Editor’s Note: An earlier version of this article transposed some numbers.
Long-term care corporate executives saw an average 2.67% increase in salary in 2021, according to the 38th edition of the Multi-Facility Corporate Compensation Report, released Thursday by the Hospital & Healthcare Compensation Service.
The 100-page report covers compensation among corporate executives at single-site continuing care retirement communities (also known as life plan communities), assisted living communities and nursing homes, as well as top executives in multi-site organizations. The report includes data from 92 multi-facility companies. Salaries varied based on organizational revenue size, according to HCS.
Mid-sized long-term care systems (revenue ranging from $50 million – $100 million) saw the most consistent salary increases in 2021 for top executive positions, Rosanne Zabka, HCS’ director of reports, told the McKnight’s Business Daily.
Bonus compensation was still substantial for executives in 2021, although it declined slightly from the previous survey. The new data showed that the average percent of bonus to salary was 19.24% for 2021 — a drop of about 2.16 percentage points when compared to the 21.58% reported in 2020.
“The good news is, even though bonuses declined, they are still double-digit bonuses, and the average bonus percent is almost 20% of salary,” Zabka said.
All survey participants said they offer 401(k)/403(b) retirement plans. Participants reported an average match of 3.22% of salary, with an average maximum contribution of 3.72%.
The complete report is available online in PDF or Excel spreadsheet. Hard copy reports may be ordered at 201-405‑0075.
