Finally, keep an eye on our blog for more help. We continually publish new articles that zero in on certain parts of the Benchmarking Study and discuss how you can use them.
Combating Caregiver Shortages
This year’s Benchmarking Study is particularly relevant in the light of deepening caregiver shortages. Caregiver shortages are nothing new; however, they’ve become drastically worse in the last year. The industry’s median caregiver turnover rate has reached a new high at 82%, 15% higher than last year. A trend of corporations increasing their minimum wage (led by Amazon’s $15 minimum wage) has also made recruitment more difficult. And as more Baby Boomers age into retirement every day, the demand for caregivers continues to grow.
This year’s Benchmarking Study provides a plethora of tools to help you deal with this shortage, including a breakdown of the types of benefits that other home care agencies are providing to caregivers to stay competitive, an analysis of agencies’ hiring pipelines, and a look at impact on caregiver training and wages on caregiver turnover. Agencies that use these resources to take a scientific, data-driven approach to recruitment have a massive advantage in the recruitment and retention arena.
A Maturing Survey Base
As you read the data, it’s important to understand some nuances about the survey base. While general participation remains constant in terms of demographics and agency size, small yearly fluctuations in the median size or tenure of agencies surveyed can impact the data. This year’s data, while still a broad cross-section of the industry, included more agencies with 10+ years of operation than in some past years.
We’re excited about this. While it may impact how we look at year-to-year comparison for a few data points such as median revenue, this year’s data is especially effective in giving insights into what the most experienced, successful agencies are doing.
There are two main reasons for this shift in demographic: first, consolidation and acquisitions are at an all-time high, resulting in a higher number of large agencies in our survey pool. Additionally, as the Study reaches its tenth year, many agencies have participated every year since the beginning. Thus, we’re drawing on a more mature pool of agencies each year. Both factors can impact how we look the data year-to-year, but also provide us with an even richer look at how the most successful agencies are operating.