2020 Benchmarking Report Shows Employee Retention and Pay Advantage
Home care cooperatives pay their caregivers more and have a significantly lower turnover rate than their non-cooperative competitors according to the recently released 2020 Home Care Co-op Benchmarking Report. The report, which was produced by The ICA Group, in partnership with CDF, is based on 2019 calendar year data gathered from a July 2020 survey of U.S. home care cooperatives and analyzes key data metrics.
Home care cooperatives pay +$1.93 per hour more than non-cooperative peers
58% of all eligible employee caregivers are worker-owners
Average annual caregiver turnover is 36% compared to the industry average of 64%
"We have always intuitively known that home care cooperatives provide better jobs and better care, but we were never able to prove it. Now, with three years of sector data we can clearly demonstrate where we are leading, but also where we are falling short. Guided by the principles of cooperation, we know that we are stronger together. The future is bright for this growing sector of pioneers and change-makers," said Katrina Kazda, Director, ICA Home Care.
There are now 14 home care cooperatives in the U.S. with two new cooperatives incorporated in 2019. 170 new cooperative employees were added in 2019 with a 10% increase in the average rate of caregiver-ownership. Read the full report here.