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?
Botoff Consulting wanted to help answer these questions, and provide data to help families and family offices recruit top private service professionals and retain their best household staff members. In 2022, they surveyed 300 families and family offices in the first compensation study in the family office world solely focused on household staff. The Estate and Household Staff Compensation Report, published by Morgan Stanley and Botoff Consulting, covers 30 positions, including estate managers, housekeepers, private chefs and more.
In this episode of the Easemakers Podcast, Botoff Consulting Managing Principal Trish Botoff and Senior Consultant Jennifer Adams share how to interpret the data to make smart decisions around compensation, and dig into key takeaways around overtime, turnover, long-term incentives and more.
Tune in to hear why it's important to do regular check-ins with the market, what goes into creating a compensation strategy, where certifications affect compensation in private service, and tips for estate managers advocating for compensation increases for their household staff.
Check out the complimentary report and the full report at botoffconsulting.com and follow along with Botoff to be a part of future surveys.
Subscribe to the Easemakers Podcast to hear from more experts in the private service industry, and join the Easemakers community to talk to other estate managers and PSPs on a regular basis. Enjoying the Easemakers Podcast? Leave us a rating and a review telling us about your favorite episodes and what you want to learn next!
The Easemakers Podcast is presented by Nines, modern household management software and services built for private service professionals and the households the support.
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