Five Steps to a Solid Childcare Compensation Program
Do you need solutions to finding qualified teachers for your childcare center? Are teachers leaving your center to work for a competitor? If you answered yes to either of these questions, you may want to start reviewing your salary and benefits package.
Ask yourself, are you offering a compensation program that your specific employee base finds valuable?
While a pay raise is still important, 63.9% of Millennials (age 25 - 34) prefer a non-monetary increase vs a pay increase*.
Millennial workers are more concerned with experiencing a good balance between life and work. They also are looking for perks such as tuition reimbursement, flexible work schedules and free onsite wellness support.
If you beef up your compensation and incentives, but appeal to the wrong demographic, then you’re not going to change the momentum. Survey your employees and do research on what they would appreciate most.
Data source: thebalancecareers.com blog 11/20/18
2. Share the whole picture of benefits
Often, as employees, we don’t really understand the full scope of what benefits and perks we are receiving. We often just pay attention to the take home amount from our paycheck and fail to place value on all the other things our employer does for us.
Consider putting everything your Company provides in terms of wage, benefits and perks in one place and on one easy to read document. When you do this, your employees will be able to really grasp all you do for them.
Check out our sample childcare compensation snapshot and see how graphics and an easy breakdown of numbers can make a huge difference. Educate your employees on how they are really getting compensated working for your company.
3. Remember, you have wiggle room
Many Administrators and Owners forget they have leverage when hiring and retaining employees.
Don’t just concentrate on wage when negotiating. Offer other attractive ways to dazzle a potential new hire or to keep an employee that is threatening to leave (only the good ones):
- Sign on bonuses
- Additional vacation or sick time
- Professional reimbursement
- Wellness stipend
- Volunteer days to use to volunteer at an approved charitable cause
- Scheduled planning time outside of the classroom
- Mentor incentives for time mentoring other employees
- Coffee & snacks in your lounge/breakroom
- Monthly/Quarterly classroom supplies budget
4. Listen, listen, listen
Tune in and listen to your current employees when they are asking for added perks or benefits.
Take note of what they want and use their openness to attract new hires.
Maybe they value having a family member or friend work with them too.
5. Now it’s time to show off
Now that you’ve done the work of creating a template of your compensation and benefits package, post this information with your current job listings. Adapt your template to match the positions you are hiring for.
For existing employees, provide this statement at least annually during their performance review or other goal setting sessions.
It’s hard both retaining and recruiting employees today. It’s always helpful to learn new tips that can give us an advantage.
Download our FREE Child Care Benefits Statement by completing the form below.
Click Child Care Consulting for more info on how Child Care Biz Help can help your child care center become more profitable or say "YES" to needing another you in the form below.