Wages rose again for executive directors of continuing care retirement communities (CCRCs), and they weren’t the only ones who saw a pay bump in the past year.
The national average salary for a CCRC executive director rose to $172,806 in 2019, an increase of 3.94% over the previous year’s average executive director salary of $166,252, according to the latest Continuing Care Retirement Community Salary & Benefits Report from the Hospital & Healthcare Compensation Service and endorsed by provider association LeadingAge. The nearly 4% increase in annual pay only includes respondents who participated in both the 2018 and 2019 studies.
In total, the 2019 report included input from 506 CCRCs, with compensation data for more than 86,650 employees working in 46 management and 53 non-management roles. Just over 80% of the respondents represented not-for-profit providers, with the rest working at for-profit companies.
Chief financial officers (CFOs) who participated in both the 2018 and 2019 surveys saw a national average salary of $149,395 this year, marking a 2.96% gain from the $145,100 they took him in the year prior. And associate directors logged $118,929 in 2019, a 1.53% increase from the $117,139 they reported earning last year.
Turnover for top-level executive positions also fell among the surveyed CCRCs, declining from 20.22% in 2018 to just 7.68% in 2019.
The outlook for non-profit CCRCs in 2019 is stable, with economic tailwinds expected to persist through the end of the year, according to a December report from Fitch Ratings. Specifically, favorable demographic trends and robust residential real estate markets are helping to maintain demand for those communities.
At the same time, the senior housing industry is at a crossroads with regard to CCRCs, with some leaders pushing to redefine the product type for the next generation of residents.