Argentum Senior Living Symposium November 2018
30 years of research across 100M people and 57 countries The gold standard for workplace certification
…now with a dedicated focus on our sector: aging services!
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Companies that treat their workers better do better
Alex Edmans Professor of Finance London Business School Formerly Wharton Business School
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Copyright © 2018 Great Place to Work® Institute, Inc. All Rights Reserved.
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In 2018, Great Place to Work has surveyed employees at 2,000+ senior living communities for Trust Index™ scores
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Finding #1: Higher TI score and LOWER STAFF TURNOVER 1-year Turnover 120%
100%
Turnover
80%
60% 40%
20%
0%
0%
20%
40%
60%
80%
100%
120%
Trust Index N=363 communities Copyright © 2018 Great Place to Work® Institute, Inc. All Rights Reserved.
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Finding #2: Higher TI score and HIGHER SATISFACTION EMPLOYEE TRUST INDEX SCORE
RESIDENT/FAMILY SATISFACTION
85% 72%
Bottom half
8.47 8.36
Top half
Bottom half
Top half
N=63 communities Copyright © 2018 Great Place to Work® Institute, Inc. All Rights Reserved.
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Finding #2: Higher TI score and HIGHER OCCUPANCY EMPLOYEE TRUST INDEX SCORE
OCCUPANCY
83% 70%
Bottom half
91% 89%
Top half
Bottom half
Top half
N=79 communities Copyright © 2018 Great Place to Work® Institute, Inc. All Rights Reserved.
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Summary: Cost Savings from Better Cultures Example of a 20 locations with 1500 employee
Potential savings as a % of revenues
+ 10%
Increase in employee retention $1 million in incremental turnover savings per year
+ 2%
Increase in occupancy $1.4 million annual revenue
= 10%
Reduction in risk $2 million in annual risk reduction
5.5%
$4.4 million in total annual savings + revenue
Copyright Š 2018 Great Place to WorkŽ Institute, Inc. All Rights Reserved.
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What should we do? CNA example
% of CNAs
What makes them happy
What retains them
Boomers 1946-64
19%
“I am treated as a full member here regardless of my position”
“Management delivers on promises”
Generation X 1965-80
32%
“I am proud to tell others I work here”
“Management does a good job of assigning and coordinating people”
Millennial 1981-1997
42%
“This is a fun place to work”
“Management genuinely seeks and responds to suggestions and ideas” Copyright © 2018 Great Place to Work® Institute, Inc. All Rights Reserved.
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In their own words CNA example
What do they want? To be able to provide better care and to be recognized for the hard work
“Better pay”
“Being appreciated would be better”
“Accommodate our requests better”
“More supplies so we would not have to run around looking for stuff”
“A fair workload”
“We constantly run out of supplies”
“Recognition and appreciation”
“Supplies needed to care…without waiting for approvals”
“Staff better”
“Staff with reliable people”
“Better management”
Copyright © 2018 Great Place to Work® Institute, Inc. All Rights Reserved.
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Recommended next step: Get certified as a Great Place to Work®
Any questions? jkung@activatedinsights.com
Copyright © 2018 Great Place to Work® Institute, Inc. All Rights Reserved.
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