What We Learned At LeadingAge: Attendees Biggest Challenges in 2024

Attending annual events allows us to introduce ourselves to new people and showcase our industry-leading solutions. It also allows us to learn more about those who attend. 

Recently, we attended 2023 LeadingAge in Chicago, IL. This 3-day event presented an opportunity for professionals in the long-term care industry to acquire invaluable knowledge in a rapidly evolving landscape that has become increasingly competitive in a post-COVID world.  At our booth, we asked attendees to vote for the challenge they believe will impact the long-term care industry the most in 2024. Let's take a look at the results. 

Staffing Shortages

Considering we recently went through "The Great Resignation," it comes as no shock that attendees acknowledged staffing shortages as their top challenge. Recent research showed by 2022, an astounding 50 million workers had chosen to part ways with their jobs, closely following the 47.8 million who had done so the previous year. As we close out 2023, this trend has gradually eased, resulting in 30.5 million workers presenting their resignations as of August. Luckily, there are numerous strategies that companies can adopt to address and overcome this challenge.

Government Funding

Attendees reported government funding as another significant hurdle. In these challenging times of a global recession, small and medium-sized enterprises (SMEs) grapple with numerous challenges to survive. Recent research indicates that the impact of the recession has become a growing concern for these businesses, leading many to make difficult decisions such as laying off employees, reducing wages, or worse. With adequate government funding, it can be easier for these businesses to stay afloat.

Financial Constraints

Financial constraints can be a real challenge for small businesses, especially when there's inadequate access to venture capital, inflation, and rising interest rates. However, strategies to mitigate these challenges include investing in growth, loan assistance, and more. 

Growing Competition

It's unsettling to see new businesses within your industry popping up at every turn. Unsurprisingly, this has become a significant challenge in 2023, considering the substantial increase in monthly business applications since mid-2020.

But competition doesn't have to be a bad thing. If done correctly, competition can be leveraged to make your own business better and improve your market position. 

Lack of Technology Solutions

Technology solutions play a crucial role in the operations of most companies; they are a catalyst for growth when effectively utilized. However, if they're unavailable, you can do nothing as a business owner. 

Businesses need frictionless tools that empower their workforce. At Proliant, we provide industry-leading human capital and payroll solutions that streamline processes, improve accuracy, and ensure compliance. If you'd like to learn more, click here to get started.