Average Assisted Living CFO Salary Topped $127,500 in 2018

Wages rose for many assisted living employees in 2018, with CFOs, CEOs and presidents unsurprisingly still among the highest-paid.

That’s according to a Senior Housing News analysis of the most recent Assisted Living Salary & Benefits Report from the Hospital & Healthcare Compensation Service, an annual release that is produced with support from LeadingAge and the National Center for Assisted Living (NCAL).

Heeding the most recent call for responses were 1,257 assisted living providers, with for-profit companies representing 90.5% of those respondents.

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Assisted living CFOs earned the most of any worker in the sector. On a national level, they took home an average salary of $127,502 in 2018, according to the report. And CEOs and presidents weren’t far behind, with an average annual salary of $117,502. While it may seem surprising that CFOs make more than their CEO counterparts, some communities may have reported their CFO’s salary, but not their president/CEO’s salary, which is perhaps higher, Rosanne Zabka, director of reports at the Hospital & Healthcare Compensation Service, told Senior Housing News last year.

Meanwhile, directors of information technology — a position that perhaps carries growing clout in the tech-hungry senior living industry — were paid an average salary of $105,157 last year.

On the hourly side, staff nurses (RNs) took home the most in 2018, with an average hourly wage of $29.08 — and saw an increase of about 2% over the previous year’s wages, the report noted. The two other highest-paid positions in assisted living in 2018 were maintenance mechanic II ($27.44) and business office manager ($25.19).

The report also contained some sentiment regarding how the industry saw turnover rates. When asked how turnover changed over the past 12 months, 14.72% of the report’s respondents said it increased, 61.71% said it stayed the same, and 23.58% said turnover decreased.

Reported turnover rates widely varied by position. For top-level executives, turnover was roughly 8.8%, while it was higher for RNs (20.4%) and CNAs (30.18%). Respondents said the turnover rate for all employees was about 36.1%.

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