Travel nursing has become an increasingly popular career choice among nurses seeking adventure, flexibility, and professional growth. Beyond the allure of exploring new places and working in diverse healthcare settings, one of the most appealing aspects of taking a travel nurse job is the potential for financial incentives and all of the customizable benefits, including bonuses. One question that often arises among aspiring travel nurses is: Do travel nurses get bonuses? The short answer is yes. But, we’ll delve deeper into the world of travel nursing bonuses, exploring the types of bonuses that are out there for travel nurses to earn.
Sign-On Bonuses
Travel nurse sign-on bonuses are a common incentive offered to travel nurses. These bonuses are a means to attract qualified professionals to fill positions quickly. Sign-on bonuses can vary widely depending on factors such as the healthcare facility’s location, demand for nurses in that area, and the nurse’s experience level. Experienced travel nurses may be offered larger sign-on bonuses, especially if they possess specialized skills or are willing to work in high-demand areas where staffing shortages are prevalent. On the other hand, newer travel nurses may still receive sign-on bonuses, albeit at a lower rate. Not all agencies offer sign-on bonuses, in favor of offering higher pay or other benefits & bonuses.
Completion Bonuses
Another form of incentive is travel nursing completion bonuses. These bonuses are typically offered upon the successful completion of a contract assignment. They serve as a reward for fulfilling the agreed-upon contract terms, including the duration of the assignment and meeting performance expectations. Completion bonuses can vary in amount and may be structured as a flat rate or a percentage of the nurse’s total earnings for the assignment. In some cases, completion bonuses may also be prorated based on the length of time worked, with nurses receiving a portion of the bonus for each completed month of the contract. Be sure to discuss completion bonuses with your recruiter before accepting an assignment as they’re not always offered.
Referral Bonuses
Many agencies offer a travel nurse referral bonus to incentivize travel nurses to refer their colleagues, friends and family members to join the adventure with them. Referral bonuses can be a win-win situation for the referring nurse and the travel nurse agency. Nurses benefit by earning additional income for successful referrals, while agencies can help healthcare facilities fill more gaps in their staff to keep patient care a priority.
Referral bonuses can also vary in size and may be paid out once the referred nurse completes a certain number of assignments or reaches a specific milestone. For example, Medical Solutions offers $500 referral bonuses to clinicians who refer someone who accepts a position and works for at least 30 days. An added bonus to the bonus is that there is no limit to the number of people you can refer or the number of referral bonuses you can receive.
Retention Bonuses or Loyalty Bonuses
Another popular bonus that nurses can receive when working with a travel nurse agency is a travel nurse retention bonus, sometimes known as a loyalty bonus. Retention bonuses are designed to encourage travel nurses to stay with a particular healthcare facility or agency. These bonuses are typically offered after completing multiple assignments with the same facility or agency. Retention bonuses can help healthcare facilities reduce turnover rates and maintain continuity of care by incentivizing travel nurses to continue working with them.
At Medical Solutions, we reward our clinicians for all their hard work, dedication, and loyalty with a $600 loyalty bonus for every 600 hours worked. There’s also no limit to the amount of loyalty bonuses you earn; once you hit 600 hours and earn the $600 loyalty bonus, your hours reset, and you can start earning toward your next one.
Make the Most Out of Your Travel Nurse Career
Nurses deserve to be rewarded for all the amazing work they do to help save lives, and luckily, travel nurses do receive bonuses to show that they are valued. From sign-on bonuses to loyalty bonuses, these incentives can enhance the overall compensation package and make travel nursing even more rewarding.
As with any job opportunity, it’s essential to research the travel nurse agency that aligns with your goals and needs, as every agency has different bonuses and compensation packages. If you’re ready to kickstart your travel nurse journey and increase your earning potential, now is the time to work with one of the best travel nurse agencies. Apply today and our amazing recruiters will help you make the most of your career.
