The job outlook for registered nurses (RN) continues to grow faster than average, according to the U.S. Bureau of Labor Statistics (BLS). The demand for nurses has been sustained by retiring Baby Boomer nurses and the increase in people seeking healthcare coverage through the Affordable Care Act (ACA). Many nurses are aware of the shortage and may look for additional benefits when considering prospective employers.
Healthcare facilities that desire nurses with a Bachelor of Science in Nursing (BSN) have had to become more creative in offering additional hiring incentives. Initial financial rewards might entice nurses to take the job, but long-term benefits might help employers retain them. Benefits such as tuition reimbursement can help employers convey that they value superior knowledge and lifelong learning. This might help employers grow their own BSN nurses while standing out among the competition for new nurses.
The Benefits of Tuition Reimbursement
According to the Society of Human Resource Management (SHRM) 2015 Benefits Survey, more than half of employers offer some type of tuition reimbursement. The eligibility for educational financial assistance can vary depending upon the organization. A specific amount could be designated per semester or annually. This could be based on an established work commitment, or determined by other employee requirements.
Facilities can benefit by supporting their nurses with tuition reimbursement. Offering financial assistance might inspire nurses to continue their education. As nurses pursue their BSN and gain relevant knowledge, it shows that they are committed to learning and maintaining skills necessary to handle changing patient needs. There are additional benefits to gaining the expanded expertise of a BSN-prepared nurse such as potential shorter hospital stays for patients, lower healthcare costs, reduced patient mortality rates and improved outcomes.
An investment for employers: Companies that see the value of investing in their staff and recognize the benefits of advanced education might view tuition reimbursement as a strategic outlay. Providing this financial support might make nurses more likely to stay with their employer. This can result in less money spent recruiting staff and an ability to attract and retain top talent while improving the bottom line.
Knowledgeable nurses: Tuition reimbursement can help nurses meet increased educational expectations. Some nurses might be reluctant to pursue their BSN without financial assistance. Online RN to BSN programs, like the one offered by Lamar University, can make returning to school easier. The flexibility of online classes is more easily incorporated into a busy personal and professional life, allowing nurses to continue working while going to school.
Grow the nursing profession: Educational expectations for RNs are increasing. The Institute of Medicine (IOM) — now known as the National Academy of Medicine — recommends that 80 percent of nurses have their BSN by 2020 to navigate complex patient needs. Some states have already started the push for increasing nurses’ educational requirements. The “BSN in 10” law was passed in New York in December 2017. This law requires that nurses earn a BSN within a decade of obtaining their RN. Nurses who are already practicing or currently in school are exempt from this requirement. Although not all nurses are required to earn a BSN, there are other incentives for nurses to pursue a BSN:
- Increased career opportunities.
- Possible advancement and more job mobility.
- Enhanced skills and job performance.
- An edge on the competition for coveted positions.
- A broader professional network.
- Potential salary increases.
The Benefits of Lifetime Learning
Healthcare is constantly evolving. Tuition reimbursement can help employers recruit and retain nurses who want to expand their education. This supplemental benefit shows that the employer supports the ongoing education of the nurses on staff, values the growth of pertinent nursing skills, and is committed to providing quality patient care.
Learn more about Lamar University’s online RN to BSN program
Sources:
Robert Wood Johnson Foundation: Building the Case for More Highly Educated Nurses
U.S. Bureau of Labor Statistics: Registered Nurses
Society for Human Resource Management: Tuition Benefits Yield Financial Payback for Employers
Money: Paying Their Workers’ College Tuition Can Pay Off for Companies
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