Becoming an Employer of Choice
As successful senior communities develop their services to improve occupancy and build financial performance, it is imperative to focus on building an employer brand to attract, engage and retain top talent. This is extremely important when demand for talented staff is high and to maintain a consistent culture of excellence. Known for its focus on community and outstanding employees, Morrison recently completed a thought leadership study connecting a strong brand identity to becoming an employer of choice.
A Common Problem
Historically, the senior living industry struggles with employee retention and high turnover rates due to several factors: low wages, a competitive marketplace, low job satisfaction and poor work/life balance.
According to the recent 2015-2016 Assisted Living Salary & Benefits Report from Hospital & Healthcare Compensation Service, the average annual turnover rate is close to 32 percent across all job categories. The position with the highest annual turnover rate is resident assistant/personal care assistant, with a rate of 39 percent.
Staff turnover negatively impacts communities in many ways. It can lead to low morale for loyal staff as well as low satisfaction among residents and their families.
The financial outcomes can also add up. In 2014, McKnight’s Senior Living reported that the cost of replacing an employee is equal to 25 percent of their annual compensation. That’s a cost no operator can afford to absorb.
Build Your Brand to Attract and Retain Employees
Research has found that a focus on culture, engagement and communication increases retention and reduces turnover. This can be achieved by building a strong employer brand, which can:
- Build your reputation
- Reduce turnover
- Enhance associate engagement
- Improve resident satisfaction
- Streamline communication
Did You Know?
90% of companies with an employer brand saw improved retention, engagement and job satisfaction.
Make the Move
Investing in building a strong brand is critical to increasing employee retention and resident satisfaction at senior living communities.
Ready to create your employer brand? Contact Us