In some ways, the pandemic solely accelerated points that already have been rising in senior residing. Between traditionally low occupancy charges, staggering worker turnover and the fixed seek for proficient, motivated individuals, the coronavirus has compelled communities to confront these issues head on with heightened focus.
Now that communities are specializing in what we hope is a far clearer path forward, it’s time to begin implementing options that, as soon as and for all, can deal with the completely different points holding again web working revenue, or NOI.
Though I’m hesitant to label video storytelling as a miracle remedy to all of senior residing’s woes, it has confirmed to be an especially highly effective software within the fixed battle for improved NOI in senior residing.
Tackle low occupancy from each side
With senior residing industries dealing with low occupancy, turnover, staffing challenges and labor shortages – many communities want to seek out out-of-the-box options past the tried-and-true.
Video addresses each side of the occupancy charge spectrum — move-in and resident turnover charges — by means of its constructive impact on prospects and residents. In actual fact, in accordance with analysis from Enquire, video can enhance move-in conversion charges to 13%, nearly double the success charge with out video.
First, video storytelling can deal with low occupancy in a brand new and distinctive method and drive move-ins. For instance, video content material lets communities personalize their messaging throughout your complete purchaser journey. Video is a robust medium that permits senior residing employees members to contact a prospect and his or her family members, deal with the person by title, and reply his or her particular questions and considerations. Evidently, such personalization could be a potent NOI driver and differentiate your neighborhood from others.
Second, the opposite good thing about video storytelling is protecting present residents and households happy with a neighborhood, which in flip reduces turnover charges. A video sharing a resident’s story shines a vibrant gentle on the resident’s high quality of life whereas additionally protecting households linked by means of shared remembrances, one thing that’s particularly essential when in-person visits nonetheless are difficult.
Video drives worker engagement
Even earlier than the pandemic, senior residing already had one of many highest turnover charges of all of the service industries, at 50%, in accordance with the Bureau of Labor Statistics. Senior residing accounting departments already know that top turnover and ineffective recruiting are main value facilities for communities, averaging $3,500 to $5,000 per misplaced worker. By utilizing video storytelling in human assets and hiring, nonetheless, these age-old prices don’t need to be such a big pressure on NOI.
As with occupancy charges, video storytelling can also propel worker engagement and recruiting, boosting NOI alongside the best way. With video-based worker introductions, shout-outs, messages from management and HR, and extra, video may be partaking and immersive, serving to communities each retain and appeal to workers. Worker engagement fuels worker retention, and if an worker is absolutely engaged within the work, then that particular person is dedicated to staying with the group.
Tips about incorporating video into gross sales and advertising methods
I do know the idea of video storytelling continues to be fairly new to many — even perhaps most —senior residing communities. That mentioned, I additionally wish to impart a couple of easy suggestions we’ve developed at OneDay to rapidly and simply combine video into gross sales and advertising methods:
- Use customized movies to have interaction a prospect at each stage of the gross sales funnel and pipeline. From discovery calls, pre- and post-tour follow-ups, and fast check-ins to estimate walk-throughs and post-close welcomes, video may help keep momentum throughout the gross sales course of. Moreover, relying on the chosen platform, it additionally seamlessly can match right into a workforce’s workflow with intuitive enhancing, branding and automation options.
- Incorporate video storytelling into your HR technique. The obvious use circumstances for video storytelling in HR deal with social media advertising, one-to-one candidate engagement and customized messaging to referral sources. Past the commonest purposes, nonetheless, communities can also leverage video for job listings, candidate introductions and follow-ups, worker and resident testimonials, and inner communication with employees members.
- Foster worker engagement by means of video. Think about how thrilling it might be for a brand new rent to obtain a heat video welcome from administration and colleagues, welcoming the particular person to the workforce. That’s the kind of messaging that stands out to workers and kinds a long-lasting sense of loyalty. Movies are also an ideal method to remind employees members of the explanations they do that work, by sharing movies of senior residing residents and their households to additional create these private connections that may maintain employees members engaged.
Such distinctive and memorable video storytelling methods permit senior residing communities to extend their consciousness and attain, response charges and hiring efficiencies, all whereas bettering workforce morale and firm tradition. That’s why video storytelling is as shut as a neighborhood can get to discovering a silver bullet for therefore lots of the points dragging on NOI.
Eric Varin is vice chairman of consumer success at OneDay.
The opinions expressed in every McKnight’s Senior Dwelling market column are these of the writer and will not be essentially these of McKnight’s Senior Dwelling.