The senior living industry is growing! The career opportunities are multiplying and operators are playing catch-up.
In the United States, there are already more than 46 million adults over 65. By 2050, that figure is projected to reach about 90 million. There will be nearly an 18 million increase in the number of older individuals between 2020 and 2030 alone, when the final baby boom cohorts reach retirement age.
According to statistics gathered by Argentum’s Senior Living Works program, a substantial number of people will need to be hired to work in the senior living sector in order to keep up with an increasing aging population. The opportunities, resources, benefits, and impact that are part of the senior living culture contribute to the success in attracting and retaining workers. These pillars are what make the industry appealing to so many candidates.
So, what can operators do to keep up?
It’s all about hiring.
Would a Senior Living Recruiter Help Your Company?
In senior living, hiring for new or vacant positions is an uphill, constant battle. Demand is changing all the time, and this often results in hiring is an ongoing process. The current unemployment rate for university-educated workers is about four percent, meaning it’s highly likely that the next executive you take on is employed already. While it’s hard enough for many businesses to simply stay ahead of the regular administrative tasks you expect with taking new employees on, it’s also hard just to find ideal candidates, let alone persuade them to leave their old job.
Though some companies feel that the costs of external recruiters are a burden on the budget, the best recruitment firm could actually cut down on your costs while also taking the weight of hiring new candidates off your shoulders. According to research conducted by Dr. Bradley Smart, hiring the wrong candidate for a position can cost a company as much as 15 to 27 times that candidate’s annual salary.
The best recruiters have spent their careers nurturing relationships among the industry’s top talent, and they will have immediate access to that top ten percent of workers who otherwise wouldn’t be actively pursuing new employment. With that, they could bring real game changers to your organization.
Senior living has experienced robust growth with a forward-looking 10-year horizon of more growth and innovation. JDI’s Senior Living practice brings a unique blend of access to the top talent in Senior Living while leveraging 15 years of experience placing executives in hospitality. If you’re interested in learning more, reach out to one of our recruiters here.