“The average time to hire any sort of frontline healthcare worker – nationally – is 49 days. And that’s by far the largest time to hire in any sort of macro industry in the United States.”
Today we’re going to talk about Senior Housing – where do we live when we can’t really live by ourselves any more?
It’s a really big market: Americans spend about $688 billion on senior housing services. But for a lot of people this is a scary thing to navigate. It’s like the lint trap of the aging process – all the stuff you don’t want to talk or think about collect in this one knotted up ball of yarn.
In this episode I want to introduce you to a giant problem and one possible solution.
Let’s start with the problem:
US Nursing Home workers turned over at mean rate of 128% in 2017 and 2018. For context – restaurant workers turn over at 17% per year.
Can you even imagine trying to run a business when 128% of your workforce turns over every year? I can’t.
So what’s going on here?
Well there’s obvious stuff:
- It’s a hard job.
- You get paid hourly and schedules change week-to-week
- You don’t get paid a lot – Caregivers in senior care facilities make $37,540.
If you start researching the senior housing labor statistics it gets depressing fast. I don’t recommend doing this alone.
To help us understand what’s really going on and think about some positive solutions I want you to meet Charles Turner the founder and CEO of KARE.
About Charles Turner and Kare
An innovator in the senior housing space, Charles is currently the CEO of Kare, which is creating solutions to solve the labor shortage in senior care. Charles is also CEO of Invidia for Seniors, a multi platform company focused on improving the senior housing and care industry. Prior to Invidia, Charles was the President of Lifewell Senior Living and PinPoint Senior Living where he led development and operating initiatives for the companies. Invidia invests time, money and resources in technologies and programs that provide improve care and evidence based outcomes for its residents.
Charles holds a B.A. in History and Politics from Wake Forest University and an M.B.A. in Finance from The University of Texas in Austin.
Kare is a platform that empowers post acute caregivers to earn extra income and manage their own flexible schedules, while senior care communities decrease their operating costs by reducing high overtime wages and eliminating costly staffing agencies.
Episode Credits
Pat Cupples and Moby provided original music for this episode.
Photo credit: StackSource