I would say the number one issue facing the senior living industry is employee retention. Working in the senior living industry is rewarding, but also difficult. The levels of pay can be below national averages and the work can be very stressful. So how does your company attract and retain the employees of the future, millennials? Knowing what drives them is essential to cracking this code.
According to a recent survey, travel is one of the key reasons millennials work. Seventy percent (70%!!!!!) of millennials identified travel as their primary reason to work. The only thing that ranked higher was paying for basic necessities.
Approximately seven in ten millennials said they would travel more if they had more time, and nine in ten (9 in 10!!!!!) millennials said they would travel more if they had more money.
The senior living industry is positioned perfectly for attracting and retaining millennials simply by utilizing and deploying your unused assets. Most Senior Living companies have (at least some) properties in very desirable location. By offing your millennial employees the opportunity to book free or inexpensive travel lodging at those communities, you accomplish so many things that tap right into millennials wants and needs.
~ 9 in 10 millennials said they would travel more if they had more money. (You’re offering this value proposition/ bonus at virtually no cost to your company)
~ The longer an employee stays working for you the more free lodging nights they get at any of your properties. (You’re giving them something to look forward to)
~ If your millennial employee books lodging at your property in March for a July vacation, you just got a happy, reliable employee for at least the next 5 months. (Incentives that work and mean something)
~ You are allowing your millennial employees to engage with your company and residents in an entirely different way. (That is very cool & meaningful!!)
~ You will attract millennials to your company instead of trying to recruit them. (Wouldn’t it be nice if they came to you?)
~ Start a travel blog for your company that lets your team post pictures and tell stories about their trips. (How about having them generate excitement and content for you!)
~ I could add 5-10 more bullet points to this employee retention blog, but would rather tell you in person. (Call us so we will tell you more!)
Millennials may be the broadest and most diverse group of employees you as operators have ever had to handle, but the strength of their attitudes towards travel reveals some important characteristics about how they want to live their lives. Millennials want conversations with real people. They don’t want big, faceless corporations, and tapping into this need to travel is the answer to your retention problem…
So, we have established that travel is so important to workers of all generations especially millennials and it impacts what job they select, and how long they stay at that job. Try integrating a travel program into your company’s culture, and in return, you will get happy employees that want to work for you for years.
At SimpleStays we understand some technology programs are outside certain companies comfort zone and require a real entrepreneurial spirit. This, however, should not stop you and your team from arranging a demo to get a different point of view on employee retention travel programs. Our only goal is to encourage and enable innovation in the Senior Living industry.
Senior Living Strategies
Should you like to talk more about deploying innovative and inclusive employee retention strategies, we would love to talk to you.CONTACT US