An Engaged Senior Living Workforce Leads to Cost Savings
December 13, 2018 | James Balda
Imagine saving your company more than $4 million. That’s how much a senior living provider of 20 communities could expect to save every year by reducing turnover by 10 percent, according to Argentum’s latest study.
Published in conjunction with the Great Place to Work® Institute and based on data from senior living companies nationwide, Building an Engaged Senior Living Workforce demonstrates there is a strong correlation among employee engagement, retention, and positive business outcomes.
The white paper also affirms the workforce challenges we are experiencing across senior living—the challenges our workforce partner OnShift and Argentum members are tackling for senior living. In fact, 90 percent of providers reported a shortage of critical support staff including licensed nurses, maintenance managers, and transportation staff. Providers can experience a wide range of negative impacts based on this shortage, including the costs associated with employee turnover, an impact on occupancy rates, and instances of avoidable risk.
Addressing this workforce challenge takes an aggressive three-pronged strategy: attraction, hiring and onboarding, and retention. These methods will be addressed in a second white paper, also published in partnership with the Great Place to Work Institute.
James Balda is a guest author for OnShift’s blog and the President and CEO of Argentum, the largest national association exclusively dedicated to senior living communities and the seniors and families they serve.