As we covered in an earlier post, Recruiting Caregivers: #1 Strategy to Learn What Your Competitors are Offering, your competition isn’t just other home care agencies. Other industries are hiring Caregivers, pulling them out of your labor pool and into theirs. Target’s recent announcement to raise minimum wage to $11/hr nationwide with a commitment to $15/hr by the end of 2020 continues this trend. This pay boost also applies to the more than 100,000 seasonal employees they’ll add this holiday season.
This bump puts Target above the minimum wage in 48 states and matches that of Massachusetts and Washington. We’ve seen wages for Caregivers steadily on the rise, too. You can read all about it in our article Caregiver Pay Insight: 36% of Caregivers Report Making More Than 12 Months Ago. Staying competitive with your caregiver recruitment is getting more challenging, and agencies are having to find new ways to improve their CNA recruitment. Insurance group Genworth Financial released a recent report on the cost of care which shows the median cost of a certified caregiver has gone up over 6% from last year, and uncertified care nearly 5%. This increase is caused by a number of factors, but the need to raise pay in order to continue hiring caregivers is a big part of it.
As competitors both in home care and in other industries raise their wages to better attract and retain top talent, agencies are going to have to follow suit to stay in the mix when recruiting Caregivers. You can check your pay using the Caregiver pay portal which sources real time data from Caregivers in your area. This will give you an idea of where you stand today, and help you plan for how you can stay competitive with your home care recruitment tomorrow.
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