By Steve Moran
In the July 24 edition of the Wall Street Journal, you will find an article titled “The Hottest Job Market in a Generation Is Over.” The bottom line is that people are less likely to quit their jobs, and people are having more trouble finding a job, or at least a job they want.
A few more details:
- For the first time since 2021, the unemployment rate went above 4%.
- That is up from 3.4% early last year.
- New college graduates are having a hard time finding a job, any job.
- The number of open positions for every unemployed person is 1.2, something that was last true before the pandemic. In 2022, it was over 2.
All Better? Maybe Not.
There is no question that if this trend continues, it will make life better for senior living operators. Besides there being more people looking for work, there are indications that pay rates are stabilizing, and in some cases even retreating.
While this is good news, we still have some fundamental problems that some operators are addressing better than others:
- In too many communities, working in senior living still sucks (wondering if my use of that word will get past my copy editors). People feel unappreciated and overworked.
- We continue to miss the point with flexible scheduling.
- We don’t actually trust our people, which brings us back to our first bullet point.
- While we love the CNA- or dishwasher-to-executive-director or -corporate-leader stories, day-to-day opportunities to really grow in companies and move up the food chain are exceedingly rare.
Possibilities
There have always been a few communities that have relatively few struggles with staffing because they are 100% focused on creating great employee experiences. Even though they are already fully staffed, this market will make staying that way just a bit easier.
Being fully staffed and looking at massive turnover in the rearview mirror is possible for every single community, but it takes a real commitment to making it happen.
What I Worry About
What I worry about more than anything else is that, as it gets easier to hire, to fill empty positions, it becomes less important to think about how to create an amazing workforce. It becomes much easier to think that if a team member is unhappy, they can just be replaced. It even sounds logical.
Except that it hurts residents, it hurts the industry, it hurts occupancy, and it makes the industry look bad.
I would love to hear what you are hearing.
This article highlights the critical need for senior living operators to prioritize creating a positive and supportive work environment, even as hiring conditions improve. It’s vital to recognize that while an easier hiring market may provide short-term relief, it should not deter us from addressing the fundamental issues of employee satisfaction and engagement. A focus on flexible scheduling, genuine career growth opportunities, and fostering a culture of appreciation and trust is essential. Neglecting these aspects can have a detrimental impact on our residents and the industry’s overall reputation.