11.7.2024 Jodie Prosser
The team attended the National Retirement Living Summit 2024 at the Gold Coast, where they gained valuable insights into the future of the retirement living industry. One of the highlights of the summit was the keynote address by Australian demographer, Simon Kuestenmacher, who shared his expert analysis on the changing landscape of retirement living and its implications for the next decade.
Insights Shared by Simon Kuestenmacher
During his presentation, Simon highlighted several key points that are set to shape the future of retirement living:
- Growing Need for Age-Friendly Housing: Simon emphasised the increasing demand for age-friendly housing and the importance of adapting to the changing needs of the ageing population.
- Changing Values of the Baby Boomer Generation: He discussed how the values and preferences of the Baby Boomer generation are evolving, influencing their expectations from retirement living communities.
- Impact on Mental Health and Social Isolation: Simon addressed the potential rise in social isolation and its impact on mental health across all age groups, emphasising the significance of creating walkable communities and utilising technology for engagement.
- Generational Differences: He shed light on the differing characteristics of various generations, particularly highlighting the influence of Gen X leaders who prioritise facts and data, and how this will shape the expectations of retirement villages. Additionally, he noted the rising presence of Gen Y in the workforce and their preference for digital systems, necessitating a shift towards digitalisation in retirement living operations.
Key Solutions for Operators
One striking observation from Simon's presentation was the impending workforce shortage in the industry and the need for automation and streamlining of processes. This calls for innovative solutions like Person Centred Software’s Retirement Living Software to address operational challenges and enhance workforce productivity:
- Utilising Fit-For-Purpose Technology: Person Centred Software offers a comprehensive system to assist operators in various aspects of their operations, from reducing key person risk by providing a portal to maintain records, access to historical information and setting up re-occurring tasks, to improving workflow efficiency.
- Enhancing Workforce Management: By leveraging automation and digital tools like Person Centred Software’s Retirement Living Software, it helps operators with expanded visibility on day-to-day operations within their communities, enabling them to work with facts and data which ultimately saves time, streamlining of tasks, and ensures operational continuity in the face of workforce shortages.
- Improving Retention and Engagement: The Retirement Living Software provides a platform for storing resident records, facilitating communication, and enabling access to historical data, aligning with the expectations of tech-savvy generations and promoting psychological safety among staff. Having a system that has mobile access so Village Managers can action or record tasks on the go and the ability to reassign tasks to others is also important.
Investing in Labour-Saving Technology
Person Centred Software’s Retirement Living Software emerges as a valuable asset for retirement living operators looking to invest in labour-saving technology and optimise their operational processes:
- Efficiency Boost: By automating repetitive tasks and offering streamlined workflows, the software significantly reduces administrative burden (2-4 days per month of admin time saved) and enhances productivity, saving operators valuable time and resources.
- Historical Data Accessibility: The software's centralised repository ensures easy access to historical information, eliminating the frustration of searching for data and enabling informed decision-making.
As the retirement living industry navigates a period of significant change and adaptation, embracing innovative solutions like our Retirement Living Software can pave the way for enhanced operational efficiency, improved workforce management, and ultimately, a more sustainable and successful future for retirement living communities.
The key takeaway from the National Retirement Living Summit 2024 is clear: to succeed in the future of retirement living, operators must embrace technology, prioritise workforce optimisation, and focus on creating engaging and sustainable communities for residents of all generations.
Contact us today to learn more about how our innovative software can futureproof your retirement village!
