For working parents, finding the right nanny to entrust with the care of their children is worth all the money in the World. So it should come as no surprise that many are very well compensated for their services. In fact, some are better paid than the pediatrician who provides your children with medical care.
Let’s look at ten reasons why some nannies could make more than doctors:
- Wealthy families – Nannies who make that kind of coin are often hired by very affluent parents who can afford to pay a princely sum in order to ensure the best care possible for their little prince or princess. When it comes to our kids AND money is no object for us then it makes complete sense to pay to hire the best nanny we can find. Just consider how influential this person is going to be in the lives of our children…
- The nanny’s commitment – The demands of the job increase a nanny’s value significantly over some more traditional employment options (like daycare centers or even schools). Consider that a nanny is, in essence, committed to the family to the exclusion of most of her personal life and often for quite a long period of time as the children age. This level of commitment should be reciprocated by the family with steady increases in pay for a great nanny.
- Unique skills – Unique skills will frequently set a nanny apart; several of which raise her value as a caregiver. These could include culinary, language or veterinary skills; in fact, whatever abilities that a family might consider required or preferred training for their unique situation.
- Local demand for caregivers – Demand for highly competent and reliable nannies typically outstrips the supply. So a nanny who comes with the right credentials and references is going to command a higher than average salary especially in highly affluent areas like Manhattan (NYC) for example.
- Excellent references – Strong references from influential former clients, such as celebrities, politicians or corporate executives raise the bar considerably. This kind of pedigree makes a nanny far more desirable to families of similar social status. Speaking of which …
- The nanny’s social circles – The value of social climbing cannot be disregarded. Some families seek out nannies who have worked for clients who represent a step up from their social standing. These nannies have connections and relationships which can open doors for a family. Now, please do not misconstrue this as an attempt to leverage the kids to improve the family’s social status but more as a way for their children to be exposed to experiences and individuals they may not otherwise have access to.
- Perception of value – It’s human nature to associate high price with high value, so a family might be more apt to hire a more expensive nanny on the assumption that they will be getting superior child care for their money. That’s not always the case, but the perception often drives the market value and in general it is true with caregivers (the best know they are the best and know the value of their services).
- Feelings of guilt - Parents may not always be able to balance their work life and family life as they really would like to for various reasons (some careers make that exceptionally difficult). However, they do want their children to have the best life can offer as they enjoy and make the most of their childhood. This can cause some feelings of guilt that may contribute some to the desire to hire the very best nanny they can afford.
- The nanny’s education – Advanced degrees in child care, psychology or other job-related field will also increase a nanny’s worth. Such advanced study not only makes a nanny more capable of performing her job, it also demonstrates a long-term career commitment, which has enormous cache with families in need of a caregiver.
- Relative worth to families – Due to a purely subjective micro-economy in which it’s all but impossible to establish a true market value, a nanny is essentially worth whatever a family deems she is worth. And when that family has substantial means, it may be simply relative to their lifestyle (everything costs a lot in their World).
In the end there are many reasons why some nannies make more than doctors, lawyers, or whatever other career may typically be associated with high salaries (the fact that we used doctors in the title is almost irrelevant). While most nannies offer very affordable childcare services, they absolutely deserve and should demand salaries that are consistent with their training, education, and skills in general (just like every other career). In addition, it is also true that nannies are entrusted with our most precious loved ones, it only makes sense that as parents we should value that highly (in fact, at the top of our list).
We do highly recommend that nannies and parents review the INA’s 2012 nanny salary survey to get some great facts on nanny salaries and salary trends. We also highly recommend reviewing our ownnanny salary guide.