The Silver Tsunami – A Looming Crisis in Healthcare

The term “silver tsunami” refers to the demographic shift caused by the increasing number of older adults in society, led by the baby boomer generation. The aging population poses economic and societal challenges, including greater healthcare shortages. Due to this and many additional factors, the nursing shortage in the United States is going to get worse before it gets better. Here is an inside look into this crisis.

Several factors are exacerbating the nursing shortage

1. Nurses are retiring at a faster rate compared to new nurses joining the profession. 
   According to the National Council of State Boards of Nursing (NCSBN), the average age of a Registered Nurse is 46 years old. More than half of current RNs are over the age of 50. As of 2022, RNs at the age of 65 and older made up the largest percentage of nurses in all age brackets (13.2%).
2. An aging population.  
   As Americans age, demand for healthcare continues to increase at an unprecedented rate. The U.S. Census Bureau reports that by 2030, the entire baby boomer generation — 73 million people — will be 65 or older. By 2050, that number is projected to double, reaching 1.5 billion worldwide. These older adults require more health services as people are living longer than ever before.  
3. Nurse burnout and high turnover.  
   Stress and burnout among nurses are a serious issue. A 2022 survey from Forbes reported that COVID-19 only worsened an already serious problem, estimating that 47% of healthcare workers have left or are considering leaving the profession. 
4. Advances in technology.  
   Technological advancements contribute to increased lifespans, further straining healthcare resources. 
5. Nurses can practice in a variety of different settings.
   Not all nurses work at the bedside. There remains a large need for quality nurses that want to work in a direct patient care setting. 
6. Not enough nursing educators to teach and train new nurses.  
   The US Bureau of Labor Statistics projects the need for more than 275,000 additional nurses by 2030. This accounts for nurse retirements and workforce exits. 

The “Silver Tsunami” presents a unique opportunity

Older adults possess a wealth of experience, knowledge, and skill that can be leveraged to drive economic growth and innovation. Businesses that embrace this demographic shift and implement age-inclusive policies will be well-positioned to thrive in the coming decades. 

Preparing for the “silver tsunami” requires a multi-faceted approach. Governments must invest in modernizing healthcare infrastructure, rethinking pension systems, and promoting lifelong learning. Employers must adapt their workplaces to accommodate the needs of older workers, offering flexible schedules, remote work options (if applicable), and opportunities for continued skill development. 

By proactively addressing the challenges and seizing the opportunities presented by the “silver tsunami,” we can ensure a more prosperous and equitable future for all.  

The time to act is now

As this demographic shift is underway, it will only continue to accelerate in the years to come.   Demand for healthcare professionals continues to exceed supply — intensifying as the baby boomer generation ages and the need for health services increases — health systems continue to struggle with recruitment and retention in a tight labor market. Additionally, nurses are the primary providers of hospital patient care and deliver most of the nation’s long-term care. The AACN (American Association of Colleges of Nursing) reports that there are nearly 4.7 million registered nurses nationwide. Of all licensed RNs, 89% are employed nursing. We must take immediate action to address the nursing shortage and prepare for the shortage of nurses in our facilities. The future of our healthcare system depends on it. 

Supplement your recruitment strategy with Elite365 International Nurses

One way to help alleviate the nursing shortage is to supplement recruitment strategy with foreign-educated nurses (international nurses). Many United States based hospitals have turned to international nurses as a long-term recruitment strategy to develop their permanent staff amid the shortage of registered nurses.  

While staffing solutions such as travel nursing can fill short-term needs, international staffing focuses on bringing in qualified talent on a contract-to-hire basis, where a worker intends to fill a role long term.     

Our International Nurse Staffing solutions are here to help with your recruitment strategy. Contact us to start leveraging international nurses in your practice.