AMGA’s New Survey Details RN Compensation Trends and Staffing Challenges
The newly released AMGA 2024 Nursing Specialty Compensation and Pay Practices Survey, produced in collaboration with Korn Ferry, provides insight into how compensation varies among registered nurses (RNs). The survey includes data on nurse pay practices and overall compensation trends, as well as a breakdown by specialty.
Alexandria, VA – The newly released AMGA 2024 Nursing Specialty Compensation and Pay Practices Survey, produced in collaboration with Korn Ferry, provides insight into how compensation varies among registered nurses (RNs). The survey includes data on nurse pay practices and overall compensation trends, as well as a breakdown by specialty.
Among the findings, data revealed that hospital-based RNs receive the highest overall average total compensation, as compared to RNs practicing in clinic/ambulatory care or other settings. Key findings related to variations in RN compensation show independent organizations reported the highest average total compensation specifically for clinic/ambulatory-based RNs, as compared to system-affiliated organizations.
A number of elements make up RN compensation. Survey respondents indicated years of experience is the primary factor in determining base compensation.
“Variations in registered nurse compensation indicates differences based on practice setting and clinical specialty,” said Mike Coppola, AMGA Consulting Chief Officer. “As we look deeper into these differences, there is no indication participating organizations rely on factors such as role complexity, education, or skill level as significant determinants of base pay.”
RN staffing challenges continue in healthcare organizations. As of year-end 2022, vacancy rates were highest among RNs, as opposed to support staff and RN leaders. However, turnover rates were highest for nursing support staff. To combat RN staffing challenges, participating organizations used relatively consistent tactics, regardless of organization type; however, independent organizations are less likely than system-affiliated organizations to adopt approaches that rely on increasing the use of technology or redeploying/retraining staff.
Registered nurse workforce age varies substantially based on practice setting, with retirements set to outpace new RNs in clinic/ambulatory care settings, as well as those in home health and hospice/palliative care.
“Variations in employee needs by age and the persistent staffing challenges indicate that healthcare organizations will need comprehensive solutions such as strategic workforce planning and redefined employee value propositions in addition to market competitive pay practices to attract and retain the nursing talent they need,” said Marc Hallee, senior client partner, Korn Ferry.
AMGA 2024 Nursing Specialty Compensation and Pay Practices Survey offers a comprehensive source of benchmarks including compensation methodology and annual rates. It is compiled from 39 healthcare organizations representing more than 127,000 nurses.
For press copies, please contact Taylor Martin. The survey is available to purchase on the AMGA website.
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About AMGA Consulting
AMGA Consulting assists healthcare organizations in navigating the changing industry environment. AMGA Consulting builds clients’ organizational capabilities through effective governance, operational improvement, strategic alignment, talent management, provider compensation design, fair market value analysis, and total rewards solutions.
About AMGA
AMGA is a trade association leading the transformation of healthcare in America. Representing multispecialty medical groups and integrated systems of care, we advocate, educate, innovate, and empower our members to deliver the next level of high performance health. AMGA is the national voice promoting awareness of our members’ recognized excellence in the delivery of coordinated, high-quality, high-value care. More than 175,000 physicians practice in our member organizations, delivering care to one in three Americans. For more information, visit amga.org
About Korn Ferry
Korn Ferry is a global organizational consulting firm, combining strategy and talent to drive superior performance for our clients. We can help organizations be more than. For more information, visit kornferry.com
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