A careful walk through the pages of the 2018 Home Care Benchmarking Study shows all roads lead to one clear answer.
When the researchers at Home Care Pulse asked agencies, “What do you see as the top threat to the future growth of your business in 2018?” Nearly 30 percent said caregiver turnover was the biggest threat to their future growth.
What do Caregivers say?
When caregivers were asked how satisfied they were with certain aspects of their employment, they consistently listed “training received” as one the most disappointing issues.
What do your clients want?
When the study looked at the top 5 things that set a provider apart from its competition, “High Quality Caregivers” was the clear winner.
The solution is clear!
Your caregivers crave QUALITY training. Your clients REQUIRE high quality caregivers. How do you get high quality caregivers? You offer high quality, caregiver training. Seems like an easy solution, right? One plus one equals two!
But, there’s a problem with the math.
The finance section of the study reveals that in this industry, 1 + 1 = 0.1%. Under the heading “Direct Care Expenses,” agencies with a median revenue of $1,619,600 said they invest 0.1% in caregiver training.
That’s one tenth (1/10) of 1 percent of total revenue spent on the ONE THING that solves EVERYTHING!
Here’s the math:
0.1% of $1,619,600 is $1,619.00.
So, an agency, in this example, with 50 caregivers, spends about $32.00 per caregiver, per year on training.
What’s the standard?
The 2017 Training Industry Report, which looks at training provided across all industries found that overall, on average, small companies invest $1,075 per learner, per year on training.
Where do you stand?
You may look at that number and think you can’t afford to invest that much in training. But the truth is, you don’t have to. Professionally prepared, quality, caregiver training doesn’t have to break your budget. In fact, it doesn’t even have to go much higher than 0.1% to make a big difference.
But, it’s not just about the money you spend. The key is: QUALITY. Not all caregiver training providers are equal when it comes to quality, price, and customer service. For example, you might assume the highest priced provider delivers the highest quality product, but with Caregiver Training, that rule doesn’t always apply. Look for a training provider whose price reflects the QUALITY of the product.
Want to find out how affordable it can be to offer high quality caregiver training?
Reach out to one of our Caregiver Training Advisors today!
