The average salaries for continuing care retirement community (CCRC) top leadership continued its upward trajectory in 2020. According to the latest Continuing Care Retirement Community Salary & Benefits Report from the Hospital & Healthcare Compensation Service, CCRC executive directors' average salary rose from $174,000 in 2019 to $182,000. These statistics equate to a 4.92% increase over the previous year, based on the same communities' data.
The 2020 report, endorsed by 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 nonprofits surveyed, 48.77% are faith-based.
The data collected for the report ranged from April 2019 to March 2020, before the COVID19 pandemic swept across the U.S. Most CCRC operators had communicable disease outbreak protocols and contingency plans to ensure resident and staff safety.
Average salary for CFOs was $148,051, compared with $154,165 a year prior, marking a 4.13% increase.
Associate Directors was $122,148 in 2019 to $126,981saw a 3.96% increase in salary.
Nonprofit CCRC Executive Directors and CEOs earned more than their for-profit counterparts.
Average salaries for EDs at nonprofit communities ranged between $143,750 - $198,160
Average salaries for EDs at for-profit communities ranged between $115,940 - $152,447
LM Hurley & Associates has conducted several CCRC, CEO Searches in 2020-2021. When we do an executive search for a CEO, we collect and report market compensation data to our clients, and we found a wide range from $150 000 to $320,000 with an average of $215,000. We can attribute most of the bell curve extremes to the community's size and the CEOs' tenure and accomplishments.
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