In a world of shifting priorities, one fixed stays in long-term care: cash talks.
And if the most recent McKnight’s Temper of the Market survey is any indication, many top-level staff are liking what they hear nowadays. The survey, performed by McKnight’s Lengthy-Time period Care Information, a sister model to McKnight’s Senior Dwelling, focuses on expert nursing suppliers, however the insights are helpful to senior dwelling as nicely.
A notable 62.2% of respondents reported feeling “very nicely paid” or “considerably nicely paid,” on this just-released survey. That’s an eight-point uptick from final yr.
So, how can we clarify this upward temper swing? It appears a convergence of things is at play.
For one, pandemic-inspired, high-paying distant jobs are getting scarcer by the day. As alternatives fade elsewhere, long-term care roles are having fun with newfound enchantment. Humorous how the prospect of an everyday paycheck can try this.
This renewed satisfaction additionally coincides with welcome raises. In accordance with the forty seventh Annual Nursing House Wage & Advantages report from Hospital Healthcare Compensation Service, directors noticed a 3.8% pay improve, bringing their common wage to $135,744. Administrators of nursing loved an identical bump, with their common pay rising 3.75% to $117,754. In the meantime, inflation has cooled, making these modest raises really feel extra like actual beneficial properties slightly than mere cost-of-living changes.
Equally, assisted dwelling / private care managers in nursing houses noticed a 5.58% bump in wage in 2024, in line with the nursing dwelling report; assisted dwelling/private care managers in persevering with care retirement / life plan communities obtained a mean 4.64% bump in wage, in line with a separate report on CCRCs by HCS. Common wages for assisted dwelling direct care employees — licensed nursing assistants, registered nurses, licensed sensible nurse, remedy aides and resident assistants — have elevated by 5% to six% per hour since final yr, in line with the group’s assisted dwelling report.
However wage isn’t the entire story. Elevated staffing stays an in depth second on the job satisfaction want checklist, in line with the Temper of the Market survey, whereas higher medical health insurance and advantages have gotten more and more necessary.
The takeaway? {Dollars} matter — so much. However they’re not the solely factor. Addressing different key issues, equivalent to advantages, well being protection and satisfactory staffing, stays important in relation to preserving worker morale excessive.
Now that’s recommendation you’ll be able to take to the financial institution.
John O’Connor is editorial director for McKnight’s Senior Dwelling and its sister media manufacturers, McKnight’s Lengthy-Time period Care Information, which focuses on expert nursing, and McKnight’s House Care. Learn extra of his columns right here.
