Our team of experts spends each day speaking with current and potential clients, and we’ve answered every question under the sun, truly! But, the question we’ve been getting over and over again recently is this: “If we’re in a recession, why aren’t nanny rates going down?” The realities of our current economic climate have been felt everywhere, and the fact of the matter is, childcare is no exception. We’ve got some answers.
Remote Job Opportunities Are All the Rage
The pandemic changed much of our country’s job force landscape temporarily, or so we thought. Remote work became the norm in order to keep everyone safe, but what seemed to be a trend, has turned into a new way of life. Simply put, remote work opportunities offer flexibility that in-person opportunities simply cannot. Childcare is one of the industries that’s been hit the hardest by this trend shift, and we’ve seen nannies leaving the workforce at an alarming rate for remote opportunities. Another trend we’ve noticed that may also be connected to remote work opportunities? Young people entering the workforce are not seeing (or being drawn to) childcare as a career choice, leading to a dip in new talent in the field.
Demand for Private Childcare has Skyrocketed
Another major change the pandemic brought? A HUGE demand for private childcare. One of the many costs of COVID was that countless day-cares closed permanently, and many of the ones that remain open have multi-year waitlists due to staffing shortages. On top of this, many families enjoyed their experience with private in-home care so much that they’ve stuck with it, as opposed to opting for group settings now that the world has reopened.
It Takes a Village
Childcare-specific issues were felt the hardest in major cities, which tend to have a higher percentage of dual working-parent families. Add this to the fact that often times, city dwellers are transplants, meaning they may not have a nearby network of friends and family to help out. What results is, high demand, low supply, and a very competitive market.
What the Future Holds
We expect continued labor shortages and retention challenges in the coming months, which means the war for quality childcare talent will continue, contributing to the current rates. So, what can you do? It’s simple: leave it to the pros. Westside Nannies is here to help guide you through your search as you face these challenges. Our team of seasoned pros is working non-stop to find and thoroughly vet the most skilled and highly trained nannies in the industry. You are seeking highly specialized one-on-one care by professional nannies who provide a high degree of flexibility to accommodate your lifestyle, both at home and while traveling you’ve come to the right place.
What can your family do to set yourself apart? Use these strategies to attract top-quality candidates:
- Offer a signing bonus
- Provide a healthcare stipend
- Consider offering a 401K or making an annual contribution to their IRA
- Provide additional vacation time (take a hint from our friends across the pond, and explore the possibility of offering four weeks instead of our traditional two—we guarantee you’ll get more applicants!)
Perfectly content with your current team and want to make sure they are happy and stay put, instead of exploring greener pastures? Nanny poaching at the playground is unfortunately all too real, and there are ways to avoid it. Consider offering a retention bonus or adding some new benefits to their compensation package to show them your appreciation and that they’re valued.
We know finding the perfect match for your family can be a challenge, but it doesn’t have to be. We’re here to help whenever you’re ready. Interested in starting a discussion about your childcare needs? We’d love to chat. Click
HERE to schedule a call.