What has become more terrifying than saving up for college? Paying for childcare. There are different strategies for different ages, needs, and families. Older kids, for instance, may only need a supervisor to make sure they are doing their homework afterschool and staying out of trouble. Toddlers? They need someone who can run faster than they do!
One way to reduce your child care costs might be to share a Nanny. A shared nanny is someone who may be shared between two or more families (or say an employer). Families with multiple children or children with special needs could face incredible costs. This strategy can be far less expensive compared to some options and fit better with your needs. Sharing a nanny might be just the thing.
This could work in a variety of ways. Let’s say there are three families with five average kids ranging in age from 6 to 12. After school care is needed for all of them for 3-4 hours each, five days a week. The cost of a nanny per hour may be significantly higher, but split in five ways, makes it very affordable for both the parents and profitable enough for the care provider.
There are no education requirements for a nanny. Many will have some CPR or first aid training, and some will be well qualitied and trained workers. And you must think of them as employee workers because you will be paying taxes, in most cases, on the nanny’s salary. You will also need to provide feedback and direction to the nanny to ensure quality care. Talk to your tax accountant to determine what credits may be needed and what types of reporting will be required.
There would need to be some agreement for times when there are less than five kids, whose house the kids might be in, backup care, other expectations of the nanny. There will also be some negotiations related to sickness (for the nanny and their wards) and personal days, extended hours (running late or overtime), special services (such as medication, sick children, food, transportation, television, gaming, etc.).
There even may be some opportunity for evening or care on a non-school day. Some nannies may be willing to travel with the family. This can be fun for both the family and the nanny, and give already overworked parents a little bit of respite. Be very clear about expectations (like helping with the meals or chores), work hours, expenditures (such as bus fair, airplane tickets, etc.), and free time.
In the end, you may need to try out a couple of different people/strategies before you find a great match for your family or pod of families sharing a nanny. Do a background check and ask for references. Do your best, know that decisions are rarely permanent.
Daycare versus Nanny Pros and Cons (https://www.verywellfamily.com/daycare-vs-nanny-pros-and-cons-4126425)
Finding Day Care Guide (https://www.care.com/c/guides/child-care-guide/finding-day-care-guide/)
Quality childcare is critical to business retention and expansion (BRE). What do you do when you can't find it and lose scarce talent when it is not readily available to your employees? Maybe there is a different way to think about the problem and help on the way.