In August 2018, Argentum surveyed senior living executives, including executive directors and other decision makers, regarding current business conditions in the industry and their outlook for 2019. A total of 112 survey responses were received, and overall, respondents cited that workforce challenges will continue to be troublesome for the industry.
Staffing remains significant challenge
According to survey respondents, workforce issues top the list of concerns for the senior living industry today. Eighty-six percent of respondents said recruiting and retaining employees is a significant challenge for their company, while 68 percent responded similarly about labor costs. Fewer than one in 20 respondents said these items pose little or no challenge for their company.
To a lesser extent, executives reported that food costs, the economy, and government regulation and legislation are posing challenges for their company (see Figure 1). Argentum’s survey revealed that staffing challenges will likely remain at the forefront in 2019. Recruiting and retaining employees was cited by nearly six in 10 respondents as the most significant challenge they expect their company to face in 2019.
Fifteen percent of respondents said occupancy will be their number one challenge in 2019, while 14 percent responded similarly about competition (see Figure 2).
Job openings in the industry
Nearly nine in 10 respondents (89 percent) said they currently have job openings that are difficult to fill.
Within this group, the biggest challenge is finding applicants for health care and food service positions. Eighty-nine percent of respondents with difficult-to-fill job openings report challenges finding health care employees, while 67 percent said they are having difficulties filling food service positions.
Four in 10 respondents with difficult-to-fill job openings said they are having a difficult time filling administrative and cleaning/maintenance positions (see Figure 3).
According to those surveyed, these unfilled job openings are having a negative impact on growth in the senior living industry. Nearly nine in 10 respondents said difficult-to-fill job openings are having a significant (34 percent) or moderate (53 percent) impact on their company’s ability to grow and be successful (see Figure 4).
