Creative Benefit Packages Boost Home Care Providers’ Success
TL/DR –
Home care companies have focused on creating comprehensive benefit packages to attract and retain employees in a challenging labor market. Companies such as Devoted Guardians, Right at Home San Gabriel Valley, and Family Tree Private Care offer diverse packages such as health care insurance, retirement benefits, performance-based bonuses, flexible work schedules, and unique systems like a “star system” for employee recognition. Despite the challenge of affordability, especially for small businesses, these companies have seen improved employee retention rates, and in some cases, double-digit growth year-on-year.
Enhancing Caregiver Benefits Amid Labor Market Challenges
Home care companies are redefining employee benefits packages for caregivers amidst a tough labor market. Standouts in the sector, like Right at Home San Gabriel Valley, Devoted Guardians and Family Tree Private Care, are leading the trend with comprehensive benefits packages.
Devoted Guardians, a home-based care provider operating throughout Phoenix, offers a broad benefits package. Full-time employees receive health care insurance, 401(k) and milestone-based bonuses. Additional perks include dental, vision, disability, life, accident, and cancer insurance.
The company has also introduced a unique reward system called the star system. This platform allows caregivers to earn points based on weekly workload and adherence to a care plan, which translate into a star rating. According to Devoted Guardians Founder and CEO Aaron Sinykin, these ratings convert to a financial benefit.
Right at Home San Gabriel Valley offers caregivers a benefits package that includes sick pay, performance bonuses, health insurance, dental care, vision care, chiropractic care, and more. Additional benefits include flexible work schedules, paid training, and retirement benefits. The company also assists caregivers in dealing with state child care benefits.
Family Tree Private Care, a Texas and Colorado-based company offering concierge-level caregiving, private nursing, and care management services, provides a wide range of benefits. These include a minimum essential coverage health care plan, employee assistance programs, dental coverage, life insurance coverage, and 401(k).
Overcoming Benefits Implementation Hurdles
While crafting a comprehensive benefits package is crucial, it does not always guarantee immediate results. Family Tree Private Care experienced this firsthand when their employee assistance program saw a slow uptake. However, by exploring multiple ways to apply services, the company was able to demonstrate the program’s benefits to its caregivers.
Managing logistics poses another challenge, especially for small businesses. Renee Concialdi, Owner of Right at Home San Gabriel Valley, highlights that small businesses often miss out on the heavy discounts offered to big corporations.
Nevertheless, home care companies are recording positive outcomes from implementing comprehensive benefits packages. Right at Home San Gabriel Valley, for instance, boasts a turnover rate of just 48%, significantly below industry average. Devoted Guardians, too, reports significant gains, including double-digit growth year-over-year, since enhancing its benefits package.
Family Tree Private Care has also gained a competitive edge, with its employee benefits being 20% to 30% cheaper with better deductibles and providers compared to other home care companies.
—
Read More Health & Wellness News ; US News