Nannies Dot-Com – child care costs in Silicon Valley – Brief Article
TRENDS | To woo CHILD-CARE PROVIDERS, families in Silicon Valley are offering stock shares and IRAs.
WEALTH created by the high-tech revolution is trickling down to child-care providers. To lure sought-after nannies, some families in Silicon Valley and other technology meccas are offering bonuses in the form of stock acquired through stock-option programs.
“One thing people have a lot of out here is stock,” says Monica Frei Jenkins, president of Town & Country Resources, a Palo Alto, Cal., firm that places nannies, personal assistants and other household employees. “When a nanny has multiple job offers, that can be the icing on the cake.” The practice is expected to become more widespread as nannies themselves become more sophisticated about salary negotiations.
Nannies in the San Francisco Bay area and other high-demand locations are commanding salaries of at least $30,000 to $40,000 a year, and pay has risen by one-third since the beginning of 2000, says Alyce Desrosiers, a consultant to families seeking a nanny. In addition to paid health insurance, some families are sweetening the pot by funding a savings plan, such as a SIMPLE IRA, for their nanny, buying her a car, or giving her free plane tickets from the family’s stash of frequent-flier miles.
COPYRIGHT 2000 The Kiplinger Washington Editors, Inc.
COPYRIGHT 2000 Gale Group