipated at 1.05 million over the next seven years. In addition, the average age of working nurses is expected to rise to 44.6 from the current 42.7.
Registered Nurses did make the list as one of the toughest jobs to fill in a recent report, but there is still a silver lining. RN positions may be tough to fill in 2016, but only because of a significant spike in demand as referenced above.
The 2016 Nursing Industry Forecast
There is a lot of data to consider when trying to forecast the future of a particular sector of the healthcare sector.
Ardor Health Solutions recently compiled a brand new forecasting report for The Nursing Industry in 2016. The report crunches the numbers and looks deep into which way the nursing industry is trending.