The Wall Street Journal Says Now is the Time to Hire Bargain Nannies
The Wall Street Journal published the article, Soft Economy Eases Cost of Hiring a Nanny by Pui-Wing Tam last week. The newspaper reports the best place to find a bargain nanny is in California.
The article says that nannies in California used to charge up to $25 an hour to watch the children and now can hire nannies for $17 an hour.
"Whenever I called the nanny agencies before, right away they'd give me some families who wanted to interview me," Natasha Ivanov, a Silicon Valley nanny for the past 15-years, tells the newspaper.
Not anymore. Nanny agencies, such as Stanford Park Nannies in Menlo Park, CA and Aunt Ann's Agency in San Francisco, CA tell The Wall Street Journal the demand for nannies has dropped because more parents are staying home with their children because of layoffs.
Meanwhile, the article states the number of nannies seeking employment has grown. Laid off teachers and other childcare professionals are turning to the nanny business to make ends meet.
So, when the demand goes down and supply is up, wages are going down.
Daryl Camarillo, the owner of Stanford Park Nannies, tells the paper her agency's profits dropped 30 percent from 2008's revenue. "There has been a slowdown as people move out of the area and cut back any way they can," Camarillo tells the newspaper.
What do you think? Have you noticed this trend? Are parents offering less than before the reciession in 2008?