Effects of the Brain Drain on Health Care
Baby boomers are nearing retirement, which has caused concern over the potential for workforce shortages, particularly in the health care industry. According to the Compensation Data annual survey of more than 5,300 employers, salaries have grown rapidly for radiology directors, licensed physical therapists and staff pharmacists over the last three years in the United States, while registered nurses have seen increases in supplemental pay and benefits.
Kansas City, Kan. (PRWEB) November 7, 2006
Baby boomers are nearing retirement, which has caused concern over the potential for workforce shortages, particularly in the health care industry. As analysts make their predictions for the future, Compdata Surveys reviewed salary trends over the last few years for four positions: radiology director, licensed physical therapist, staff pharmacist and registered nurse. According to the Compensation Data annual survey of more than 5,300 employers, salaries have grown rapidly for radiology directors, licensed physical therapists and staff pharmacists over the last three years in the United States, while registered nurses have seen increases in supplemental pay and benefits.
"Many employers are worried about ‘the brain drain’ they could experience as baby boomers leave the workforce to retire," said Amy Kaminski, manager of marketing programs for Compdata Surveys. "Health care is one industry where the demand for some positions is already great. The way organizations choose to compensate their employees in this competitive market will affect how they attract and retain employees."
Some employers have had difficulty hiring sufficient numbers of radiology technologists and technicians. Because of this, it’s not surprising salaries have risen over the last three years for these positions, as well as those requiring more experience. For example, radiology directors currently make $88,569 on average across the country. Up by 4.28 percent from 2005, this position should continue to see growth as baby boomers near retirement.
In 2006, Compdata Surveys found pharmacists earn $92,741 on average nationally. This number is up by 7.7 percent from 2005 when pharmacists made $86,114 and up 14.1 percent from 2004 when wages averaged $81,278. As demand grows, pharmacists could expect to see salaries rise even higher.
The same is true for licensed physical therapists, who have seen a rise in salary as well. In 2004, licensed physical therapists could expect to make an average of $57,304 nationally. Now, in 2006, they are earning $62,636 annually. Their salaries have increased by 9.3 percent in the last three years.
Accounting for 2.4 million jobs in the United States, the U. S. Department of Labor reported registered nurses could create the second largest number of new jobs among all occupations. Since 2004, the base pay for registered nurses has stayed around $51,000. However, more hospitals are offering better rates for sign-on bonuses, on-call, call back and shift differentials. Even as health insurance rates rise, some are offering benefits to part-time employees as incentives.
About the Survey
Compensation Data 2006 contains data on 532 job titles ranging from entry-level to top executives. Information was collected on more than 6.3 million employees across the country. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2006.
Compdata Surveys, www. compdatasurveys. com, is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across 37 states. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Lyons at (800) 300-9570.
For more information, contact:
Lane Lyons
Communications Specialist
(800) 300-9570
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: www. HRmarketer. com) on behalf of the company listed above.
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