LTC execs' salary hikes may 'trickle down' to facility staff, report finds
Most executive positions saw increased salaries this year
Multi-facility long-term care executives enjoyed salary increases across the board this year, according to a new compensation survey. Those raises are a good sign for salaries at individual facilities, according to one expert.
The new “2015-2016 Multi-Facility Corporate Compensation Report” from the Hospital & Healthcare Compensation Service shows salary increases for all but one top-level LTC executive positions over the past year.
The average salary for chief executive officers of LTC companies is $441,600, with an average annual bonus of nearly $175,000, the report found. The average CEO salary for a company with less than $100 million in revenue is $325,440, while the salary for the CEO of a company with more than $1 billion in revenue can expect an average salary of almost $1.1 million.
Other positions in the report's “Top 16” corporate jobs, including chief operating officer, top financial executive and top human resource executive, also saw salary increases for 2015-2016. The only top position that dropped was top compliance executive, which fell by $1,582.
“Counting on the ‘trickle-down effect,' the top jobs increase bodes well for salary increases at the individual facility staff level for the upcoming year,” HCS Director of Reports Rosanne Zabka told McKnight's on Wednesday.
Many facility-level positions, including executive directors and directors of nursing, also saw salary increases, according to the “Continuing Care Retirement Community Salary & Benefits Report 2015-2016,” which was released by HCS in July.
For more information, or to purchase a copy of the “2015-2016 Multi-Facility Corporate Compensation Report,” which was published in late January, click here.