This paper examines the factors behind the disequilibrium in the labor market for nurses existing in the state of Florida. It examines various factors and establishes a connection behind the level of job satisfaction and hence, the subsequent shortage. The current level of wage levels is also examined and the payment system is examined in order to understand this state of disequilibrium. In conclusion, a number of solutions are provided in order to eradicate the issue of job satisfaction and the subsequent problem of shortage.
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Demand and supply are two essential forces of a market system and when through the interplay of these forces, the e price or wages of any good or service is subsequently decided. According to basic economic law, if the supply is in excess of demand the price falls as a result in order to accommodate the excess supply but on the other hand if the demand happens to be in excess, the price rises in order to make use of this viable opportunity. The case under analysis is that of the labor market for nurses in the Florida State. The state is currently experiencing a state of shortage-of nurses and hence, certain strategies were devised in order to cope with this growing issue.
However, before the analysis is carried out of such a situation, it is imperative that a study be carried out in order to find out the factors which have caused this situation to come about. The reasons behind the subsequent demand and supply will allow a better explanation for such an outcome. It is significant that a major factor; job satisfaction, be traced as that would in fact allow the examination the factors behind the existing situation to be carried out.
According to a study carried in order to observe the situation of the nurse practitioners prevalent in Florida, it was estimated that job satisfaction could be attributed to practice environment, economic issues, and state laws. However it was identified that the current shortage has arisen as a result of lack of information available to measure the level of job satisfaction and secondly even if the information is available there is a lack of insight into those factors which have caused job dissatisfaction.
As a result, little can be done to improve the working conditions and hence the supply of the nurses unless a proper investigation is not carried out of why these factors have occurred. It was established that one factor behind the shortage was the dissatisfaction with certain elements of the job itself. Hence, one factor behind this issue of supply has been identified as the dissatisfaction with the job itself and the other factor behind this issue of supply shortage was identified as time. As time passed, nurses became increasingly dissatisfied with the job and as a result, left.
According to another study, this factor of time dissatisfaction was a causative factor in the shortage of the supply of nurses. Therefore, it has been established that job satisfaction does in fact influence the intention of “quitting” the job.
An important factor effecting supply is the level of progression shown on the behalf of the employees in order to make appropriate changes in the work environment. Since, this factor was found to be lacking, hence the supply of nurses was found to be lacking as well.
The supply and demand of nurses is affected by certain factors as are other employment occupations- such as recognition of achievement, patient mix, salary, responsibility amongst some. In the state of Florida, the shortage of nurses’ came about as a result of the above factors to be lacking in certain respects. The nurses found in this state were increasingly dissatisfied with their subsequent job and hence, the shortage.
According to Hertzberg’s model of motivational theory, working conditions play a significant role in the supply availability. These conditions include the amount of time off given to serve on professional committees and the level of research. One of the most important factors behind the existing supply is the amount of wages paid but according to research the level of wages paid in Florida are above average hinting that wages are not the factor behind this shortage.
Factors affecting demand are the level of skill, wages, and benefits paid amongst some. As a result of a shortage of skilled nurses and the inappropriate wage levels; the demand and supply forces are in disequilibrium. In the sate of Florida, the wages are determined according to the level of education gained, the amount of experience the person has, Level of education (degree type), Years of experience, the area of occupation, the type of work and the specialty pursued.
After taking into account all the above factors, the wage level have been structured appropriately. The median hourly rate for RNs for Florida was 23.26 according to figures published in 2006 while registered nurses earned on average 52,330 per year. The nurse practitioners in the year 2006, on average earned around $ 70000. Therefore, it has been shown that each level of nurses earns a different salary and besides the basic pay, a number of recruitment incentives have also been offered including recruitment bonuses, day care, housing and relocation assistance, tuition repayment and even day care facility. Thee incentives have been offered by Florida in order to attract a greater of nurses and to solve the shortage issue.
Besides, such incentives, the state of Florida needs to restructure certain elements of its nursing department. It needs to introduce a working environment in which greater incentives are available for nurses in order to improve the level of job satisfaction. More responsibility should be given, time given off for appropriate causes, allow assistance for research purposes, better benefits should be provided and by acknowledging and appreciating the work; the subsequent job satisfaction would result in greater supply.
Misener, T. R. & Cox, D. L. (2001). Development of the Misener Nurse Practitioner Job Satisfaction Scale. Journal of Nursing Measurement, 9 (1), 91-108. 2005. FSU interlibrary loan/document delivery system.