Employee engagement tied to quality of care, employee retention, and occupancy rates along with millions of dollars in annual cost savings.
Alexandria, Va. – There is a strong correlation between employee engagement, retention, and positive business outcomes, according to a whitepaper released today by Argentum, a national association of senior living providers, and consultancy Great Place to Work.
The analysis finds that a typical senior living operator with 1,500 employees and 20 communities could potentially save a projected $4.4 million a year by reducing turnover by 10 percent.
“Senior living providers recognize the importance of employee retention in our HR strategies,” said Brent Weil, Argentum vice president of workforce development. “This research helps make the business case for building employee engagement and culture.”
The whitepaper affirms the workforce challenge in senior living, with more than 90 percent of senior living providers reporting a shortage of direct care workers, licensed nurses, and other critical support staff.
Weil will discuss these findings, along with best practices from Argentum’s Senior Living Works initiative, as a moderator of Investing in People, a session at the National Investment Center for Care in Seniors Housing, or NIC, fall conference. The session will be October 17 at 2:30 p.m. in room Chicago X.
Argentum will release a follow-up to today’s whitepaper, including new research on retention data, and results by leading senior living companies, at Argentum’s Senior Living Symposium, Nov. 8-10 in Washington, DC. For more information, visit argentum.org/symposium.
Argentum is the leading national association exclusively dedicated to supporting companies operating professionally managed, resident-centered senior living communities and the older adults and families they serve. Argentum member companies operate senior living communities offering assisted living, independent living, continuing care, and memory care services to older adults and their families. Argentum’s work is driven by its membership. For more information about joining Argentum in its mission to raise the bar of excellence in senior living, please visit argentum.org/membership. Since 1990, Argentum has advocated for choice, independence, dignity, and quality of life for all older adults. Learn more at argentum.org.
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