Long-term care corporate executives realized an average overall salary increase of 2.67% in 2021, despite the highest ranked among them not seeing increases for the year, according to a new report.
Top executives continued to receive substantial, additional compensation through bonus pay, according to the 2021-2022 Multi-Facility Corporate Compensation Report conducted annually by the Hospital & Healthcare Compensation Service. 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,” Rosanne Zabka, HCS’ director of reports, told McKnight’s Long-Term Care News on Wednesday.
The report also revealed the largest rate increases in 2021 were seen among nurses and caregivers. Salary increases were as high as 81.5% for lead certified aides, and similar increases were reported for registered nurses, certified nursing assistants, resident assistants, certified medication technicians and dining service employees, Zabka added.
Overall, the study examines executive compensation among higher revenue nursing homes, larger continuing care retirement communities, assisted living communities, and multi-site organizations. It also contains data from 91 multi-facility companies.
The entire report is available for purchase on the HCS website.