Turnover in the Seniors Housing, Active Adult, and Multi-Family industry ranges from 35 -75%, costing operators thousands in replacement and hidden costs not to mention the disruption of business.
Although it takes on average, 43 days to fill a position, it can cost 6-9 months of equivalent salary in associated hiring costs including: recruiting, orientation, salaries, and service
disruption among other costs. If the average salary is $50,000, and you need to replace 10 positions annually, the investment can easily be $290,000 or more.
In addition to the potential financial risks, operators are more stretched than at any other time in history. The fractures are showing up in the form of new hires that are not a fit for the culture to perform. Many are poached from competitors with big names in hopes that the individual will be able to plug and play; a big mistake by hiring managers.
With everyone fighting over the same pool of experienced candidates, those responsible for hiring and recruiting are struggling with these top concerns:
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