September 4, 2024 | OnShift
The aging population presents a significant opportunity for growth in senior living care, including assisted living and skilled nursing facilities. With 8.5% of the global population aged 65 and older, and the number of Americans aged 65 and above expected to reach 95 million by 2060, demand is set to rise, according to a Grand View Research report. Are you ready to seize this opportunity?
A stable, well-prepared workforce is the key to meeting the rising industry demand. Don’t wait for employees to quit before you start recruiting. Continuous recruitment ensures you're always prepared for changes in your workforce.
Understanding turnover rates: Monitoring and understanding your turnover rates can provide insights into when, in which department, and how often you need to hire. With the right data, you can stay ahead of the curve by proactively recruiting during seasons when you frequently have employee turnover, or for departments that have lower rates of retention. This proactive approach helps prevent workforce shortages and ensures you have a pipeline of qualified candidates ready to step in when needed.
Building a talent pool: Develop a robust talent pool by maintaining relationships with potential candidates, even if you don’t have immediate openings. Allow interested candidates to submit their resumes or their contact info on your websites to be considered when job openings arise. Find a marketplace partner that allows you to hire independent professionals without charging a recruitment fee. Additionally, implement communication strategies to keep applicants "warm" by regularly updating them on their application status and sharing company news. Participate in networking events and job fairs to connect with potential candidates. Engage with talent through social media by highlighting company culture, job openings, and industry insights. You can also nurture a talent pool with periodic updates, newsletters, and training opportunities to keep them engaged and interested in your organization.
The rising occupancy rates in senior living facilities highlight the growing demand. In Q1 2024, senior living occupancy rose to 85.6%, marking the industry’s eleventh straight quarter of census gains and just 1.5 percentage points below its prior peak. This trend underscores the increasing need for robust workforce strategies to meet escalating demand and being prepared to seize these opportunities.
Revenue implications: Each missed opportunity to admit a new resident translates into significant revenue loss. For example, turning away one skilled nursing patient costs $600 per day, which amounts to $18,000 in potential revenue gained every 30 days, if staffing needs are met.
Market trends: Staying informed about market trends and regulatory changes, such as Medicare and Medicaid rate increases, helps you make strategic decisions that align with industry growth and maximize revenue potential. Use industry publications and associations to stay up-to-date, and leverage technology partners in the industry to be your expert resource.
It’s essential not to sacrifice short-term savings for long-term growth. Keep hiring and training new staff, prevent burnout among new hires, and continue accepting new admissions. Filling gaps with independent professionals while stabilizing your employee schedules could help you maintain high service levels and capitalize on growth opportunities.
Continuous training and development: Invest in ongoing training and development programs to enhance the skills of your workforce. Well-trained employees are more efficient, provide better care, and are less likely to leave, reducing turnover rates and associated costs.
Employee satisfaction and retention: Focus on employee satisfaction by offering competitive benefits, flexible schedules, and recognition programs. Happy employees are more engaged, productive, and likely to stay, contributing to long-term organizational growth.
Expanding your definitions of what it means to work a shift can significantly benefit your operations. Flexible schedules are important for occupancy growth, proper resident care, and reducing employee burnout.
Flexible scheduling: Implement flexible scheduling options that accommodate employees’ needs and preferences. This flexibility can improve job satisfaction, reduce burnout, and enhance overall productivity. According to the latest Workforce 360 Report, 41% of senior care leaders allow flexible shift times, and 40% see technology supporting flexible scheduling as crucial for occupancy growth. Additionally, 41% indicated that more scheduling flexibility would help retain employees, highlighting its importance in maintaining a satisfied and stable workforce.
Scheduling technology: Scheduling flexibility includes how you view and alter schedules. Pen and paper scheduling makes it nearly impossible to have an up-to-date schedule that everyone has equal access to. Having the right technology streamlines scheduling to give leaders visibility across communities and worker types, making it easier to manage shifts and fill vacancies promptly. Advanced scheduling software helps employees achieve better work-life balance by allowing them to view their schedules, pick up shifts, or swap shifts on the go, ensuring an efficient and flexible workforce management system.
Creating a resilient workforce is essential to meet the increasing demands in senior care. Here are a few ways to build and maintain a strong team:
Foster a positive work environment: Cultivate a supportive and positive work culture that values teamwork, respect, and employee well-being. Recognize and reward employee contributions regularly to boost morale and engagement.
Career development opportunities: Provide clear career pathways and development opportunities to help employees advance within the organization. This not only enhances their skills but also increases job satisfaction and loyalty.
Workforce diversity and inclusion: Promote diversity and inclusion in your hiring practices. A diverse workforce brings varied perspectives and experiences, leading to better problem-solving, innovation and can lead to better patient outcomes.
Effective communication: Maintain open and transparent communication channels within the organization. Regularly update employees on organizational changes, policies, and future plans to build trust and keep them informed.
The senior care market is set for significant growth, driven by the "Silver Tsunami." By continuously recruiting, building a resilient workforce, and balancing short-term savings with long-term growth, you can ensure your facility is ready to meet the increasing demand and seize the opportunities ahead. Embrace flexible workforce solutions and invest in employee satisfaction to maintain high service levels and drive sustainable growth. Preparing now will position your facility to thrive as the aging population continues to expand.
See for yourself why thousands of providers rely on OnShift’s innovative software for recruitment, hiring, workforce management, pay and engagement. Request your personalized demo today.
