Let’s face it — the past few years have been a whirlwind for careers in aging. Executives growing their senior living careers have battled a pandemic, staffing shortages, and constant changes. And they’ve come out the other side as warriors of the workforce.
As the dust begins to settle, we find ourselves on the brink of a new era. What will careers in aging look like in 2023?
Careers in Aging Week 2023
March 26–April 1 is Careers in Aging Week for 2023. The Gerontological Society of America (GSA) hosts Careers in Aging Week each year to bring awareness to the industry and inspire professionals in senior living careers to reach their goals, seek innovation, and amplify their voices.
The GSA has provided resources for individuals of all sectors during Careers in Aging Week 2023. See how you can get involved here!
Opportunities & Challenges Ahead in Senior Living Careers: Careers in Aging Week 2023
Careers in Aging Week 2023 is a chance to not only reflect on your career but to look forward to the exciting opportunities that await you. Based on recent research, some of these opportunities include:
Increased Access to Industry Data & Technology
The future often feels unclear for those pursuing careers in aging. Yet, data has the power to clear the fog and uncover opportunities to improve what we do. The senior living industry isn’t known for its passion for pursuing data, technology, and trends. However, this data is out there and more accessible than ever. By accessing it, you can find answers to questions like:
- What does the upcoming generation of seniors need?
- What are the needs and goals of our nurses, CNAs, and healthcare professionals?
- What do our residents need that our competitors don’t offer?
C-suite leaders can set themselves apart in their senior living careers by using the data they already have to innovate new solutions.
Thanks to modern technology, you can find systems that interpret this data for you, so there’s less time for busy work and more time for making decisions that bring results.
Post-Pandemic Recovery for Senior Living Organizations
Things are looking up. The 2023 Senior Living Industry Outlook Report captured insights from 224 senior living executives and representatives. Of the respondents,
- Nearly 4 in 5 had a positive outlook for the industry in 2023.
- About half believe occupancy levels will bounce back to pre-pandemic levels by the end of 2023.
M&A Trends & Opportunities
In the same survey, nearly half of the experts said their organizations planned to buy senior living property assets, continuing the private equity trend into 2023.
This means strategic partnerships are more important than ever. Executives growing their senior living careers need strategies to evaluate the market and identify opportunities for merging or acquiring.
As a result, many senior living organizations are shifting their market, considering questions like:
- Should they focus on building a strong local presence or expanding on a national scale?
- Is there a greater need in the low, mid, or high-level market?
M&A opportunities encourage us to identify and fill gaps in the market.
Investing in Staff Retention
At no surprise, over 3 in 4 senior living executives believe staffing will be the greatest cost for senior living facilities in 2023.
While occupancy rates are forecasted to increase, they’re limited by the number of staff available. Your residents and employees are connected; investing in your team’s satisfaction is investing in your residents’ satisfaction:
- Successful organizations are offering competitive wages, ongoing training, flexible scheduling, and wellness programs to foster a positive culture.
- Harness the opportunities of current data and technology. Automate or outsource small, menial tasks to lighten your staff’s load and make the most of their time.
If 2020 taught us anything, it’s that the world can change in an instant. Many senior living organizations are diversifying their revenue streams to create a stronger, stabilized business model.
This is enabled by the shift in the value of holistic and mental wellness. Some senior living executives plan to expand their services to behavioral health and non-facility-based care to protect and diversify their assets.
This doesn’t necessarily require an increase in staff but an increase in quality of care:
- What wellness plans and outcomes does your facility offer?
- What unique resident challenges can you solve?
Whether through creative programs, partnerships, or payment plans, you can diversify and refine your offerings to create opportunities for your career.
Finding Opportunities for Senior Living Careers
Creating a meaningful senior living career is all about growth. Seeking new opportunities can expand your capacity to make an impact, innovate solutions, and leave your mark.
Connect with the right people at the right time with Full Spectrum: View open positions for C-suite senior living careers here.