Recruitment & Retention
Caregiver turnover and retention are top of mind for nearly every agency owner in the nation. Before you can begin effectively reducing turnover, you’ve got to measure where your turnover rate currently stands and then make sustainable changes in the short-term that resolve the issue over the long-term.
The following data points will help you see clearly how much turnover is affecting and costing your agency. You’ll also find data points that display how satisfied your caregivers are and whether they would recommend your agency.
Your clients and your caregivers can become your best recruiters and your most valuable asset, but you’ll need the data to help you make the correct changes to be able to reduce turnover, retain current employees and recruit new talent.
Formula: Caregiver Turnover = Sum of caregivers terminated/Average # of caregivers employed
Caregiver Turnover by Lifecycle: 1-90 days, 91-180 days, 180+ days
Caregiver turnover calculated separately for groups of caregivers depending on their tenure with your company.
Caregiver Average Lifetime Value
Formula: (Annual Revenue/# of caregivers employed this year) x Avg. Length of employment for your caregivers = Average Lifetime Value of a Caregiver
Caregiver Acquisition Cost by Recruitment Source
Formula: Total recruitment expenses/# of caregivers hired through 1 given recruitment source in each time period
(Repeat for each recruitment source.)