"Benchmarking Compensation for Estate and Household Staff" ~ by Morgan Stanley - 2/17/23
Updated: 7 days ago
"To attract and retain the best estate and household staff for your family, you may have to offer a more competitive compensation package. Explore current pay and benefits trends in Morgan Stanley’s latest benchmarking report." Full article HERE. Text copied below as well.
"Today’s tight labor market is pushing up wages for employees in virtually every industry, and domestic workers and estate managers are no exception. The current hiring market for household staff is one of the busiest in two decades, and employers may need to compensate their workers more competitively or risk losing them.
To assist with such efforts, Morgan Stanley’s inaugural Estate and Household Staff Compensation Report provides actionable insights that ultra high net worth families can use to evaluate salaries, benefits and bonus structures for the workers who help keep their homes and estates running smoothly. The report, created in collaboration with Botoff Consulting, provides benchmark compensation data for 30 roles across estate, household and property management; family care; food preparation; and security. Among the key findings:
Salary increases outpaced the broader U.S. market for 45% of management and 36% of staff.
Pay for staff with fewer than two years of experience exceeds that of staff with three to 10 years of experience. That creates a retention risk among more tenured staff, if they can realize a pay increase by moving to a new employer.
More than 70% of incumbents received bonus compensation, including performance bonuses, holiday bonuses and spot/other bonuses.
Readers will also find insights on best practices and considerations for staffing and retention, including trends in competitive benefits. In addition, the report provides in-depth information about current hiring trends, challenges and HR risks.