Want to step up your compensation but can’t afford to pay much more? Providing the right benefits for caregivers might be the solution you’re looking for.
In past blogs, we’ve often discussed the importance of a well-rounded approach to caregiver retention. Arguably the most important factor in your retention strategy is the compensation package of wages and benefits you offer to your caregivers.
You might be groaning as you read this; you’re probably all-too-familiar with the heavy competition for wages and the high costs of increasing them.
Fortunately, while finances and the reality of your situation might restrict your options to pay caregivers significantly more, you can use a strategically designed benefits plan to supplement your wages and stay competitive. Offering benefits that are valuable to your caregivers, tailored to their needs, and (in a few instances) fun or creative enough to stick out to potential applicants will go a long way toward strengthening your recruitment and retention efforts.
We’ve compiled a list of potential benefits to help you consider additional options that you might offer to your caregivers. Some of these are ones you should strongly consider incorporating in your agency; others may not be feasible or advantageous based on your circumstances. We’ve included a very wide variety of benefits we’ve heard of home care agencies and other companies using to give you as many options as possible to consider; it’s up to you to evaluate which ones are appropriate for the needs, size, and circumstances of your agency.
Home care agencies around the nation are ramping up their benefits plans to stay ahead of the competition and respond to caregiver shortages. What will you include in your strategic benefits plan?