The average salaries for continuing care retirement community (CCRC) leadership continued an upward trajectory in 2020.
The average salary for CCRC executive directors overall rose from $174,000 in 2019 to $182,000, according to the latest Continuing Care Retirement Community Salary & Benefits Report from the Hospital & Healthcare Compensation Service. This marks a 4.92% increase over the previous year., based on same-community data.
This year’s report, which is endorsed by provider association LeadingAge, included input from 565 CCRCs, with compensation data for more than 79,500 employees working in 46 management and 53 non-management roles. Nearly 72% of the respondents were nonprofit providers, with the rest working at for-profit companies. Of the non-profit cohort, 48.77% are religiously affiliated.
The data collected for the report spanned April 2019 to March 2020, before the coronavirus pandemic swept across the U.S. Many CCRC operators already had communicable disease outbreak protocols in place that were adapted to keep residents safe.
Chief financial officers (CFOs) participating in the survey reported a similar pay hike percentage. The average salary for CFOs was $148,051, compared with $154,165 a year prior — a 4.13% increase. Associate directors saw a 3.96% increase in salary, from $122,148 in 2019 to $126,981.
Nonprofit CCRC executive directors earned more than their for-profit counterparts. Average salaries for EDs at nonprofit communities ranged between $143,750 and $198,164, compared to a range from $115,940 to $152,447 for for-profit EDs.
Other recent data sets show that senior living executives, including those in CCRCs, may be taking payment reductions as a result of Covid-19.
For instance, 13% of providers that participated in a recent Ziegler CFO Hotline survey said that they are suspending or postponing executive bonuses to help contain elevated costs. And 6% of respondents said that management/leadership pay rates are being reduced.