Labor Market Research
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Assignment: Labor Market Research
Renee Trinkaus
Axia College of University of Phoenix
Eco 205 Economic Theory
Momoh Dudu
November 2, 2009
The factors that weight the supply and demand for nurses and how they are compensated will be discussed in the following paragraphs. This paper will focus on the labor market and demand in the state of Florida. The factors that are to be taken into account when determining the wages that are considered median in the nursing industry. Things like education, tenure, and the need for nurses.
Nursing is a condensed word for such a large field of employment opportunity. If a person is considering going into the field he or she has a plethora of options to choose from. This education will determine where he or she fits into the wage scale and the supply and demand charts. According to the U.S. Bureau of Labor Statistics the median wage for a nurse in the state of Florida is $29.46. A majority of nurses earn an hourly wage and this wage is based on demographics and the type of nurse he or she is designated. An example would be a surgical nurse that has a BA is going to be on the higher end of the pay scale then a staff nurse in school. To take it even further a RN is going to make a higher hourly wage and be more in demand in the bigger cities. According to the U.S. Bureau of Labor Statistics the highest wages for RN’s are found in California.
The growth rate of the population compared to the number of skilled nurses that are or will be employed may influence the supply and demand for nurses. The number of RN’s age 51 and over equals 44 percent of the nursing workforce in the state of Florida. Over the next 10 years many of these nurses will be or nearing retirement which will include scaling back on hours. According to FCN the RNs who are age 30 and younger represent the smallest proportion of the RN workforce. As the elderly population grows the need for healthcare will grow in turn the need...
Renee Trinkaus
Axia College of University of Phoenix
Eco 205 Economic Theory
Momoh Dudu
November 2, 2009
The factors that weight the supply and demand for nurses and how they are compensated will be discussed in the following paragraphs. This paper will focus on the labor market and demand in the state of Florida. The factors that are to be taken into account when determining the wages that are considered median in the nursing industry. Things like education, tenure, and the need for nurses.
Nursing is a condensed word for such a large field of employment opportunity. If a person is considering going into the field he or she has a plethora of options to choose from. This education will determine where he or she fits into the wage scale and the supply and demand charts. According to the U.S. Bureau of Labor Statistics the median wage for a nurse in the state of Florida is $29.46. A majority of nurses earn an hourly wage and this wage is based on demographics and the type of nurse he or she is designated. An example would be a surgical nurse that has a BA is going to be on the higher end of the pay scale then a staff nurse in school. To take it even further a RN is going to make a higher hourly wage and be more in demand in the bigger cities. According to the U.S. Bureau of Labor Statistics the highest wages for RN’s are found in California.
The growth rate of the population compared to the number of skilled nurses that are or will be employed may influence the supply and demand for nurses. The number of RN’s age 51 and over equals 44 percent of the nursing workforce in the state of Florida. Over the next 10 years many of these nurses will be or nearing retirement which will include scaling back on hours. According to FCN the RNs who are age 30 and younger represent the smallest proportion of the RN workforce. As the elderly population grows the need for healthcare will grow in turn the need...