So hiring conversions from 2019, overall. All right? So, overall. I’ll show you the masters in a second, but let’s just stay with the overall. This is everybody in the industry who participated in the survey.
49.2%, so basically half of the people who come in and they apply for work, actually make it to an interview. Now, how can we improve upon that? A lot of the tips that Jennifer talked about yesterday with how we answer the phone, even though she was mostly talking about handling it from a prospective client’s point of view, the same things can apply to the caregivers, that first person who’s answering the phone. When we answer the phone, are we frazzled and frustrated? “Ah, thank you for calling CareChoice, this is Steve how can I help you?” Or am I polite and pleasant? Even if like, dude, a bomb just went off in Jennifer’s office right now, right? And everything is gloom and doom, and the sky is falling, I’m gonna still answer the phone, “Thank you for calling CareChoice, this is Steve, how can I help you?” That’s just, right, initially first impression is a lasting one. That sounds like, “Who is this?” This sounds good and it’s just the start of a conversation that could lead to an interview. I would like to see this number go up, all right?
Then you got the next one here, okay? Number of caregivers interviewed. So out of 264, we’re gonna interview 130, 50%, and this could be a good thing, but it may not be. Half the caregivers who were interviewed, ended up getting hired, all right? We’re gonna come back. 50%. Now, when I think about my clients who have the highest retention rate, I have several clients in my Mastermind Group, But mastermind clients, they’re the ones I spend the most amount of time on, I’ve been to all their offices, I talk to them all the time, they texted.
I had one of my Mastermind clients just sent me an email, a little while ago, I didn’t get chance to follow. Michael, I saw your email, I didn’t get a chance to follow up yet. I’m running a bootcamp, as you know. I know you saw, you’re thinking the bootcamp is great. I love you buddy, my Chicago brother, over there. When I look at my clients who have the highest retention rate, and we’re talking like an 80% retention rate, that means the 20% turnover rate. Meaning, if you hire a hundred caregivers a year from now, 80 out of those hundred caregivers will still be working for you, that’s an 80% retention rate. That’s a 20% turnover rate, right? That hole very small. One of the biggest reasons for that hole being small, is this percentage, is even lower.
Meaning, they have the strictest policies and rules when it comes to hiring a caregiver. So they truly get the cream of the crop, the best of the best. If you don’t interview with us, and it’s very, very difficult. I want you to understand, very strict interview rules, all right? I’d like for this number to be higher, I’d like for more people to come in for interviews, but I would like for a higher percentage of, I’m sorry, a lower percentage, fewer people to actually get hired. More interviews, less people get hired, still gives you more people coming in because it gives you the cream of the crop. That’s what we’re looking for. Does that make sense, everyone? Yes? Good.
So we want more people coming in for interviews but hire fewer of them because we want the best of the best. Now this is very difficult to do because we are usually under the gun to get caregivers to come in. And most standard practices, is to cut corners, to get the caregiver in as quickly as possible. But when we cut corners, you’re not doing it right, and that’s going to lead to a problem down the line, like a caregiver doesn’t show up or they walk off the job, or worse, right?
Strict hiring processes during your interview, all right? And then new hires, 24.5% of applicants were hired. So this number can still be the same, you can still get 25%, we just want of this number, more people to get to this and then fewer people to get to here, if that makes sense. More people would come in for an interview, fewer people get hired, and you make it by flipping the script.
What do I mean by flipping the script? Right now, it’s a buyer’s market. Meaning, “I’m a caregiver, everybody wants to hire me. I could do whatever I want because there’s always somebody willing to hire me.” It needs to be a sellers market, “If you want to work here at this company, this is our standard. You’ll be glad that you work here and you’re going to want to work here because of how well we take care and support our caregivers. But this is the level of performance. This is where most people are, so you’re gonna have to elevate this, and if you don’t like it, that’s fine, you can work somewhere else.”
That’s a seller’s market. And I know, I can already see, I’m waiting for the questions when I do the Q&A, “That’s easier said than done, Steve, easier said than done.” That’s what we did at CareChoice, and we were doing a $5 millions a year, 10 years ago, right? We did the same exact thing and yes, we still have 200, 300 competitors, and yes, it was fighting for every caregiver that you can get in, and yes, there were times and clients didn’t have caregivers and yes, there were times when we couldn’t take on new clients because we didn’t have caregivers. The same problem doesn’t change, but the retention makes it a lot easier for you to continue to grow.
