The senior living industry has some work to do to advance diversity, equity, inclusion and belonging, or DEIB, but the industry is in an enviable position to draw from its people-focused mission, according to the inaugural Senior Living DEIB Survey.
In a first for the industry, the Senior Living DEIB Coalition — a partnership including Argentum, the American Seniors Housing Association and the National Investment Center for Seniors Housing & Care — released the results of a survey summarizing data on efforts to address DEIB. The coalition, which was announced in January, also released a DEIB toolkit to inform stakeholders about resources to help them craft their own DEIB plans.
“As an industry focused on service and growth, creating diverse and welcoming organizations is the right path and a critical aspect of expanding talent and human capital to meet workforce needs within senior living,” Argentum President and CEO James Balda said in a statement. “The survey and toolkit are just the first steps toward this industry wide need and effort.”
According to the report — it was announced in March that it was in the works — the industry has work to do in how companies prepare and move diverse individuals through organizations, but it’s starting from a place of strength. The focus, the report noted, needs to shift to development, education, experience and exposure to the executive management levels.
Survey highlights:
- 95% of participants said they are taking steps to recruit potential employees from underrepresented groups.
- 90% of responding organizations focus on gender, race/ethnicity and sexual orientation, whereas age and religion are less commonly used dimensions of diversity.
- 73% of senior living professionals in participating organizations are women. Overall, 53% of employees are white, and 46% are people of color.
- 56% of survey participants’ companies have a formal DEIB committee responsible for developing and implementing DEIB strategies or initiatives.
- 27% of participants have a formal DEIB program, whereas 46% have implemented some initiatives or policies.
- 17% of executives in participating companies are people of color, with 40% of women in executive roles.
Important for business survival
According to the report, those companies that address DEIB properly will become tomorrow’s industry leaders, whereas those that do not will face increasing challenges to business survival.
“The survey signifies the beginning for senior living to measure year-over-year progress of DEIB efforts,” NIC Chief Operating Officer Chuck Harry said. “It serves as a catalyst for additional dialogue within organizations around the practices necessary to advance DEIB.”
Ferguson Partners conducted the research, collecting information across 44 participating senior living companies to review the degree to which DEIB programs are deployed and the diversity of the companies’ respective staffs.
“For an industry in radical transition, culture is a valuable differentiator and driver of results,” according to the executive summary. “Companies simply cannot afford to overlook culture when facing tough competition, financial markets and continued threats of consolidation.”
The majority of survey participants came from assisted living communities (91%) and memory care communities (89%), followed by independent living communities (77%), nursing homes/skilled nursing/rehabilitation facilities (41%) and continuing care retirement communities (39%). Most participants were operators/providers (68%), followed by owner/equity partner/investment managers (22%) and debt providers/lenders and industry vendors (5% each).
Toolkit a roadmap to advance practices
The DEIB Toolkit was developed by Midlothian, VA-based The Axela Group in response to the survey results. The guide was created to help operators initiate conversations and customize their approaches to diversity and inclusion within their organizations.
“The toolkit is where the ‘rubber meets the road’ and senior living organizations take action to either launch or advance DEIB initiatives,” ASHA President and CEO David Schless said. “It contains resources to inform, equip and catalyze positive impact and thinking around DEIB and will undergo periodic upgrades as well as learn more and advance our industry.”
According to the toolkit, organizations that prioritize DEIB are twice as likely to meet or exceed their financial targets and eight times more likely to achieve better business outcomes.
“Data shows that embracing diversity, equity, inclusion and belonging in the workplace is more than a trend; it’s a ‘must’ that yields positive business results,” according to the toolkit. “With challenges such as the Great Resignation, quiet quitting and a fast-growing and more diverse aging population, operators of senior living communities need to act now to capitalize on opportunities that having a more diverse and inclusive workforce enables.”
The toolkit includes information on myths about DEIB, organizational models, assessments, definitions and planning tools.
