Last year, 59% of healthcare professionals reported satisfaction with their salary. This news might be surprising, given the uncertainty about the Affordable Care Act's future and how it will affect the healthcare job market. But it seems clear that healthcare salaries aren't under threat.
So, what do we know about healthcare salaries for the upcoming year? Here, we'll cover the year's current trends so you know what to expect in 2019.
1. Healthcare Salaries Are on the Rise
It's not only that people are happy with their salaries. Healthcare salaries are also increasing. While general job salary growth is increasing at a rate of 2.3%, the health sector is increasing anywhere from 3% to 18%.
In 2017, 87% of healthcare workers either maintained their salary or got a raise. So most healthcare workers are getting paid a good salary, and it's expected to either stay the same or increase for the foreseeable future.
2. New Hires Stand to Benefit the Most
A recent study found that 64% of healthcare employers paid new hires more money than in previous years. Why? They found it much more difficult to find suitable employees.
The turnover rate has increased dramatically. This, paired with a longer time to fill positions, means that employers have to offer new hires more money. Otherwise, they'll struggle to get those positions filled.
So if you've ever considered getting a new job, now's your chance! If you're a competitive hire, a new employer will offer you a nice paycheck to convince you to make the change.
3. Raises Will Combat Turnover
Last year, 63% of healthcare employers reported that they increased their staff's pay. This was to combat the high employee turnover. Employers are willing to pay a higher cost to keep their top talent.
So if you've been wanting to ask for a raise, now is the time! Combine this information with your own pay records to demand the pay you deserve.
Don't know how to access your previous pay records? Check out the guide by PaystubCreator.net to learn how to access yours. You don't want to go into your meeting without it.
4. Jobs in High-Demand Will Benefit More
It's not too surprising, but if you happen to specialize in a rare field, you hold a lot of bargaining power. Employers are either going to offer you more money to hire you or will be willing to pay you more to keep you on staff.
In general, there's a shortage of physician assistants (PAs) and nurse practitioners (NPs). The high demand for these career types gives you more bargaining power. The fields of psychiatry, cardiology, orthopedics, and neurology are also experiencing shortages.
If you happen to be a PA or NP specializing in one of those areas, look for new job opportunities or chances for a raise. You're definitely going to benefit from these trends.
Healthcare Salaries: Make What You Deserve!
Now you know the current trends in healthcare salaries. So if you've been thinking about changing jobs or asking for a raise, 2019 is going to be your year.
Considering taking another step forward and asking for a promotion? Check out these 10 tips that'll increase your chances!