The Future Leaders Awards program is brought to you in partnership with PointClickCare. The program is designed to recognize up-and-coming industry members who are shaping the next decade of behavioral health, senior housing, skilled nursing, home health, and hospice care. To see this year’s Future Leaders, visit https://futureleaders.agingmedia.com/.
William Ham, Vice President of Asset Management for Healthcare and Senior Housing, CNL Financial Group, has been named a 2024 Future Leader by Senior Housing News.
To become a Future Leader, an individual is nominated by their peers. The candidate must be a high-performing employee who is 40-years-old or younger, a passionate worker who knows how to put vision into action, and an advocate for seniors, and the committed professionals who ensure their well-being.
Ham caught up with Senior Housing News to talk about why senior housing leaders must enhance the public image and reputation of the industry going forward, and why he thinks the industry will experience enhanced occupancy in the years to come.
What drew you to this industry?
I was drawn to the seniors housing industry because it represented and continues to represent a dynamic and rapidly growing field that aligned well with my career aspirations. Understanding the demand for quality senior living options was anticipated to rise, it offered an exciting opportunity for professional growth and development.
This industry addresses a crucial need while simultaneously allowing me to leverage my skills and knowledge to contribute to advancing those crucial needs. The growth of the industry presented numerous opportunities for advancement and specialization, enabling me to carve out a meaningful career path.
Overall, the seniors housing industry is an ideal environment for both personal and professional development, offering a chance to contribute to a vital cause while building a rewarding and forward-looking career.
What’s your biggest lesson learned since starting to work in this industry?
One of the biggest lessons I’ve learned since starting in the seniors housing industry is the critical importance of adaptability because the industry has faced and continues to face ever-evolving challenges. During my tenure in the seniors housing industry, we’ve experienced issues such as Covid-19, depressed occupancy, oversaturation in certain markets, and rising interest rates.
The Covid-19 pandemic underscored the need for agile response strategies and heightened our focus on health and safety protocols. Navigating through periods of depressed occupancy required creative approaches to engage prospective residents and drive home our value propositions.
The oversaturation of certain markets pushed us to differentiate our offerings. High interest rates have tested our financial strategies and necessitated more thoughtful planning and flexibility.These lessons have reinforced the need to be nimble and resourceful. They’ve taught me that success in this industry is not just about managing day-to-day operations but also about anticipating changes, adapting, and maintaining a proactive mindset to drive positive outcomes and growth.
If you could change one thing with an eye toward the future of senior living, what would it be?
If I could change one thing with an eye toward the future of senior living, it would be to enhance the public image and reputation of the industry.
Currently, misconceptions and outdated perceptions cloud the true benefits and value of modern senior living communities. The narrative needs to shift to highlight the vibrant, supportive, and enriching environments these communities offer; doing so would create a win-win situation for all stakeholders.
Improving the public image would encourage residents to move in earlier, allowing them to enjoy a higher quality of life and a more fulfilling lifestyle in a supportive community. Families would feel more confident in their decision to transition their loved ones into assisted living, knowing that the facilities provide excellent care and a thriving and engaging environment – allowing the families to focus on loving their relative instead of providing care. For operators, this shift would reduce the burden of managing high-acuity residents, as earlier moves would typically involve healthier, more independent residents.
Finally, owners and investors would benefit from better investment outcomes as increased occupancy and positive reputations drive financial performance and stability.In essence, changing the perception of senior living can create a ripple effect that improves the experience for residents, families, operators, and investors alike, facilitating a more vibrant and effective senior living sector.
What do you foresee as being different about the senior living industry looking ahead to 2025?
Looking ahead to 2025, I expect the seniors housing industry to experience enhanced occupancy driven by demographic trends, improved financial performance due to stabilized cost structures, and increased transaction activity as financial markets stabilize.
First, the impending “silver tsunami” will serve to boost occupancy across senior living communities. As this demographic transition accelerates, we can expect an increased demand for senior housing, leading to higher occupancy and potentially reducing the competition and oversaturation that has impacted certain markets in recent years.
Second, stabilizing cost structures should result in improved financial performance. As the industry adapts to new economic realities, operators will be better positioned to manage expenses and enhance profitability. This stability will provide a strong foundation for investment and growth, benefiting both operators and investors.
Finally, as financial and lending markets stabilize, I anticipate increased transaction activity within the senior living sector. With clearer financial projections and more favorable lending conditions, transaction volume should increase, facilitating mergers, acquisitions, and new developments. These changes will contribute to a more robust sector, which will allow us to meet the needs of a growing senior population.
In a word, how would you describe the future of senior living?
Vital. The seniors housing industry has been and will continue to be vital in filling crucial and evolving needs for our aging population. Improved medicine and technology are allowing people to live longer, which enhances the vital nature of the seniors housing industry. Ensuring the industry has committed and qualified professionals will ensure this vital need continues to be met which will further facilitate enhanced longevity and a higher quality of life for our shifting demographics.
What quality must all Future Leaders possess?
Future Leaders must possess a willingness to face an array of challenges with adaptability and commitment to continuous learning. Over the last 10+ years the industry has faced challenges such as COVID-19, rising interest rates, inflation, and oversaturation in certain markets which have tested the resilience of industry professionals.
COVID-19 required leaders to adapt to new health and safety protocols, revise operational strategies, and maintain both resident and staff safety under challenging conditions. Rising interest rates have added financial pressure, necessitating adaptability to navigate operational challenges and manage increased costs. Inflation has further strained budgets and operational costs, compelling leaders to adapt to sustain financial health while continuing to deliver high-quality care and services.Embracing continuous learning and staying informed about industry trends and best practices are essential to effectively manage these issues and future issues yet-to-be encountered. Personally, I have a finance background, but my career has necessitated learning about sales/marketing, healthcare, and regulatory compliance.
If you could give advice to yourself looking back to your first day in the industry, what would it be and why?
If I could give advice to myself looking back to my first day in the seniors housing industry, it would be to approach the field with less skepticism and a more open mind. Initially, the industry might not seem particularly glamorous, and it’s easy to overlook the depth of its impact and potential. However, I’ve learned that despite its appearance, the industry is incredibly dynamic and engaging.
Embracing the industry with an open mind would have allowed me to see earlier the exciting and fulfilling career potential it offers.