The home care field is, unfortunately, perfectly situated for an increasingly difficult hiring and retention crunch. Caregivers play a vital role in an aging population, but it’s tough to have to constantly compete on wages in a tight labor market–especially when the clients themselves are on fixed incomes.
A Rising Need for Caregivers
The Bureau of Labor Statistics estimates that there will be 7.8 million home caregiving job openings by 2026. This is going to be driven by a combination of factors–3.6 million workers will retire, another 2.8 million workers will leave for different jobs, and then 1.4 million new positions will be created due to the rising demand from those over 65. In fact, it’s estimated that the home caregiver workforce is set to grow more than any other occupation in the country.
Finding Retention Solutions Outside of Compensation
Home care franchises are being stretched to their limit on compensation, driving high turnover and difficulties hiring. With clients largely on fixed incomes, the field as a whole needs to get creative to entice and keep those hourly caregivers long term. For one national home care franchise, this meant introducing Avibra’s safety-net benefits.
Successful home care businesses are learning to leverage benefits to create stickiness with their caregiver workforce. After all, a common issue that comes with limited compensation is a lack of a safety net.
Tying benefits to employment is a longstanding method of retention, but one that many employers are quickly priced out of. Either they heavily subsidize expensive benefits, or they go with fully voluntary benefits that are employee-paid–which often doesn’t feel like a benefit at all.
Benefits with High Enrollment Rates–and Low Costs
For this national home car franchise, Avibra was the right answer. Six months in, their part- and full-time hourly caregivers enrolled at a rate of 47.1%. It was higher than what they saw with any other opt-in program they’d ever tried.
This home care franchise was pleasantly surprised to see such a high uptake with opt-in benefits. Clearly, their caregivers saw the value in Avibra’s safety-net benefits. New workers were signing up and excited to explore the benefits during onboarding. And existing caregivers appreciated using their free benefits and exploring additional options for just $1/week each in the Dollar Benefits Store.
Leveraging Work Lotto for Retention and Performance
Work Lotto–a fully Avibra-administered lottery–has been a key part of the benefits retention strategy for this home care franchise. Rewarding reliable caregivers who show up for shifts has the one-two punch of driving retention and rewarding extra shifts picked up.
Caregivers were excited to gain opportunities to enter Work Lotto. Franchise location owners used it as a lever in both retention of their existing staff as well as filling gaps in scheduling. They celebrated wins right alongside their workers. Over 6 months, 1,164 shifts were logged with over a dozen winners from Avibra’s collective employer pot. It was so successful, the franchise is planning to subsidize their own exclusive Work Lotto pot. It’s a win for employer and caregiver alike.
Avibra helps people from all walks of life by offering affordable financial, well-being and protection coverage. Avibra works with retailers, gig platforms, franchises, fintechs and more to unlock safety-net benefits through their enterprise platform. By providing access to a previously underserved population, Avibra’s mission is to help more individuals feel happier, healthier and safer. For more information, visit www.avibra.com.