In a world of shifting priorities, one constant remains in long-term care: money talks.
And if the latest McKnight’s Mood of the Market survey is any indication, many top-level employees are liking what they hear these days. The survey, conducted by McKnight’s Long-Term Care News, a sister brand to McKnight’s Senior Living, focuses on skilled nursing providers, but the insights are useful to senior living as well.
A notable 62.2% of respondents reported feeling “very well paid” or “somewhat well paid,” in this just-released survey. That’s an eight-point uptick from last year.
So, how do we explain this upward mood swing? It seems a convergence of factors is at play.
For one, pandemic-inspired, high-paying remote jobs are getting scarcer by the day. As opportunities fade elsewhere, long-term care roles are enjoying newfound appeal. Funny how the prospect of a regular paycheck can do that.
This renewed satisfaction also coincides with welcome raises. According to the 47th Annual Nursing Home Salary & Benefits report from Hospital Healthcare Compensation Service, administrators saw a 3.8% pay increase, bringing their average salary to $135,744. Directors of nursing enjoyed a similar bump, with their average pay rising 3.75% to $117,754. Meanwhile, inflation has cooled, making those modest raises feel more like real gains rather than mere cost-of-living adjustments.
Similarly, assisted living / personal care managers in nursing homes saw a 5.58% bump in salary in 2024, according to the nursing home report; assisted living/personal care managers in continuing care retirement / life plan communities received an average 4.64% bump in salary, according to a separate report on CCRCs by HCS. Average wages for assisted living direct care workers — certified nursing assistants, registered nurses, licensed practical nurse, medication aides and resident assistants — have increased by 5% to 6% per hour since last year, according to the group’s assisted living report.
But salary isn’t the whole story. Increased staffing remains a close second on the job satisfaction wish list, according to the Mood of the Market survey, whereas better health insurance and benefits are becoming increasingly important.
The takeaway? Dollars matter — a lot. But they’re not the only thing. Addressing other key concerns, such as benefits, health coverage and adequate staffing, remains essential when it comes to keeping employee morale high.
Now that’s advice you can take to the bank.
John O’Connor is editorial director for McKnight’s Senior Living and its sister media brands, McKnight’s Long-Term Care News, which focuses on skilled nursing, and McKnight’s Home Care. Read more of his columns here.
