WORKFORCE DEVELOPMENT
A Quarterly Look at the State of the Senior Living Workforce
A
rgentum has been tracking the senior living industry’s quarterly job and wage growth to monitor its
performance and how it compares to other sectors including medical establishments, re- tail, restaurants and lodging. Keeping abreast of workforce development issues and offering solutions is a key imperative of Argentum as the industry faces many opportunities and challenges today and in the future. Since Argentum began more formally
tracking job and wage quarterly perfor- mance in 2016, senior living has proven itself as a top performer for the nation, demonstrating its fiscal health and offering an attractive career path for employees. Delving into the most recent data
available from the U.S. Bureau of Labor Statistics, the industry’s job growth shows acceleration in the third quarter of 2016,
adding 5,100 net jobs in the third quarter on a seasonally adjusted basis. That figure is up from a gain of 3,200 jobs in the second quarter of 2016. Additionally, the average hourly earnings of
assisted living employees increased 4.1 percent between the third quarters of 2015 and 2016, which was nearly 2 percentage points higher than wage growth for all U.S. private sector employees. Continuing care retirement com- munity staff also saw an increase in wages, but at a more modest 1.9 percent.
Job Growth Strong in Home Health Care Among related industries, the home health care industry continues to register the stron- gest job growth. Employment in the home health care sector increased at a robust 4.6 percent between the third quarters of 2015
and 2016, which was more than double the growth in total private sector jobs. The hospital sector also added jobs at a healthy clip. Restaurants and accommodations ex- perienced job growth of 2.4 percent, which represented the slowest four-quarter job growth since the first quarter of 2011. The chart below provides more details in trends in employment across related industries.
Wage Growth Strong in Senior Living Wage growth of senior living industry employees was stronger than their counter- parts in the overall private sector in recent quarters. Average hourly earnings of senior living employees rose at a 2.7 percent rate between the third quarters of 2015 and 2016, which was slightly above the 2.4 per- cent gain in the average hourly earnings of all private sector employees.
Trends in Employment Across Related Industries
Number of Jobs: Q3 2016
Senior Living Industry
Continuing Care Retirement Communities Assisted Living Communities Skilled Nursing Hospitals
Home Health Care Retail Trade
Restaurants and Accommodations Total U.S. Private Sector
896,000 473,300 422,700
1,663,200 5,102,400 1.394,000 15,927,200 13,596,800
123.1 million
Q3 2015 to Q3 2016
1.9% 1.3% 2.5% 0.3% 3.3% 4.6% 1.9% 2.4%
1.9% Source: Argentum analysis of data from the Bureau of Labor Statistics; figures are not seasonally adjusted 14 SENIOR LIVING EXECUTIVE / ISSUE 1 2017 2014 to 2015
3.5% 3.6% 3.4% 0.1% 2.6% 4.9% 1.8% 2.9%
2.4% 2013 to 2014
2.7% 1.9% 3.6% -0.2% 0.0% 2.6% 1.8% 3.0%
2.2%
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