During the COVID-19 pandemic, turnover rates in post-acute senior care soared and the need to retain employees reached desperate levels. Prior to the pandemic, the senior care sector averaged a 52% turnover rate. When COVID hit, that rate skyrocketed to a staggering 73%. Retaining employees became a daily struggle.
Senior care providers turned to Pinnacle Quality Insight in dire need of help. One provider in particular was experiencing a turnover rate 1% worse than the industry average at the outset of the pandemic. They asked to remain anonymous, so we’ll call them Company Y. Company Y needed a way to stop the exodus of employees—particularly new hires—during this tumultuous time.
Retain was the solution.
By regularly checking in with their new hires during their first 100 days, Retain helped Company Y keep their fingers on the pulse of these employees, highlighting areas of satisfaction, engagement, and progress, while flagging signs of potential separation.
These small steps led to big results. Company Y’s turnover rates went from 1% worse to 11% better than the industry average, saving them $2.3 million—despite the pandemic.
“We were blown away by the difference Retain made in our new hire retention, so we really doubled down on our employees and managers using the software. Even though 2020 brought unforeseen challenges, we were able to offer better continuity of care to seniors, while at the same time saving money on hiring and training employees.”
Partnering with Pinnacle was an unequivocal win.
While the pandemic may be over, the staffing crisis remains a major threat to the success of post-acute care providers.
Nearly 40% of new hires leave within the first 100 days, and at an average cost of $4,000 to replace them, some organizations are spending hundreds of thousands of dollars on recruitment, training, and onboarding.
Keeping more of your people is paramount to your success. And just like it did for Company Y, Retain can play a pivotal role.
Discover how today!