By Stephen Tweed
Are you a goal oriented home care leader? If so, what are your goals for growing your company in 2022?
For most home care leaders we work with, their primary goal for the coming year is a revenue number. That number is often established by having a goal for a percentage growth.
For example, if you ended the year at $3,000,000 in annual revenue, and you want to grow by 15% in 2022, that will take you to $3,450,000. If you hourly billing rate is $25.00, you will need to provide 138,000 hours of care. That is an average of 2,654 hours per week.
As you are planning for growth in 2022, you will need to answer some key questions:
- How many clients do you need to reach 2,654 hours per week?
- How many hours per week per client does it take?
- How many caregivers will you need to reach that goal?
- How many active caregivers do you have now?
- What are your average hours per week worked by each caregiver?
- How many full time caregivers (40 hours per week) and how many part time caregivers will you need to meet your revenue and hours per week goals?
By doing some analysis of your own data for 2021, you can get some answers to the questions above and begin to make some projections.
What are Your Recruiting and Retention Goals?
Once you have defined your company goals, then you can work on goals for recruiting and retention. If you plan to add 350 hours per week, how many caregivers will you need to add? Taking into account your turnover, how many total new hires do you need each week to meet your growth goals?
Some examples of Recruiting Goals you might set are:
- Increase the number of applicants per week from 100 to 150
- Increase the number of new hires per week from 3 to 5
- Increase the % of new hires who complete orientation and are “shift ready” by 15%
- Reduce 90-day turnover from 57% to 40%
- Improve one-year retention from 30% to 40%
Action Planning for Recruiting
With your new recruiting and retention goals in place, now you need to put together action plans to achieve those goals. Creating specific, focused action plans with who-to-do, target dates, and measurements will help you achieve your recruiting goals.
Let’s say your goal is to improve one-year retention from 30% to 40% of new hires. All of our research at The Home Care CEO Forum, and at Caregiver Quality Assurance shows that the recruiting method with the highest one-year retention of new hires is your Employee Referral Program. Here are some sample action steps you can use to refine your ERP.
- Analyze the data from our ERP for 2021 to see how well it has worked for us.
- Interview employees who have referred through the ERP to learn how to make the program more effective.
- Review and revise the dollar amount of our ERP Incentive.
- Increase the frequency of sending job opening information to employees.
- Write and distribute more specific job opening notices to all employees.
- Set up an awards program to recognize employees who have referred new caregiver applicants.
- Set up a new hire retention tracking tool to measure how many new hires reach one year of service.
- Set up an awards program to celebrate new hires who reach their one-year anniversary.
Use The Nursing Model to heal your Caregiver Quality Recruiting System.
My wife, business partner, and best friend Elizabeth Jeffries is a nurse by profession. She now works in our company as an Executive Leadership Coach, coaching CEOs and C-suite executives in hospitals, and physician leaders in academic Schools of Medicine. Elizabeth has often reminded me of the nursing model, and how it can be applied to leadership problems.
- Assess – assess the symptoms and vital signs of the patient
- Diagnose – use the assessment plus medical knowledge and experience to determine the nature of the disease
- Plan – develop a plan of care using the assessment and diagnosis to set long term and short term goals for the patient’s recovery.
- Implement – provide continuity of care during the implementation of the care plan
- Evaluate – the patient’s status and the effectiveness of the nursing care plan are evaluated. Then the process is repeated.
You can use this same five-phase model for improving the health of your caregiver recruiting system. Assess how well your recruiting system is working. Diagnose the problems in your system. Develop a plan to improve outcomes. Implement the plan. Evaluate how well your new plan is working.
Do this for each of the three prongs of your Caregiver Quality Recruiting System:
- Your Employee Referral Program
- Your Digital online recruiting system
- Your face to face community recruiting process.
Discuss these goals and action plans with your Caregiver Quality Mastermind Group There is no better way to improve your recruiting and retention system than to have regular discussion with others who are doing this every day. You may want to explore becoming a member of a Caregiver Quality Assurance Mastermind Group. This is a group of home care company leaders who meet once a month to share ideas, solve problems, and support one another. The Caregiver Quality Assurance Mastermind group has been meeting monthly since February of 2021. Click the link below to learn more.