The Home Healthcare industry added 5,200 jobs in March, with an average hiring and onboarding cost of $4,700. But that’s not nearly enough, as the Home Healthcare sector is expected to add 860,000 jobs by 2032
What’s Happening and How Rellevate Can Help
The Home Healthcare Industry’s Critical Dilemma: With the staggering demand for jobs coming down the pike, how does the industry deal with employee churn and related recruitment that leads to a massive industry 80% quit rate within 100 days of starting a new home healthcare job?
- According to a Gallup report, new employees typically take around a year to reach their full performance potential. Employees who leave within the first year are costly because companies can’t recoup hiring and training expenses, meaning some home healthcare companies will never reach their new hire revenue break-even point (which can cost as much as 33% of their salary)
- Wages are also an issue, as Medicaid reimbursement rates have not kept up with wage inflation. Retail, hospitality and similar industries are now paying above home healthcare sector rates, resulting in increased home healthcare employee sector defection
- Even when increased wages are in the cards, 49% of Caregivers are reluctant to take them as they rely on public assistance programs and fear coming up against State “benefit cliffs” that force them to lose certain public assistance programs
The Bottom Line: The best way to reduce employee churn and related new hiring challenges is to improve employee retention. A Harvard Business Review survey shows that 95% of business owners said retaining talent was in their top three priorities
Pay Any Day Is Proven To Drive A 36% Employee Retention Rate
An estimated $1+ trillion dollars is held up in payroll systems every two weeks, leaving many lower income employees struggling to cover daily expenses. Pay Any Day bridges this gap, giving employees access to their paycheck when they need it (especially in the middle of a pay period) helping them avoid costly alternatives like payday loans, overdraft fees, and high-interest credit cards
Rellevate’s Pay Any-Day
Rellevate’s Pay Any-Day helps employees pay attention to their income and spending habits, increasing financial wellness and providing greater control over their money (helping save over $1,000 a year) resulting in less financial stress and a more motivated, and loyal workforce
Pay Any Day is proven to help employees avoid:
- Borrowing money by 57%
- Paying late fees on bills by 40%
- Bank Overdraft by 32%
