Brookdale Senior Living is upping its workforce recruiting efforts amid what company leadership called an “intense” competitive labor environment, including raising wages in certain markets.
The Brentwood-based company said they are having to increasingly lean on costly contract labor to fill workforce voids — negatively affecting their bottom line. Brookdale leadership believes the current labor shortage is “transitory” and expects pressure on its margins to improve in 2022, according to company filings.
“As expected, the Company continues to see expense pressure associated with the intensely competitive labor environment,” officials with Brookdale said. “It has increased its recruiting efforts to fill open positions and, in certain markets, is actively adjusting wages to remain competitive.”
Shares of the company (Ticker: BKD) fell 7 percent Friday afternoon to $5.81 after holding steady around $6.75 all month. Brookdale was trading hands at its highest point in a year in June — and has been working to recoup occupancy levels lost throughout 2020.
“Brookdale is proud to have delivered six months of sequential occupancy growth," Brookdale CEO Cindy Baier told the Post on Friday. "We are optimistic that while facing some moderation caused by the spread of the Delta variant and a nationally recognized competitive labor environment, we will continue to build on and refine our plans to position Brookdale for long-term success. Our resilient Brookdale teams across the country will soon be hosting booster clinics to help keep our communities as protected as possible.”