Though senior living executives might not experience any multi-million dollar pay hikes on the caliber of JPMorgan Chase CEO Jamie Dimon’s recent $8.5 million, 74% raise, they did see modest salary growth in 2013 compared to the previous year.
On average, assisted living executive salaries rose within the 1%-3% range on a national scale across all positions in 2013 compared to 2012, according to the latest “Assisted Living Salary & Benefit Report” published by Hospital & Healthcare Compensation Services (HCS) in cooperation with nonprofit industry trade group LeadingAge.
Chief financial officers saw some of the largest salary gains in 2013, as their salaries rose 2.72%, on average, to $164,275.
Last year, the average salary a CEO/President earned in the senior living industry totaled $164,275, an increase of 1.52% compared to 2012.
On the clinical side, the average hourly wages for Registered Nurses (RNs) and Licensed Practical Nurses (LPNs) rose by similar margins in 2013, increasing 1.69% and 1.62%, respectively. The average hourly wage for RNs and LPNs in 2013 were $29.24 and $23.35, according to HCS data.
The survey, currently in its 16th year, contains data from over 1,800 assisted living communities nationwide and is one of 10 compensation publications prepared by HCS. The company also commissions similar reports for nursing homes as well as continuing care retirement communities.
“Our sincere appreciation is extended to all institutions that have helped make this report such a success,” said HCS Director of Reports Rosanne Zabka. “It is our continuing goal to provide assisted living facilities with a reliable source for the establishment and maintenance of an effective compensation program.”
Written by Jason Oliva