At Benchmark Senior Living, the goal is to increase staff retention, and consequently reduce turnover.
Benchmark on Wednesday announced it is joining other senior living providers in partnering with Baltimore-based Arena, a firm that specializes in using data analytics to help health care organizations hire employees who will stick around for the long-term. Coincidentally, Arena uses some of the same technology as Netflix and Amazon to accomplish this, Arena founder and CEO Mike Rosenbaum told Senior Housing News.
Lowering turnover is a major goal of many senior housing organizations, especially given that the national assisted living turnover rate stands at 31%, according to the most recent Assisted Living Salary & Benefits Report from the Hospital & Healthcare Compensation Service.
But the task is made more complicated by the fact that roughly 65% of caregivers are “always looking for a better job,” according to recent research.
Arena has managed to reduce turnover by a median of 38% across all of its health care clients, and at senior living providers, “the numbers tend to be higher than that,” Rosenbaum said.
In fact, Arena essentially promises that it can reduce senior living organizations’ turnover by at least 10%.
“If we don’t reduce turnover over 10%, we refund all of their money,” Rosenbaum said. “But it’s an easy guarantee for us to give.”
Read the full story at Senior Housing News.