Lack of employee recruitment, retention investment leads to $1 million to $2 million spend on turnover: survey

Lack of employee recruitment, retention investment leads to $1 million to $2 million spend on turnover: survey
McKnight's Senior Living; by Kimberly Bonvissuto;10/3/24
With turnover costing senior living organizations more than $1 million annually, investing in professional development is “crucial” for nurturing talent and fostering a culture of engagement and well-being, according to the experts behind a new report. “Navigating the Nexus: Addressing Workforce Challenges in Senior Living” looks at results of a survey of Argentum members conducted by Holleran Consulting in late 2023 and early 2024. The report reveals the high costs of turnover and the importance of professional development to reduce it, as well as ways to improve retention and support recruitment.