The Profession Earning More than An Entire Small Business
The demand of people drives the currents of change. The currents of change swell to dollar bills. Amidst the current of dollar bills sits a lagoon of wealth.
Do you want a job? Do you want great compensation? Well we are watching compensations soar from $500 a week to $8,000 a week in a particular profession. The rush for its demand sparked a bidding war. People have not seen these prices since the slave trade.
Desperately seeking talent, attempting to attract people and the offer to do what others shun commands premium. Once underappreciated and over worked these individuals are more precious than gold.
For gold, takes time to appreciate.
For gold, is paid a single instance for its time.
For gold, is preferred as a medium of exchange.
These people are different.
These people appreciate faster than normal.
These people are paid continually for their time.
These people are not a medium of exchange but the exchange itself.
COVID’S IMPACT ON THE NURSE PROFESSION
The fall surge in COVID cases changed hospital staffing. Today a national bidding war exists. Hospitals are modifying compensation to exorbitant peaks. Wages are being skewed to an unrecognizable point. We have a potential boom bust market with nurses. In order to secure the nurses required hospitals with big money are creating standards never seen before.
What is the cost?
Hospitals’ methods of payment threaten to shift the supply of nurses toward more affluent areas. It is known the best talent seeks the best pay.
All areas are not created equal.
The potential impact of price bidding activities can leave rural and urban public hospitals short-staffed.
As the pandemic worsens it is with near certainty some hospitals will be unable to care for critically ill patients.
The following quote says all we need to know about what is happening to the nurse profession.
“In the wake of the current spike in COVID hospitalizations, calling the labor market for registered nurses ‘cutthroat’ is an understatement,” said Adam Seth Litwin, an associate professor of industrial and labor relations at Cornell University. “Even if the health care sector can somehow find more beds, it cannot just go out and buy more front-line caregivers.”
COMPANIES BENEFITING FROM THE SURGE
In every market there is an opportunity. Seeing the obvious I always ask, “How do I capitalize off this situation?”
Every company needs investment. Every company earns money from activities. Every company benefits from unique market conditions.
In this instance, the answer is obvious.
Health Care Staffing Companies are recording record profits.
HOW STAFFING COMPANIES EARN MONEY
If you are unaware how staffing companies earn money you are missing out on some great companies. Staffing companies earn money by charging a company a new hire’s first month of compensation.
In the event a person is hired, then a company pays the staffing company an agreed upon rate. Sometimes other arrangements occur. Sometimes the staffing company officially employs the prospective employee. The staffing company charges the client company an agreed upon rate (usually marked up) and passes a lower amount to the employee. This is called contract for hire.
This can occur when a client company doesn’t want to be burdened with payroll taxes, benefits or other employment related items.
Any company once whose product once commanded a $3,000 placement fee that soars to $12,000 is going to be a really good company to have stock in.
THE TRAVELLING GOLD MINE
In 2018, according to data from a national survey, about 31,000 traveling nurses worked nationwide. Upon my own research the numbers looks to have increased to about 50,000 travel nurses.
Data collected from Krucial Staffing has enlightened me to the fact the current base rates of nurses in a COVID 19 setting is $95 an hour. If a nurse works overtime it’s quite possible a person could earn over $10,000 a week.
IN CLOSING
One condition of truth persists in every market. A person willing to do what others won’t is always indispensable. My success is attributed to this defining characteristic. I have always sought to do the one thing no one wants to do.
If you want scarcity…find the activity anyone scarcely wants to do. You will always have place. More importantly, people will pay you very well for it.
To your knowledge success!
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About Christopher: Christopher Knight Lopez is a Professional Entrepreneur. Christopher has opened over 7 businesses in his 14-year career. Christopher’s purpose is to take advantage of various market-driven opportunities. Christopher is a certified Master Project Manager (MPM), Master Financial Planner (MFP) and Accredited Financial Analyst (AFA). Christopher previously held his Series 65 securities license examination. Christopher also has his General Lines — Life, Accident, Health & HMO. Christopher has managed a combined 286mm USD in reported Assets Under Management & Assets Under Advisement. Christopher has work experience in 29 countries, raised over 50mm USD for various businesses, and grossed over 8.0mm in his personal career. Christopher worked in the highly technical industries of: biotechnology, finance, securities, manufacturing, real estate, and residential mortgages. Christopher is a United States Air Force Veteran. Christopher has a passion for family, competitive sports, fishing, martial arts and advocacy for entrepreneurs. Christopher provides self-help classes for up-and-coming entrepreneurs. Christopher’s passion to mentor comes from belief that entrepreneurs need guidance. The world is full of conflicting information about entrepreneur identity. See more at www.christopherklopez.com.
Disclaimer: This information is not meant to be a form of investment advice or financial advice. Do not apply this situation to your own personal circumstance. Various risks include: business risk, investment risk, political risk, and other risks. This information is for informational and educational purposes only. Please do not reach out to the author for any investment strategies or philosophies. Please consult your own financial advisor or legal advisor for your own circumstance. Not a recommendation or endorsement of any kind.
