Lexington, KY – Skyrocketing healthcare costs are affecting all employers, and horse farms are no exception. The newest Kentucky Equine Industry Survey from Dean Dorton Allen Ford provides detailed information on how thoroughbred farms are managing healthcare for employees, along with a host of other compensation issues including salaries, hourly wages, fringe benefits and employment compliance matters.
The Dean Dorton Allen Ford Equine Industry Survey alternates every other year between compensation and operations issues at horse farms.
Some highlights from the new horse farm employee compensation survey include:
• Hiring remains flat, which may indicate some stabilization in the equine economy. Nearly half of the farms responding had no change at all in employment levels.
• Salaries reported for stallion managers have decreased somewhat since 2010, whereas business/financial managers have seen some increase in average salaries, at least in the midrange. These trends may be attributed to fewer stallions, downward pressure on breeding fees, and a need for improved financial management of horse farm operations.
• Not many farms offer retirement plans, but tend to focus on more immediate employee needs such as healthcare. Some farms pay 100 percent of health insurance for single coverage, and a significant percentage pay 100 percent for family coverage; however, that number is down from 2010 as rapidly rising health care costs have driven more farms to require employees to make some contribution.