Finding Child Care in a Competitive Market

Physician's Money Digest, February 2006, Volume 13, Issue 2

Wall Street

Journal

Wall Street Journal

The hottest market around may not bereal estate anymore—it's babysitting. That'sright, finding in-home child care on a part-timebasis is not easy these days, and thedemand has pushed part-time rates to full-timelevels, according to the . Changing work schedules and agrowing emphasis on preschool educationare fueling the need for part-time help.Instead of hiring a full-time nanny for a3-year-old, more and more parents split achild's care between part-time preschooland a part-time nanny. But it's not onlydual-income households that are lookingfor help. With ever-increasing extracurriculardemands, many at-home parentsemploy part-time help to manage children'sdaily activities. So how much areparents willing to invest in their child'sdaily care? If you live in an affluentarea, expect to pay a part-timenanny as much as $20 to $25 perhour for highly qualified individuals,in addition to offering paid vacationand flexible hours to attract the rightperson. Recruiting fees range from $450 to$2400, if you utilize a nanny placementagency that carefully screens candidates foryou. The offers somestrategies for hiring part-time child care:

  • Set regular work hours, offering atleast 20 hours per week.
  • Offer paid vacations or days off.
  • Raise hourly rate to full-time scale.
  • Help nannies find a second part-timejob, if necessary.