You may need to pay a full-time nanny anywhere between $400 and $1,200 a week. The rate will vary depending on your geographical location, number children of children in your household, and most importantly the qualifications and experience of your nanny. In Chicago, for example, a nanny with 5+ years of experience as a newborn specialist may cost you somewhere around $15.00 per hour. In the same city, a newborn specialist with over 20 years of experience may cost you $22.00 per hour.
Before we present candidates we will confirm your desired nanny budget. We only present candidates who are within your desired pay range so that you stay on budget. If you’re looking for a live-in situation and you can offer living quarters and other perks (such as health insurance or the use of a family vehicle), that may bring your costs down.
If you wish to pay your nanny a weekly wage, take that amount and divide it by the number of hours you expect your nanny to work. If it comes out to below the minimum wage, you’re not offering an adequate salary. If you’re looking for a live-out, non-full time nanny, paying by the hour may be a better set-up for you. The exact hourly rate will depend on where you live, the responsibilities of the position, and the experience of your nanny.
Your nanny should receive benefits such as paid holidays, sick days, and vacation time. Since a nanny is an employee, some parents pay for their nanny’s health insurance as well. If you do this, the nanny usually picks her own health plan and provides you with the financial breakdown. You can then decide to pay for all or part of the premium. If you don’t pay for health insurance, you should then pay a higher weekly or hourly wage to compensate for the fact that your nanny is paying this expense out of her salary. Employers don’t often pay for dental or vision plans, but you may choose to offer to help pay for a routine dental cleaning or eye exam.
When choosing quality childcare, financials are always something that should be considered. The fact of the matter is most families cannot afford a nanny and must opt for a lower cost childcare alternatives. A nanny is a luxury, but study after study affirms the importance of individualized, one-on-one childcare with a constant caregiver… particularly in the first 2 years of a child’s life.
Please call our office to discuss specific salary rates for your geographical area. Our nanny placement specialists will be happy to walk you through the salary process and work out a budget that fits your needs.