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Good morning. By now you know, I like to challenge the status quo. I believe in doing what's right for our employees and residents, and, if you can do that well, financial success will follow.
Elevate your Operation
The Evolution of Success: Prioritizing Well-being in Senior Living and Skilled Nursing
A transformative shift is underway in the world of senior living and skilled nursing. While financial metrics have long been the bedrock of success, leaders are awakening to the profound significance of placing resident and employee well-being and engagement at the forefront. This article, tailored for senior living and skilled nursing leaders, delves into the powerful journey of redefining success and introduces three unconventional metrics illuminating the path to holistic prosperity.
A Holistic Lens on Success
Beyond the numbers, a comprehensive view of success is emerging—one that intertwines financial health with the well-being of residents and staff. Forward-thinking leaders recognize that thriving communities are built upon joyful residents and engaged employees. Here, we explore three traditional financial metrics and three contrarian metrics that anchor this transformative journey:
Traditional Financial Metrics:
1. Occupancy Rate: Long heralded as a measure of success, occupancy rate alone doesn’t capture the complete resident experience.
Contrarian Metric: Resident Flourishing Index (RFI)
Measurement: Conduct regular resident surveys with questions such as:
• On a scale of 1 to 5, how satisfied are you with your overall living experience?
• How often do you feel a sense of belonging within the community?
Formula: (Number of flourishing residents / Total number of residents) * 100.
Benchmark: Achieving an RFI score of 85% signifies a community where residents thrive, resulting in positive word-of-mouth recommendations and sustained occupancy.
2. Profit Margins: Healthy profits are crucial, but emphasizing financial metrics alone may compromise resident and employee experiences.
Contrarian Metric: Employee Fulfillment Score (EFS)
Measurement: Administer regular employee surveys with questions such as:
• On a scale of 1 to 5, how fulfilled do you feel in your role?
• Do you believe your contributions positively impact residents’ lives?
Formula: (Number of fulfilled employees / Total number of employees) * 100.
Benchmark: Attaining an EFS of 75% or above demonstrates a workforce that finds purpose and meaning in their roles, leading to improved resident care and loyalty.
3. Return on Investment (ROI): ROI remains essential but doesn’t encapsulate the emotional resonance of senior living communities.
Contrarian Metric: Resident Connection Index (RCI)
Measurement: Administer surveys to residents with questions such as:
• How connected do you feel to other residents and staff members?
• How often do you engage in community activities?
Formula: (Number of connected residents / Total number of residents) * 100.
Benchmark: Attaining an RCI score of 90% signifies a community fostering deep connections, resulting in heightened resident well-being and increased positive testimonials.
Shaping a Brighter Future
Today’s leaders are carving a new narrative of success that celebrates financial health in harmony with the well-being of residents and staff. These contrarian metrics are the compass guiding this transformative journey. By nurturing well-being and engagement, leaders propel communities towards excellence that resonates not only in balance sheets but also in the hearts and lives of those they serve.
Leaders become stewards of fulfillment in this evolution, and communities become vibrant well-being hubs.
Partners We Love
KARE recently conducted a study involving 1,300 senior living caregivers and communities. The findings include recommendations for where leadership will see the most value and engagement from their workforce as they build benefits programs. Download the document here.
