These days it seems the job market and U.S. economy is constantly in the news. In fact, workforce and labor issues are a top concern for many executives, including those in senior living. One of the issues presently plaguing many different industries is employee retention. Disengagement and lack of loyalty are a growing problem that senior living providers must address in order to ensure they are providing a higher quality of care to residents, for one.
As millennials continue to enter the workforce and become the majority, top level executives and organizations as a whole must adjust and find more effective ways to keep employees happy. Think what you will of millennials, they are our future and it would be detrimental to the workforce – and your organization, specifically – to deny this. By taking a proactive approach and perhaps shifting the manner in which you seek and retain talent, chances are the senior living industry will see a decrease in caregiver turnover.
Millennials and the Workforce
As we have discussed the last few months, SNF residents are changing, as is the type of care they are looking for. We are seeing firsthand how technology is impacting the senior living industry, providing residents with a more personalized care plan and real-time info. What does this have to do with the job market, you ask? For starters, the assisted living workforce must adjust to the role of tech and work to keep up with trends such as these. At present moment just 29% of millennials are actively engaged in the workforce, which means they are not as connected or loyal to their job as previous generations.
In order for millennials to stay with one company and work to their full potential, they require more than just a nice pat on the back. There are a couple of factors impacting this, including quality of life and employee development. What we mean by this is the current workforce is not satisfied with simply going to their 9-to-5 day in and day out; they are looking for a work-life balance, peer and social recognition, and employee programs that will help them develop and gain important leadership skills. Recognition programs are a growing trend amongst many industries, including senior living. In fact, reports indicate that these types of programs can increase engagement by 20%, which is huge.
Furthermore, our country is currently dealing with a major gender gap in the workforce, something both men and women throughout the nation are fed up with. It is a known fact that women account for far less leadership roles across all industries, even though they make up nearly half of the workforce. With that in mind, senior living providers can slowly begin to transition to a new model – and a far more engaged workforce – by recognizing the gender gap and paying attention to what employees actually want out of a job. In order to prevent caregiver turnover rates from continuing to rise, executives should take the above into consideration and begin to implement new practices and programs that meet these changing demands, all of which will go a long way in supporting the workforce and economy.
For more information on this, please contact Shep Roylance of The JCH Senior Housing Group.