By Stephen Tweed
The biggest barrier to growing you home care company is the caregiver recruiting and retention crisis. There are simply not enough caregivers available to meet the growing needs of your aging clients.
Our research at Caregiver Quality Assurance shows that most home care companies are relying on digital recruiting for finding new caregivers, and the number one online recruiting source is Indeed.com. Our data also show that Indeed has the lowest 90-day retention rate. We’ve found that growing home care companies have a three-pronged approach to recruiting; digital, employee referral programs, and face to face recruiting in the community.
The number one source of caregivers for 90-day retention is your Employee Referral Program.
Our most recent “Best Caregiver Study” shows that nearly 20% of the Best caregivers in home care found their current company through a current employee. Less than 15% found their company through online recruiting source Indeed.com. Data from the annual Home Care Benchmarking Study from Home Care Pulse shows that the number one online recruiting source is Indeed.com. The same study shows that Indeed is the second most expensive source at $420 per hire. Also, Indeed has the highest median caregiver turnover rate at 75.9%
On the other hand, Employee Referral Programs have a lower cost per hire at $374, and the lowest median caregiver turnover at 59.6%. Using this data, you can see that focusing your time and dollars on an effective Employee Referral Program cam pay off in reduced cost and increased retention.
If you are serious about growing your home care business, consider putting focus on your Employee Referral Program to find and keep the caregivers you need.
Learn more by becoming a member of a Caregiver Quality Assurance Mastermind Group.