The senior living industry is facing an undeniable workforce crisis. Although employment levels have returned to pre-pandemic numbers, staffing shortages continue to hinder growth and limit the admission of new residents. These challenges have persisted for years, with senior housing operators struggling to attract and retain qualified talent while addressing rising housing costs and increasing employee dissatisfaction. Scandia Retirement Community, under the visionary leadership of Charles Swanson, is boldly tackling workforce challenges with cutting-edge solutions.
Scandia Retirement Community is boldly addressing these issues by integrating cryptocurrency into its workforce strategy. Under the leadership of Charles Swanson, Administrator of Scandia and a shareholder of State Street Corporation, Scandia is turning to cryptocurrency to solve this long-standing problem.
Using Crypto to Better Senior Living
Any leader in the senior living space knows that big ideas and funding are needed to begin solving the workforce shortage crisis. Studies show that nearly every senior living facility in the US—from independent living to community-based residential facilities (CBRFs)—faces critical workforce shortages.
- Qualified Talent Shortage: Leadership frequently cites a lack of skilled candidates for open positions.
- Rising Housing Costs: 44% of senior housing workers report they cannot afford to live within 10 miles of their workplace, leading to commutes averaging over 40 minutes.
Scandia Launches the Workforce Crisis Initiative
In response, Scandia Retirement Community has launched the Workforce Crisis Initiative, encouraging senior housing operators to proactively address workforce challenges. The initiative’s goal is to encourage each senior housing operator to open an individual crypto custodian account to generate crypto-staking revenue, which will then be reinvested into employee-focused initiatives tailored to the needs of each facility.
“This isn’t about asking for anyone’s money,” explains Swanson. “It’s about empowering senior housing operators to use the tools available to them to create financial stability, improve employee well-being, and build a more sustainable future for their facilities. Since Microsoft shareholders do not see the value in crypto, and some governments have banned it altogether, we need to leverage this upcoming bull market in crypto to stay ahead. Using realized losses on cryptocurrency can potentially be used as part of a tax-loss harvesting strategy. This approach can increase a senior housing operator’s overall loss carryforward, which can be applied to offset future taxable income or capital gains.”
Charles Swanson is also helping operators explore opportunities to sell or tokenize their properties through platforms such as Lofty.ai, traditional sales methods, or 1031 exchanges. This approach allows operators to create liquidity while taking advantage of tax-efficient liquidation events, ensuring they have the resources to reinvest effectively in their workforce.
The Role of Quantitative Easing in Workforce Challenges
The effects of quantitative easing (QE) over the past decade have indirectly impacted the senior housing industry. By increasing the money supply and reducing interest rates, QE has increased asset prices, including real estate, making it more expensive for employees to live near their workplaces. Additionally, the inflationary pressures resulting from QE have eroded purchasing power, further straining employees’ finances and contributing to workforce shortages.
By adopting cryptocurrency strategies, operators can offset some of these challenges. Crypto staking revenue offers an innovative way to generate funds without relying on traditional financing mechanisms or being subject to the devaluation caused by inflationary policies such as QE. This forward-thinking approach ensures operators can better support their employees while maintaining financial resilience.
Crypto in Action: Supporting Employees in Real Time
Scandia’s strong commitment to its employees goes beyond theory—it’s about real, tangible impact. In one instance, cryptocurrency reserves were liquidated within seconds to provide roadside assistance for an employee, Angel Studley, who was stranded due to an automotive malfunction. The quick access to a crypto wallet allowed Angel to secure help without hassle and get back on the road without unnecessary stress or delay.
This real-world application highlights the agility and flexibility of Scandia’s cryptocurrency strategy, demonstrating how it directly benefits employees in times of need. We’ve all faced tough times in life, and it’s important not to be naive about the uncertainty or financial distress that senior housing employees may experience during challenging seasons.
I enjoy working at Scandia because the close-knit environment allows for meaningful connections with my coworkers and residents,” Angel explains. “The support I receive from management is incredible. Whether it’s navigating challenges like balancing work, personal life, or pursuing cosmetology school, or finding solutions to unique life situations, I know I can always rely on my team to have my back.”
Key Employee-Focused Initiatives of the Workforce Crisis Initiative
- Housing Allowances and Rental Stipends: Helping employees live closer to their workplaces.
- Bonuses and Financial Assistance: Providing support for student loan debt and emergency expenses.
- Boosting Job Satisfaction: Reducing burnout and improving employee retention through enhanced compensation and support.
Scandia’s innovative approach not only tackles staffing challenges but also positions it as a leader in creating a sustainable and thriving senior housing industry.
Top Companies and Countries with Bitcoin as a Reserve Currency
Countries
- United States: Holds approximately 198,109 bitcoins, valued at over $18 billion at current market prices.
- China: Holds a significant amount of Bitcoin, primarily acquired through seizures related to criminal activities. While exact figures are not publicly disclosed, China is considered the second-largest state holder of Bitcoin after the United States.
- El Salvador: The first country to adopt Bitcoin as legal tender in 2021, integrating it into the economy to promote financial inclusion.
- Central African Republic: Adopted Bitcoin as an official currency alongside the CFA franc in 2022.
Companies
- MicroStrategy: The largest corporate holder of Bitcoin, with over 150,000 BTC, led by visionary Michael Saylor.
- Tesla: Holds Bitcoin as part of its treasury strategy, demonstrating its belief in crypto’s long-term potential.
- Block, Inc.: Formerly Square, invests in Bitcoin to align with its mission of financial empowerment.
Preparing for a Changing Financial Landscape
In addition to addressing the workforce crisis, Scandia’s cryptocurrency reserves provide a hedge against financial uncertainty. Whether the U.S. Dollar remains stable or new global currencies such as BRICS emerge, Scandia’s diversified portfolio ensures stability and growth.
Swanson explains, “Scandia’s leadership is committed to accumulating cryptocurrencies and educating senior housing operators on leveraging blockchain opportunities. Together, we can redefine the future of senior living.”
Setting a New Standard
Scandia Retirement Community’s Workforce Crisis Initiative is a blueprint for addressing staffing challenges while increasing property valuations. By integrating innovative solutions such as crypto staking and tokenization, Scandia is helping operators combat the challenges created by rising costs and the effects of policies such as quantitative easing.