Despite occupancy levels that remain at near-historic lows, many operators are reporting that staffing is a more worrisome concern, according to the new findings from the National Investment Center for Seniors Housing & Care.
NIC’s latest executive survey revealed that 45% of operators said finding employees is the toughest obstacle to overcome and another 18% citing staff turnover. Meanwhile, 26% said low occupancy rates were their organizations’ main challenge.
More than 70% of executives reported that increasing wages and offering flexible schedules were the most effective methods of attracting new employees today, findings showed.
“Wages and benefits are typically significant operating expenses for seniors housing and care providers even in the best of times,” according to NIC Senior Principal Lana Peck. “Operators are shifting gears from reacting to the threat of contagion in their communities to recovering census (but) many are finding their organizations returning to some form of operational normalcy in the face of considerable labor challenges.”
The survey features input from more than 70 senior housing and skilled nursing operators, with responses collected between June 14 and July 11. Other challenges cited by executives included too much competition and cash balances/liquidity on the balance sheet.
Findings also showed that skilled nursing occupancy continued on the path toward improvement. Just over three-quarters of executives with nursing care beds saw occupancy increases during the timeframe.
That’s compared to 55% of organizations with assisted living beds and 40% with independent living residences that saw increases.
