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Senior Living Succession Planning

In an industry already confronting recruitment challenges, the question of succession is an increasingly urgent one.

Elizabeth Ecker, writing for Senior Housing News, has pointed out the lag between the necessary education for senior living professionals and the growing populations they serve.

Now, she says, a majority of senior living organizations are facing the imminent retirement of their top leadership, yet they’re taking few steps to effectively replace CEOs approaching retirement age.

According to Ecker, This lack of a proactive approach may arise from a shortage of qualified graduates entering the senior living workforce and the reluctance of the industry to train from within.

Because it’s more difficult for small, family-owned organizations to recruit talent, Ecker says the succession question may drive consolidation moving forward. Companies can take steps to stay strong through changes in leadership by having the succession conversation early, partnering with institutions to attract and train top talent, and expanding professional development efforts at every level of their organization.

Sources: Senior Housing News: Will the Search for New CEOs be the Next Big Senior Living Challenge? and Senior Living Education Attracting Students, Needs More Industry Support