How a Possible Recession Affects Senior Care Staffing
Over the years, senior care has earned a reputation of being recession-resistant. In fact, a recession has generally offered some short-term staffing relief to senior care facilities, as workers are less likely to quit their job during a time of economic uncertainty.
However, while a recession may solve staffing issues for senior care providers, it may present new concerns, such as a decrease in resident occupancy. This can make it difficult to adequately staff facilities, while accounting for a possible reduction in the number of residents.
It’s also important that senior care providers consider the changing preferences of the nursing workforce following the global pandemic. More than ever, nurses desire roles with flexibility, allowing them to better balance their personal and professional lives. As a result, facilities may be met with senior care staffing challenges as the economy enters a potential recession.
Impact of a recession on senior care providers
With talks of an impending recession, providers should begin to consider how it could affect their senior-care staffing levels.
Here are a few ways a recession could affect senior care providers:
- Influx in healthcare workers making a career change to senior living: As other industries are hit hard by a recession, people will be looking for new career opportunities. This could lead to an influx of workers pursuing a career in senior care, which has generally been able to withstand the hardships of a recession.
- Decrease in employee turnover: In tough economic times, people are less likely to switch jobs. This could lead to a decrease in turnover at your facility.
- Decrease in resident occupancy for long-term care facilities: Many seniors must first sell their home before moving into a senior care facility. Unfortunately, as interest rates increase during a recession, it becomes more difficult for potential homebuyers to get financing. This can lead to reduced demand for homes, which can then drive home prices down and ultimately delay seniors from being able to make the move to senior living.
While a recession may solve the staffing shortage issue for senior care providers, it could present new issues. However, there are ways to prepare. By being proactive and understanding the potential impact of an economic downturn, you can ensure your facility is ready to weather any storm, while still providing excellent care services.
Additional questions on how this may affect your healthcare facility? Contact the NurseDash team to learn more.