According to the 2019 Aging Services Report by CNA, employee turnover is not only a liability risk that affects quality of care and customer service, it can also cost hundreds of thousands of dollars. Another study by Leading Age, Better Jobs Better Care, also details various calculations showing each nursing position emptied generates 110% increase in annual costs. The more staff that leave, the larger the financial impact can be felt for years to come.
The cost of losing a frontline worker not only includes direct costs but can also cause significant indirect costs related to orientation, training, lost productivity as well as the deterioration in the organization’s culture and morale. When caregivers leave, the relationships and services provided to residents are also disrupted and sometimes are so compromised that the well-being of both residents and workers is negatively affected.
The 2019 Aging Services Report by CNA indicates that employee turnover is a financial liability risk that affects quality of care and customer service. Regardless of Senior Living setting, the costs can be staggering:
- Average fall-related claims
- Assisted living facilities = $224,300
- Skilled nursing facilities = $187,774
- Independent living facilities = $193,236
- Average pressure injury related claims
- Assisted living facilities = $168,446
- Skilled nursing facilities = $236,043
- Independent living facilities = $737,919
We realize that one approach to enhancing employee satisfaction doesn’t work for everyone. At Assurance, we work with clients across all industries to establish a custom strategy that addresses specific challenges based on their employee population. One solution that has been particularly effective in Senior Living is EnrollSMART, a Marsh McLennan Agency (MMA) proprietary solution that delivers a specialized approach to enrollment support, such as open enrollment meetings, communication pieces and educational webinars and video and has been proven to help attract and retain talent.
To learn more about the significant value of EnrollSMART, contact an MMA advisor today.