Aged care providers will have the opportunity to compare their executive salaries with industry trends in an upcoming review.
Stewart Brown Business Solutions (SBBS) is preparing its 2011 Executive Remuneration Review to gauge trends in the sector.
SBBS director, Max Hopkins said recent reviews had reflected the impact of the global financial crisis.
“If you take a look at the trends for at-risk remuneration, such as bonuses and incentive payments, that was interesting,” he said.
“It had been increasing for about five years and then we found that it dropped off last year because people were saying we need to cut back on that because of the GFC.”
Mr Hopkins said this year’s executive remuneration review also showed a trend toward more flexible workforce arrangements.
The 2011 review will include a new feedback loop to give participants an earlier indication of the remuneration measures. It will also have new questions on HR policies.
Mr Hopkins said the review gives providers a unique perspective on salary packaging in aged care.
“The survey is industry specific so that means they are comparing with people within the same game,” he said.
“It’s really important that it is like for like. Some groups do compare their remuneration to broader commercial executive packages but this is really relevant information.”
He said it would also help aged care boards to determine whether they are providing appropriate incentives.
“They want to attract good people and retain good people so it’s important to understand how they compare to the rest of industry, not only in terms of how much they pay but how they pay, in terms of packaging,” Mr Hopkins said.
Registrations for the 2011 review close on Friday, 17 December.