NIC Notes

Insights in Seniors Housing & Care

Ideas and Discussion  |  Seniors Housing  |  Skilled Nursing  |  Workforce

Senior Living: Looking for Workers? Tired of Turnover?

By: NIC  |  May 19, 2022

Here are some actionable insights. Amid an industry-wide frustration with an exceptionally tight labor market and quickly rising wages, new approaches to recruit and retain good workers were detailed at the 2022 NIC Spring Conference in Dallas. The session, “Fostering Meaningful Engagement: Industry Staffing and Labor Needs,” included presentations by four experts followed by a brainstorming session for industry stakeholders to share ideas on effective strategies.

Economic Trends  |  Workforce

Employment Increased by 428k in April, Jobless Rate Unchanged at 3.6%

By: Beth Mace  |  May 06, 2022

The Labor Department reported that nonfarm payrolls rose by 428,000 in April 2022 and the unemployment rate held steady at 3.6%. The report confirms that the labor market remains resilient, despite the war in Ukraine and on-going supply-chain pressures. Concerns about rising wage costs and inflation are also backed by this report. Average hourly earnings for all employees on private nonfarm payrolls rose by $0.13 in April to $31.85. This was a gain of 5.5% from year-earlier levels, just slightly less than the 5.6% gain seen in March. The data shows that the labor market continues to gain momentum and wage growth is accelerating. The report strengthens the Federal Reserve’s intention of raising interest rates further following the 0.50 percentage point hike in the fed funds rate announced earlier this week.

Business Environment  |  COVID-19  |  Seniors Housing  |  Workforce

Employment Continues to Grow at a Fast Clip, Increasing by 431,000 in March, While the Jobless Rate Falls Close to Its Pre-Pandemic Level

By: Beth Mace  |  April 01, 2022

As the economy continues to move back toward normalcy and away from the pandemic, the Labor Department reported that nonfarm payrolls rose by 431,000 in March 2022. The data suggest that the war in Ukraine and the surge in oil prices has not dampened hiring activity.

COVID-19  |  Executive Survey Insights  |  Market Trends  |  Workforce

Executive Survey Insights Wave 38: February 7 to March 6, 2022

By: Lana Peck  |  March 10, 2022

As the pandemic eases and occupancy recovery in senior housing progresses, rising operating expenses may limit the degree to which operating margins will grow in the next six months. In the Wave 38 survey, three-quarters of respondents expect margins to increase; the majority anticipate the increase will be between 1% and 5%. Nearly three-quarters of respondents are optimistic that labor and staffing challenges will begin to ease in the second half of 2022 or 2023. Currently, all respondents are paying staff overtime hours and four out of five rely on agency or temp staff to fill in the gaps. About one-half do not expect their reliance on agency or temp staff to change in 2022; however, 40% anticipate it will decrease.

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