Executives of senior housing companies with multiple sites earned slightly more in 2023 than they did in the previous year, according to a new study.
The 2023-2024 Multi-Facility Corporate Compensation Report from Hospital & Healthcare Compensation Service (HCS), released today, contains data from 88 multi-site senior housing companies.
The report showed a 3.69% increase in annual salary for executives of companies with multiple senior housing locations, including independent living and assisted living communities, CCRCs or nursing homes. In 2022, executives of multi-site senior housing and care companies earned 3.17% higher than in the previous year.
Average total compensation ranged from $169,898 for executives of multi-site companies with revenue up to $39.9 million to $329,879 for executives of such companies with revenue exceeding $100 million.
Factors determining the salary increases included performance, cost of living increases, length of service with the organization and profit. Operating margin and income and revenue growth were the top-two criteria for determining executive bonuses, followed by quality metrics and employee turnover, according to the report.
All of those surveyed in the report said they were enrolled in 401(k) plans, with an average maximum contribution of 4.72%.
