Metrics that Matter #14: Diving Deeper into Retention
The senior living industry knows that employee retention is important, but very few operators have the right data to understand HOW to improve retention.
Here's why: senior living teams are composed of different types of employees (who work in very different settings). If you're tracking retention across all employees then you're missing the real story.
Here's 3 suggestions to improve employee retention:
1. Break out employees into "cohorts" based on location (community vs. home office), department and role, seniority (managers vs. frontline), and start date (so you can track new hires). Can you see specific areas to focus on?
2. For new hires, start tracking retention at 30, 60, 90, and 180 days. Is there a drop-off after a certain period? Are some communities / roles seeing higher turnover rates?
3. Tie quantitative data to qualitative data by surveying employees and conducting exit interviews. Are there themes as to why employees stay or leave? Does the feedback match the data?
Now the catch: tracking retention data is HARD. It requires looking at a complex set of data (payroll) that changes every 2 weeks (as employees start / end) and running the same calculations to review retention across every community, department, role, etc. It's repetitive, boring, and time-consuming.
In other words, it's a great task for a computer vs. a human. At Clarent, we track 200+ KPIs across payroll, sales, financials, rent roll, and more. If you're interested in diving deeper into retention & turnover data, let's talk! We just added 20 new KPIs to our KPI Library that are specifically focused on retention and turnover. Here are all the new KPIs:
% Activities Frontline Staff Retention - More than 180 Days
% Activities Managers Retention - More than 1 Year
% Admin Frontline Staff Retention - More than 180 Days
% Admin Managers Retention - More than 1 Year
% Maintenance Frontline Staff Retention - More than 180 Days
% Maintenance Managers Retention - More than 1 Year
% New Hire Retention - More than 60 Days
% New Hire Retention - More than 90 Days
% New Hire Turnover - Within 60 Days
% New Hire Turnover - Within 90 Days
Annualized % New Hire Turnover - Within 30 Days
Annualized % New Hire Turnover - Within 60 Days
Annualized % New Hire Turnover - Within 90 Days
Annualized Turnover for Activity Staff
Annualized Turnover for Admin Staff
Annualized Turnover for All Employees
Annualized Turnover for Care Staff
Annualized Turnover for Culinary Staff
Annualized Turnover for Frontline Staff
Annualized Turnover for Housekeeping Staff
Annualized Turnover for Leadership Employees
Annualized Turnover for Maintenance Staff
Annualized Turnover for Managers
Net New Hires
Total New Hires
Total Terminations