Continuing Care Retirement Communities (CCRCs) increased executive employee salaries by an average of 2.73% between April 2020 and March 2021.
That’s according to CPAB’s 24th Annual Salary and Benefits Report from Hospital and Health Care Compensation Services. The annual report is endorsed by the LeadingAge industry association and is based on responses from 545 CCRC.
Among CPABs that participated in the 2020 and 2021 reports, average CEO compensation increased 3.25% to $ 177,149. Overall, the national average compensation for executive directors amounted to $ 172,414.
This year’s report also includes the results of investigative questions related to Covid-19. As the pandemic swept across the United States, 25.5% of CPABs increased the hours of key clinical staff – registered nurses (RNs), licensed practical nurses (LPNs) and certified practical nurses (CNA).
A majority of respondents – 57.8% – provided salary adjustments to key employees and those who work with Covid-19 patients. The most common adjustments were appreciation pay, one-off bonuses, and the risk bonus for direct care workers.
The national average hourly rate for RNs in CRCCs increased 3.42%, compared to an increase of 2.74% the previous year. Turnover among RNs increased from 34.81% to 40.45%.
The average CNA hourly rate increased 4.10%, while CNA revenue increased from 41.08% in 2020 to 45.87% in 2021.
This release of this report comes at a time when employers of all kinds face intense labor pressures, which they attribute to a variety of factors. Raising unemployment benefits is a commonly cited problem, but the pandemic has also caused some workers to change jobs or careers and created upheaval when people move temporarily or permanently.
In retirement homes and long-term care, providers report severe labor shortages. In a recent American Health Care Association / National Center for Assisted Living (AHCA / NCAL) survey, 94% of nursing homes and 81% of assisted living facilities reported staff shortages in the past month.
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The majority of nursing homes and assisted living facilities said better pay and benefits – backed by higher reimbursement rates – would help solve the problem.