Base salaries for managers and executives who work for health systems and hospitals rose higher than the average projected 2008 salary increase budget, according to a new survey.
The 2008 Survey of Manager and Executive Compensation, published by
Sullivan, Cotter and Associates, Inc., reveals that base salaries have increased on average 5.0% for managers and executives of health systems and increased 5.2% for their counterparts working in hospitals. These exceed the average projected 2008 salary increase budget of survey participants for health systems and hospitals of 4.0% and 3.8%, respectively, for managers and executives.
"These results are similar with the outcomes from last year's analysis," said Tom Pavlik, SullivanCotter Managing Principal, in a press release. "While we do not compile data on what impacts salary increases, the competition for seasoned, high-performing executives is likely a factor."
The survey compared data from the 165 health systems and 607 hospitals that participated in both the 2007 and 2008 survey. (In all, 243 health systems and 730 hospitals participated in the 2008 survey, now in its sixteenth edition.) In all, data was submitted for over 20,000 executives and managers in the healthcare industry.
Sullivan, Cotter and Associates, Inc. specializes in the development and implementation of strategic total compensation and reward programs for the healthcare industry. The SullivanCotter survey provides cash compensation data for executive and management jobs in hospitals and health systems, data on pay practices, annual incentive plans, supplemental benefits, perquisites, nonqualified retirement plans, and more. For more on the survey, visit www.sullivancotter.com.