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Senior
[re]Defining Executive Leadership: What You Need in a Next Generation CEO for
Today’s Next Generation Customer
Presented by
Oklahoma Leading Age ConferenceMarch 12, 2014
Senior
Senior
HCapSearchSenior: Dedicated to Nonprofit Senior Living
Combined 70 years’ hiring experience45 years in the senior living market
AAHSA/Leading Age leadership
Passionate about senior adults – the senior living industry
Philosophy and approach
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Out of the Poorhouse Caring for senior adults has long been the mission of nonprofit, faith-based organizations1800s – from the almshouse to Homes for the Aged 1954 Medical Facilities Survey and Construction Act1965 Medicaid and Medicare –
Facilities up 140%; beds up 302%1970s and 80s reforms and regulations2000: $100 billion industry
The case for [re]Defining Leadership:The Industry
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Yesterday’s Senior Living Community
Heavily weighted toward skilled nursingYounger residents with greater needsDrab, institutionalLittle to offer in food and amenitiesPaternalistic view of the resident and their family
Post-1970s
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2012 CDC/NCHS Study of Long-term Care Facilities
58,500 providers serving 8 million seniors across a continuum of servicesNearly half -- 22,200 – are residential care communities15,700 are nursing homes21% - 25% nonprofit runOnly about 5% with 100 beds or moreSupply of beds highest in Midwest and West
The Market
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2012 CDC/NCHS Study of Long-term Care Facilities
1.4 million in nursing homes713,000 in residential care facilities
The Market: Users
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Older entry demographicHealthier; living longerHigher income/net worthHigher levels of activity and acuityGreater wants and demands
Today’s customer
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Baby Boom 1946 – 196478 million
Demanding demographic‘Generation Reinvention’Greater percentage of entrepreneurs50 is the new 30Dine out often – seek varietyCruise-line mentality
The New Customer : Wants and Demands
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Aging is about LIVING, just right-sized and with services
Creating the “main street,” Town Hall
Open spaces where residents congregate – grab a scone, a cup of Starbucks and read the NY Times
How Senior Living is Responding
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• Creating places where people “want” to live, not where they “need” to live
• Ability to seamlessly move from independent living to health services
• Lifelong learning and wellness centers - beyond basic fitness
• Partnerships foster vibrant communities and intergenerational relationships
Trends
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• Technology promotes independence, wellness
• Urban/suburban near retail and services and with walkable streetscapes
• Affiliation -- or affinity --- housing
• Cooperative models /NORCs
Trends
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• Master-planned communities• High-rise senior developments in 24-hour
neighborhoods • Affiliation-sponsored housing catering to
lifelong learners, religious affiliation and even sexual orientation
What You Can Expect for the Future
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2010 LeadingAge Compensation Survey
43% of CEOs in multi-facility senior living organizations plan to retire in the next 5 years
Implications
Unprecedented competitionMay drain talent from the ranks of freestanding communities
The crystal ball
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Impact of CEO turnover :
• Strategic planning• Development of new services• Capital expansion/upgrades• Marketing and brand impact
ResidentsService area
• Natural assimilation time
Why you should care?
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New CEO: Greatest Challenges
Ever-changing regulationsActual costs vs. perceived qualityKeeping up with the trends service models design staffing best practices Identifying and mentoring the right staff in the right place
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The Nature of the Job
The 2 a.m. callOpen door vs. productivityEquilibrium
Staff turnoverFinancesQuality vs. costsCensus
The Nature of the Individual
Senior Living Leadership Burnout: The Stressors
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Work-life balanceProfessional CoachTools to do the JobExerciseDelegating
Are these included as part of the annual review?
Coping Strategies
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What Today’s New CEO Must Do and Know
Partnership with a healthcare provider
Move the community out of its own walls
Forge strong community partnerships to provide services you can’t do feasibly/economically on your own
Be rabid about customer satisfaction
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Traditional route to the top
Work way up through the senior living industry
Healthcare
Faith-based
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Penn StateNew colloquium “Hospitality in Senior Living”
Matches the demographic of the new customer
Boomers eschew nursing homes but say they will consider rehabilitation in a “hotel-like” facility
Hospitality: The New Career Track
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What great CEOs have in common
Passion
Often long-heldHard to be successful without this single quality
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What is the key to long-term success?
Today’s hiring environment features lots of bells and whistles (OAD, Predictive Profiling)
One of the most important elements to ensure quality hires and retention: thorough understanding of the community’s culture
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Succession Planning
Critical function of the board
Must be fluid and timely
Can be threatening
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Succession Planning
Two general scenarios will trigger the need
Assess current situation and needs/assets
What type of transition environment will the new CEO inherit?
Develop the framework
Process, decision making, candidate profile, who will be involved
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Succession Planning
The internal candidate
Talent identificationProfessional development plan
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Of your communityYour residentYour ‘brand’Internal and External SWOTLong-range plan and goalsCulture and history
Critical: A Thorough Internal Assessment
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Seek to involve your STAKEHOLDERS In the process
ResidentsFamily/former family membersFoundation leaders and donorsCommunity partners and supporters
Often overlooked aspect that will build success
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Turnover is only bad if ….
The risks of overemphasizing employee retention at all costs
Have No Fear
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Subject-Matter ExpertiseHealthcareAgingActivityWellnessLegal/Regulatory
Strong communicatorBusiness/finance savvyLong-Range PlanningHR/Management
What you want: The Basics
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Understand and manage multiple bosses
Thought leader: know the trends, be able to read the tea leaves and know what to do about it
Project Management – to understand what it takes to bring all the pieces together
Plus …
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Enjoys -- or at least understands the importance of -- being out and about
Strong on relationships in the community -- more and more, can’t do it on their own anymore
Familiarity – or at least a quick learner – of the surrounding community
Plus …
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Your Search: Timeline
Week Activity/Objective
1 Star-up; Discovery; Stakeholders
2 - 3 Develop position parameters
4 - 10 4 – 6 weeks intensive recruitment
11 - 12 Candidate selection
13 - 14 Interviews (Rounds One and Two)
15 - 16 Selection and Negotiation
DATE Candidate assumes responsibilities
The Search Process: Candidate Progression
Conduct Round One Panel Interviews
Present Initial Pool to
Search Committee – Select Candidates to Interview
Narrow to Initial Pool for
Preliminary ReviewConsultants Review and
Interview All Candidates – Conduct Preliminary Background
ResearchResults Marketing/Networking/ Independent Sourcing
The Search Process: Candidate Assessment
At Semi-Finalist/Finalist Stage
360-Degree Interviews with Stakeholders
Structured Candidate PresentationsIn-depth Background VerificationProfile XT Performance Predictive
ModelingIntensive Qualitative Referencing
Prior to First-Round Interviews
Background Research (Education, Prior Work History, DMV,
Connections)In-person meeting; area tourSupport for Interview Team
(Questions, Scheduling, Evaluation Tools) Bi-weekly, or as Desired
Client updates of candidate pool via Candidate Dashboard Review of
QualificationsInitial Screening
Resume Review Verify
Completeness of Submission Internet Research Social Media Search Personal Phone Call or
Meeting
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Executive Compensation
Increased ScrutinySafeharbor Rebuttable PresumptionCompensation CommitteeCompensation PoliciesBenchmarking Comparables
Your Legal and Fiduciary Responsibilities
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First Three Months
First Six Months
First Year
Good practices to put in place
Once Your New Leader is On Board
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Thank you!
Contact us
Jean [email protected] (direct)
Jennifer [email protected] (direct)
Laura [email protected] (direct)