I eat breathe and sleep senior living. In my view it is the greatest possible business sector for anyone to work in.
I eat breathe and sleep senior living. In my view it is the greatest possible business sector for anyone to work in. It is a place where you can, every single day, have a huge positive impact on line staff who perennially struggle to keep their families afloat, elders who are in or approaching the last chapter of their lives and family members often struggle with the physical and mental decline of their elders.
When done right most days and at least weekly every team member should be able to go home knowing they made a difference in someone else’s life. At least for most of us, there is nothing better.
And Yet . . . It Could Be Better
Beyond the human factor, it is a very attractive business opportunity/real estate play for investors. Returns are higher than just about any other real estate sector and the demand for senior housing is growing. As a result the temptation to just keep doing it the same way we have always been doing it is almost overwhelming. There is not a lot of incentive to experiment with new ways of doing things.
I am convinced there are two primary areas and two secondary areas where we could be doing it even better:
The A List
- As an industry our employee relations are not terrific. Turnover is high from the executive director level down to the front-line team members. Job satisfaction is frequently poor even with those who stay.
- We are still mostly entertaining our residents until they die . . . maybe even entertaining them to death. What we offer looks very little like the home they left. Some of that is good, but much of it is not so good.
The B List
- We have not done a great job of being the trusted resource . . . in our communities for growing old with grace, dignity, power and purpose. We know more about . . . or should know more about how to grow old well. This practical and experiential knowledge should be shared far and wide in our marketplace communities.
- We are not doing a very good job of talking about how senior living can be a great place to live. I am guessing that most of us in our heart of hearts would not want to go live in our own communities until we absolutely had to. Maybe . . . just maybe it should be the thing that most of us should look forward too.
Better For Everyone
All most everyone is making progress on the A list and not so much on the B list. They should be important to everyone because they will make management happier, line staff happier. They will make buildings fuller and net cash flows higher. They will dramatically improve the lives of residents.
I am passionate about these topics and would love to hear your thoughts on them. If you are willing to share your thinking or what you are doing in these areas it would be helpful to me as I am prepping to talk about these issues at the Marcus Evans, LTC & Senior Living CXO Summit that takes place July 13 & 14 at the exclusive Eau Palm Beach Florida Resort & Spa. This year, the event will be co-located with the Marcus Evans Home Care Leadership Summit.
If you haven’t tried out one of these exclusive Marcus Evans Summits it would be great to see you there. Attendance is exclusive to senior living leaders who have responsibility for at least 500 units or residents.
While the best part of these summits are the presentations and networks it is a bonus that the conference, hotel stay and all food and drinks are complimentary to attendees that qualify.
If you are interested attending either of these events follow the links below: