Building an Engaged Workforce Leads to Significant Cost Savings
It’s the open secret that leading operators have long known—an engaged workforce leads to success in other parts of operations, including key financial and performance metrics.
In the words of one senior living executive, “Happier employees means happier residents. That’s what we’re all about.”
But can we quantify it? What is the business case for employee engagement that will spur us to action? Now, a study coauthored by Argentum and Great Place to Work Institute’s senior care team reveals some answers.
This study is the first of a two-part white paper series and provides the evidence. The study is based on interviews with hundreds of executives along with more than 10 million data elements gathered from senior living employees themselves.
Highlights from the research include:
- A typical senior living operator with 1,500 employees and 20 communities could potentially save $4.4 million a year by reducing turnover by 10%.
- The Trust Index measuring employee engagement is tied to lower turnover and better resident care.
- More than 65% of senior living communities plan to grow the number of seniors served by at least 5% in the next five years, making it more important than ever to provide caring, professional staff.
- Senior living needs more direct care workers, licensed nurses and support positions such as chefs, drivers, and maintenance managers.
Executives in our industry care about this topic, and we share the findings openly along with best practices. The hope is that our sector will continue to improve by offering a competitive place for individuals across the U.S. to grow their careers.
The white paper can be found here.