AB Staffing Solutions provided this article.
If you’re considering becoming a travel nurse or have been a traveler for a while, it is worth your time (and money) to consider whether you’ve been maximizing your earnings and, if not, find ways to maximize your earnings. As we like to say, communication, especially with your recruiter, is key to meeting your expectations. That means you need to be clear about what you desire regarding location, facility type, and compensation. This article will provide tips, best practices, and explanations of common terms for our industry.
Ways to maximize your earnings as a travel nurse:
- When was the last time your resume was updated? You should be updating your experience and skills regularly. For travelers, update after each contract to capture everything you’re learning and skill building. For shift nurses seeking to become travelers, review your resume with skills and experiences every quarter. This will build a strong resume highlighting relevant skills for the positions you are applying for.
- What do you desire in an agency and recruiter? We offer our best practices in the article How to Choose a Travel Healthcare Agency. Our travelers tell us they like that AB Staffing matches them with one dedicated recruiter who guides them through the process. We also have Housing Specialists and healthcare benefits that may interest you and aren’t offered by other agencies. Find the right agency for you.
- What do you desire in a travel experience? List everything from dream locations and facilities to whether you are traveling with a spouse, kids, and/or pets. This will help your recruiter find the best position for you. We never guarantee but always do our best to find the right match for you.
To maximize your earnings as a travel nurse, it is essential to understand the compensation package offered, different types of pay, and other factors.
The typical components of travel nurse pay are hourly rate, Overtime (OT) pay, and stipend for housing and/or travel. Hourly and OT* are taxable, whereas housing, meals, and/or travel stipends are not taxable. As a contractor, you will be responsible for paying taxes and will receive a 1099 from your agency(s) that will be submitted with your taxes.
Make sure you read the contract and ask questions before signing anything.
* According to the FLSA, non-exempt employees, such as travel nurses, are eligible for overtime earnings once they have worked a 40-hour work week. States may have different overtime thresholds, and travel nurses must be aware of state and federal regulations. When seeking an assignment, especially if pay is a top priority, ask your recruiter what the average overtime hours are. Some facilities will have many hours available while others will not. Make an informed decision.
Tips to maximize your earnings.
- Ask if there is OT available. In the current market, overtime is not as plentiful as it used to be during the height of COVID-19, but this is a great question to ask your recruiter when considering a facility to work at.
- Offer to be on-call or work extra shifts, weekends, or holidays. If a facility knows you are willing to work and they need to cover shifts, this is a great way to earn extra.
- Utilize float pool opportunities. In some cases, nurses may be able to float back and forth to nearby locations. Ask your recruiter to check on this for you.
What influences your earnings as a travel nurse?
Your specialty and in-demand skills, the location and season of work, and experience and skills influence your earnings potential.
A contract in the winter in a warm place like Phoenix, Arizona, may not pay as much as a contract in snowy Idaho. That’s called location-based variations in pay. If you prefer the sunshine, you may be okay with less money, but if you’re looking to get paid the most, a snowy rural location may be the best. It depends on what and where your skills are most needed. At the height of the pandemic, nurses in highly populated areas like New York City were paid the most but at the most risk of getting sick.
Urban areas like New York City and Phoenix will differ in cost of living, so factor that into your rate request.
If you’re a few years out of nursing school, you may make more as a traveler than a shift nurse but still less than an experienced travel nurse with certifications in specific skills or more education. As you gain skills and experience, you will become a higher earner. Learn from the experienced nurses you work with by asking questions and showing interest.
Other factors to consider are healthcare and retirement benefits. Each contract will differ, so check with your recruiter and read the details.
Finding the right travel nurse assignment and finding ways to maximize your earnings as a travel nurse takes time and effort, but the rewards can be great. In addition to earning power, you can live in a place where you’ve always wanted to live while growing your resume experience and your professional network.
Ready to get started? Contact AB Staffing today!
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