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Money Matters More in Recruiting than Retention

By Stephen Tweed

This idea came out of one of our Home Care CEO Mastermind meetings when a member shared with us his ah-ha moment. In our Mastermind meeting, we were discussing language and messaging in job ads.  This member went back and reviewed his job ads and discovered that his previous ads had focused on the importance of our work in home care, meaningful work with clients, and company culture. While this approach had worked well and they have a very successful home care company, he realized that a different approach might be more effective.

As a result of conversation with the Mastermind Group, he switched his job ads to talking more about money, and his number of applicants increased by 400%. 

We continued to explore this concept, and other Mastermind members tested job ads and ad language that focused more on hourly pay, annual earnings, bonuses and incentives, 401K plans, and other elements of compensation that related to dollars.  We learned that it’s not about raising hourly pay rates.  It’s about discussing these money related benefits in the ad.

Money Matters Less in Retention

This major ah-ha about recruiting has caused us to go back and explore the reasons that caregivers leave, and the reasons that “Best Caregivers” stay.  Our Best Caregiver study reinforces that caregivers stay when:

  • They are doing meaningful work caring for their clients
  • They feel valued and appreciated by their clients
  • They feel valued and appreciated by their supervisor
  • When they have a flexible schedule
  • When that receive additional education and training
  • When they feel valued by the company owner
  • When they feel fairly paid.

Notice that money is number 7 of 7 factors affecting why best caregivers stay.

Understanding the impact of money on caregiver recruiting and retention is an important lesson that comes out of our Caregiver Quality Mastermind discussions. 

If you would like to increase your flow of caregiver applicants, you may want to explore the opportunity to have regular conversations with other owners and CEOs of growing home care companies.  Consider becoming a member of a Caregiver Quality Assurance Mastermind Group.