The senior living industry is recovering from critical staffing shortages caused by the COVID-19 pandemic. Nursing homes lost 210,000 jobs from February 2020 to December 2022, according to the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). On top of that, rising operational expenses related to labor costs, inflation and supply chain delays are impacting facilities’ profitability.
The labor challenges are forcing some long-term care facilities to limit resident admissions, while other nursing homes have permanently closed. In a survey conducted by the National Investment Center for Seniors Housing & Care, more than 90% of respondents indicated they are experiencing staffing shortages. Among their biggest challenges, 85% reported attracting community and caregiving staff while 69% said staff turnover. This turnover not only affects caregiving staff, but also the back office.
That’s why retaining talent and driving employee engagement are so important for senior living finance leaders. It’s not only a retention tool – but it’s also linked to improved business performance. According to Gallup, highly engaged employees increase profitability, productivity and customer loyalty.
In this blog, we’ll look at three key insights from the AvidXchange, IOFM 2023 AP Professional Career Satisfaction survey that can help you drive employee engagement within senior living facilities.
1. Finance Employees Want to Know They’re Doing Meaningful Work
10% don’t feel at all connected to the mission or purpose of their organization. Educating finance employees on the impact of their insights and how they drive business results can lead to higher career satisfaction.
2. Investing in Technology is an Investment in Your Employees’ Careers
85% of AP pros “agree” or “strongly agree” access to tools and technology helps with professional development. Giving your staff the tools and technology they need to be successful can improve their work experience, keep them around longer and allow them to grow.
3. Growth Opportunities Lead to More Engaged Employees
84% of AP pros said learning or skills development opportunities are important when considering a job opportunity. Freeing finance staff from redundant, manual tasks can give them more time to work on higher-level, strategic initiatives.
Are You Ready to Help Your Senior Living Facility Win the Talent Battle?
Senior living facilities are competing against each other for the same talent. Investing in your back office and giving your staff the tools they need to do their job more efficiently can help you attract and retain talent in a tight labor market.
Nearly half of the survey respondents said they would be “extremely unlikely” or “unlikely” to consider a job opportunity at an organization that didn’t have tools or technology in place to automate parts or all of their work. Ninety-three percent described their AP department as at least partially automated.
If your senior living organization is dealing with staffing challenges and tight budgets, now is the time to invest in a tool like AP automation to drive employee engagement. After all, investing in the right tools can improve your back office and give both you and your staff more time to focus on your main goal of serving patients with high quality care.
Download our guide, “How Senior Living Finance Leaders Can Drive Employee Engagement” for an in-depth look at how to attract and retain talent in a competitive market.