In recent news, economists say that the U.S. economy will face a recession in 2023. People are starting to question whether their jobs are safe or not. But nursing is one profession that might not be affected. In this article, we’ll discuss the benefits of pursuing a master’s in nursing, especially during a recession.
According to the Bureau of Labour Statistics, roughly 9 million jobs were lost during the Great Recession. It was a very traumatic event and many of those workers never recovered from it. But the nurses and other workers in the healthcare industry didn’t suffer the same fate.
The healthcare industry wasn’t affected by the Great Recession. Rather, it grew much faster than any other sector in the United States. With a 56.1% job growth, 852,000 new jobs were added in healthcare between 2007 to 2010.
Nursing, in particular, experienced both career and wage growth. This was across all nursing specialties and work settings as more nurses were employed in hospitals, physician offices, home health care, and skilled nursing facilities.
According to Stanford University, enrolment in colleges increased in every recession since the 1960s. A postsecondary enrolment report says that the last recession saw a 33% increase in two-year colleges from 2006 to 2011.
Young adults decided to enrol in colleges or universities in order to qualify for employment opportunities. While working professionals had to further their education to secure their position or switch to a more stable career.
Due to the threats of an upcoming recession, many people are worried about their jobs. Some are already seeking ways to ensure that they remain gainfully employed. Here are some of the reasons why nursing is recession-proof.
Generally, healthcare professionals will always be needed whether there’s a recession or not. People will continue to seek medical care from hospitals and other healthcare facilities. So there must be enough nurses and doctors to care for the ever-growing number of patients.
The covid19 pandemic led to burnout of nurses and forced many of them to quit their jobs. This means that the healthcare sector needs more nurses. Many hospitals are currently offering competitive pay, learning opportunities, and other benefits to attract and retain nurses.
Nursing positions will continue to increase even during a recession. According to the American Nurses Association (ANA), the current supply of nurses doesn’t seem to match the demand. BLS also projects that over 275,000 additional nurses are needed from 2020 to 2030.
Registered nurses who want to specialize or move into higher positions in healthcare should consider a master of science in nursing degree. Below are some reasons why nurses should pursue advanced degrees during a recession.
Many employers would prefer to employ those with graduate degrees rather than bachelor’s or associate degrees. A master’s in nursing can provide nurses with a competitive advantage in healthcare. You will enjoy job security and can easily qualify for higher-paying opportunities.
An advanced degree allows a registered nurse to specialize as a family nurse practitioner (FNP), paediatric nurse practitioner (PNP), psychiatric mental health nurse practitioner (PMHNP), or an adult-gerontology primary care nurse practitioner (AGCNP). You can also choose from a variety of work settings.
As a working nurse, you might not be able to attend a traditional college. Online education provides the flexibility to pursue a degree and work at the same time. Make sure you enrol in an accredited online program with the right curriculum and adequate support for students.
A master’s degree can help nurses to become mentors, educators, and administrators in the healthcare sector. You’ll also learn skills that can help you advance into leadership positions in the future. An advanced degree helps to switch into another career during a recession.