Posted on: February 2, 2016 by Manchester Specialty
The U.S. Labor Department predicts the home health care profession will grow by nearly 50%, or the equivalent of nearly a million new jobs, by 2022. That is nearly five times the average for all other occupations. One of the principal challenges among home health care organizations and franchises to meet the growing demands of this burgeoning sector is finding and retaining qualified home health employees. The annual employee turnover rate in home health care ranges between 40% and 65%, according to a recent survey of 700 home health care company participants conducted by PHI National and published by Home Care Pulse. This means that more than 50% of those working as home health care providers — including CNAs, nurse’s aides, and personal care aides — quit or are fired in any given year. In addition, research conducted by Caregiver Quality Assurance® indicates that it costs $1,576.24 to replace an employee each time when you account for hiring costs, onboarding costs, and lost opportunity costs. This doesn’t include the loss of reputation and customer satisfaction.
The high turnover in home health care and the costs involved underscore the importance for organizations to reduce turnover and keep their best caregivers. How can home health care firms help ensure quality hires and employee retention? Following are several ways for employees to hire right, and keep employees happy and part of their organization:
Employee Retention Practices
Caregivers are the frontline of home health care businesses and getting and keeping quality employees is critical to the success and continued growth of this industry as it faces increased demands. Having solid recruiting, hiring and general employment practices in place also helps stem the potential of workplace disputes such as allegations of discrimination, wrongful termination, or other issues. Additionally, a strong Employment Practices Liability Insurance (EPLI) program should be secured to address and respond to these types of disputes. EPLI coverage can pay for the legal defense costs, settlements and damages associated with employment practices allegations.
Manchester Specialty Programs is a leading provider of comprehensive insurance programs for the home health care industry, including management liability insurance coverages such as Employment Practices Liability Insurance. In addition, we offer risk management services from our carrier partners to help with employment screening, verification and background checks and overall human resources management. To learn more about our programs for the home health care industry, please contact us at 855.972.9399.
Posted in: Home Healthcare Providers