The many pressures of Covid-19 didn’t put a halt to salary increases for long-term care executives in 2021.
Long-term care facilities — a term referring to companies that own or operate multiple nursing homes, CCRCs and senior living communities — reported an average salary increase of 2.67% for corporate positions last year, according to The 2021‐2022 Multi‐Facility Corporate Compensation Report published by Hospital & Healthcare Compensation Service (HCS).
For reference, long-term care facilities reported an average salary increase of 2.81% for corporate positions in 2019.
The latest report, released Wednesday, is based on data from 92 multi-facility long-term care companies. That total included 46 long-term care organizations — 38 not-for-profits and eight for-profits.
In 2021, long-term care CEOs made an average minimum salary of $296,786 and an average maximum salary of $467,373, according to the report. COOs earned an average minimum salary of $188,971 and an average maximum salary of $292,992.
All of the survey’s participants offered 401(k)/403(b) plans and reported an average match of 3.22% of salary, with an average maximum contribution of 3.72%.
This year’s report also includes findings from survey questions regarding salary increases, performance evaluation and supplemental benefits.
More than three quarters of the survey’s respondents (about 82%) said that salary increases for corporate, divisional, and regional employees were based on performance-based merit, while a little more than 36% said it was based on the rising cost of living.
Almost 82% of respondents said they evaluated performance based on goals. About 53% said performance evaluation was skill-based, while nearly 51% evaluated performance based on revenue goals. Almost 46% evaluated performance of corporate, divisional, and regional employees on patient or resident satisfaction.