[COVID IMPACT] Pandemic slows senior living growth, staffing
Key findings from a NIC (National Investment Center for Seniors Housing & Care) survey conducted from May 31-June 26, 2022 included: 60% of respondents expect margins to increase in the next six months (limited only by rising operating expenses); the pace of move-ins in the past 30 days remained steady for independent living (44%) and assisted living (52%) residences, but declined substantially for memory care (20%) and nursing care (37%); and staffing challenges are top of mind, with 20% of respondents indicating that staffing challenges will improve in the next year; 20% indicating it will take until 2024 to see improvement; and 30% signaling that staffing issues will not improve until 2025 or later.
The findings are reported by Ryan Brooks, Senior Principal, Healthcare Strategy at NIC, who notes that the most effective method cited for attracting new community staff is increasing wages (65%), followed by flexible schedules (15%) and hiring bonuses (5%).
Survey respondents are owners and executives of 61 small, medium, and large senior housing and skilled nursing operators across the US, representing hundreds of buildings and thousands of units across respondents’ portfolios of properties. Half of respondents are for-profit providers (52%), more than one-third operate not-for-profit seniors housing and care organizations (38%), and 10% operate both.
To read the current and previous survey results and access various resources, including the NIC Intra-Quarterly Snapshot, blogs and other articles, click here
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