Why Finance Talent Is So Hard to Find in Senior Living (and What to Do About It)
The senior living industry is niche, specific, complex, and heavily mission-based. When making financial decisions, you shouldn’t consider a change without first thinking of how it might impact daily life in the community. Both for care and routine, every decision has the potential to impact residents and employees.
This butterfly effect is one of the reasons why finding financial talent in our industry can be so challenging. Not only that, but policy, demand, demographics, real estate challenges, and more are continuously changing – especially now as a large portion of the U.S. population starts to enter retirement age.
In this industry, organizations need financial talent that’s not only analytical but also experienced with the special circumstances of senior living and who are adaptable to the constant changes. Without a full understanding of all the moving parts and the flexibility and agility to make changes when new circumstances arise, financial talent will struggle to lead a senior living organization.
Financial talent isn’t the only employment issue the industry is currently facing. Many organizations have cited labor shortages as a main concern since the Covid-19 pandemic. Care communities need caregivers – without enough, seniors won’t be able to receive the assistance they need. To attract more caregivers, many communities have increased wages, but this means higher operational costs amidst more complex care needs of aging seniors and expensive construction and real estate costs.
This is certainly a difficult financial equation, and those are just a few of the most concerning difficulties senior living organizations are currently facing. A strong financial leader in this landscape has to be prepared to face these challenges head-on and have smart strategies in mind to help the organization thrive despite them.
A great deal of this knowledge comes from experience, but research is also crucial. Especially as changes occur so rapidly, no financial plan is stagnant or unchanging. Financial leaders need to be willing to constantly keep their finger on the pulse and react to changes as they happen.
All of our team members here at KSH Consulting are former full-time financial leaders at leading senior living organizations. By making the switch to interim and senior advising work, we’ve been able to help more organizations further their mission of care. The experience and expertise we bring also help set up organizations for years to come after our work with them is done, because we equip the full-time leadership with the tools and information they need to take the wheel and successfully lead.
If your organization is feeling the pressures of these changes and challenges, contact us to learn more about how our team members can help guide you back to the right path so you can continue providing the best care for seniors who need it.
