Talent Landscape for Travel Nurse Hiring in the US
Registered nurses are in extremely high demand across the US. The US is facing a shortage of registered nurses due to retirements and a lack of new nurses entering the field. Increased work stress during the pandemic and post-Covid increased demand for nurses and put a strain on the existing workforce. Additionally, the aging population in the US is increasing the demand for healthcare services, which puts pressure on hospitals to maintain adequate staff levels.?
Therefore, many hospitals are turning to travel nurses to fill in the gaps of specialized short-term needs or help manage fluctuating patient volumes. But what exactly is a travel nurse?
Travel nurses are registered nurses (RNs) who take on short-term nursing jobs in areas that need extra help. These jobs often mean traveling away from home to where they are needed most. Usually, travel nurses sign a contract with a healthcare facility for assignments that can last anywhere from a few days to several months. While each job is different, most come with higher pay and housing during the assignment.
Let’s compare the talent landscape in a few US metros by examining active travel nurse profiles and the corresponding job postings, along with an analysis of the talent pool and demand for registered nurses' jobs.
Currently, according to our labor market intelligence platform, there are approximately 16,000 open positions for travel nurses nationwide with a 3-month average advertised salary of $108,090, or $60 per hour. In comparison, the average advertised salary for registered nurse roles over the past three months is $94,290, or $45.30 per hour. The difference, or the Travel-Nurse premium, is approximately 14.6% in the US. These premiums range widely, from 7% up to 45% depending on the metro and the cost of living.
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San Francisco-Oakland-Hayward, CA
Talent Pool:
Average Advertised Salaries:
Takeaways:
Intense Competition: The talent pool for travel nurses is relatively small but robust for registered nurses. The advertised salary level is the highest in the nation for these roles. The current advertised salaries between the two roles are only 7.7% apart, the smallest gap among major metros, which increases competition for hiring travel nurses, as local registered nurse roles offer nearly similar compensation.
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Los Angeles-Long Beach-Anaheim, CA
Talent Pool:
Average Advertised Salaries:
Takeaways:
High Competition: The talent pool for both travel and registered nurses is large. However, the advertised salary levels are among the highest in the nation, and the 10.7% salary difference, while larger than in San Francisco, still results in competition between the two roles. Travel nurse positions must offer additional benefits to stand out.
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Chicago-Naperville-Elgin, IL-IN-WI
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Talent Pool:
Average Advertised Salaries:
Takeaways:
High Competition: Chicago's avg. advertised salaries are mid-range compared to other metros, with a substantial 31.3% salary difference that reduces direct competition between travel and registered nurse roles. Travel nurse positions are more financially attractive, but competitive packages are still necessary due to the competitiveness of the registered nurse talent landscape.
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Columbus, OH
Talent Pool:
Average Advertised Salaries:
Takeaways:
Lower Competition: Columbus has the lowest salary levels on this list, and the significant 45.6% salary difference makes travel nurse roles highly attractive compared to registered nurse positions. This large gap should make it easier to attract registered nurses into travel roles, although the smaller market size could still present challenges.
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Atlanta-Sandy Springs-Roswell, GA
Talent Pool:
Average Advertised Salaries:
Takeaways:
Balanced Competition: Atlanta's salaries are lower compared to other selected metros, with a 29.1% salary difference that makes travel nursing roles more appealing. Despite lower salary levels, the competitive market necessitates offering additional benefits to attract and retain travel nurses.
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Conclusion:
As you can see, the talent landscape for travel nurse hiring varies significantly across the metros, making it essential to analyze talent pool size, current market rates, and the level of competition between travel and registered nurse roles. The hiring strategy should also review the additional benefits offered by competitors, as well as salary structures across different seniority levels. These types of insights will help in crafting fact-based recruitment strategies for the specific conditions of each market. This data is derived from WilsonHCG's talent intelligence and labor market analytics platform. For access to the full platform, please contact me directly.
Associate business development @BEPI Pill Dispenser
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