[Easemakers Podcast E43] Household staffing compensation trends
What are the trends in household staffing salaries and compensation? How much does compensation affect tenure and turnover? Which employees are you most at risk of losing? In this episode of the Easemakers Podcast, the Botoff Consulting team shares takeaways from the 2022 Estate and Household Staff Compensation Report.
Morgan Stanley and Botoff Consulting recently released the first compensation study in the family office world solely focused on household staff — The Estate and Household Staff Compensation Report.
The report is based on survey data from 300 families and family offices. Botoff partnered with David Gonzalez at EstateJobs.com to reach a wide range of private service professionals, and worked with Tapestry Associates to narrow the scope to 30 roles across the private service industry, including estate managers, housekeepers, private chefs and more.
Now, in a new episode of the Easemakers Podcast, the team from Botoff Consulting is sharing key trends and takeaways from the report, as well as how to interpret the data and tailor it to your unique household.
Tune in to hear Botoff Consulting Managing Principal Trish Botoff and Senior Consultant Jennifer Adams on:
- Why it’s important to do regular check-ins with the market
- The importance of creating a compensation strategy — and what goes into creating one
- Where certifications affect compensation in private service
- Which employees households are most at-risk of losing
- Tips for estate managers advocating for compensation increases for their household staff
- Surprising takeaways around overtime and bonuses
Check out the complimentary report and the full report here, and follow along with Botoff to participate in future surveys, like this one.
And, be sure to join the conversation about salaries and compensation in the Easemakers community.
The Easemakers Podcast is available on Apple Podcasts, Spotify, and anywhere you listen to your favorite shows.
Catch up on past episodes of the Easemakers Podcast to hear from more experts in the private service industry, and don’t forget to subscribe on Apple Podcasts to get notified about future episodes. Follow along with @easemakers on social media, and of course, be sure to join the conversation in the Easemakers community after you listen!
The Easemakers Podcast is presented by Nines, the household management software solution built for high net worth households, family offices and the private service professionals who support them. Questions about household staffing, luxury home management, or how to create a better workflow for everyone on your team? Start a conversation today.