March 9, 2023

Senior living will need 3 million workers by 2040: Argentum

McKnights Senior Living

By 2040, long-term care settings will have 20 million job openings — 3 million of those alone in senior living — escalating the need to recruit and retain workers, and to educate lawmakers on the acute and growing crisis.

Argentum released its “Workforce Projections for Long Term Care Sectors” during its Public Policy Institute this week in Washington, DC. Based on forecasts from the Bureau of Labor Statistics, the report examines the workforce landscape across senior living, skilled nursing, home healthcare and services for older adults and people with disabilities.

he report was developed to identify gaps in the long-term care workforce and to support Argentum’s strategic plan to develop workers and effectively tell the industry’s story to lawmakers and regulators.

“The data provides a realistic look at where our industry’s workforce challenges lie,” Argentum President and CEO James Balda said. “The next decade certainly will have its own set of challenges recruiting and retaining a senior living workforce, but it also will have profound opportunities to shape how the industry cares for America’s seniors.”

Total employment across all long-term care provider types industry is projected to reach 8.3 million by 2040, representing a 42.1% increase from 2021 employment levels. On top of the additional 2.5 million jobs that will be created in the industry in that time, an additional 18 million job openings will result from employees exiting the labor force or changing jobs.

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