How to determine a salary
In the domestic staffing industry, finding a salary range for household employees is very difficult because no two households are the same. There are a number of considerations that high-net-worth families need to understand before engaging in salary negotiations.
The team members at The Celebrity Personal Assistant Network have created this guide to help families determine salaries so your household can offer competitive employee wages.
The team members at The Celebrity Personal Assistant Network have created this guide to help families determine salaries so your household can offer competitive employee wages.
Salary ranges in private service follow different rules
Private service staff pay considerations
When representatives working in family offices contact our recruitment firm and want to hire household staff, they often quote market trends, but they're not comparing apples to apples.
An executive assistant working in a corporate office is in a completely different world than one working in a private household. In short, the salary data online isn't a guide to understanding how to pay private service staff in an estate.
In fact, there are so many considerations for salaries that comparing other professionals in the same city isn't even recommended.
An executive assistant working in a corporate office is in a completely different world than one working in a private household. In short, the salary data online isn't a guide to understanding how to pay private service staff in an estate.
In fact, there are so many considerations for salaries that comparing other professionals in the same city isn't even recommended.
How can I calculate a salary range for household employees?
Part of the problem with trying to understand salary ranges in private households is that the employers aren't trained in human resources. Celebrities and high-net-worth families often go online to research a competitive salary for similar positions, but that data isn't accurate because it usually comes from other industries. Here are just some considerations for understanding how to determine a salary:
Job perks are a big factor to consider as well. That adds great monetary value to jobs with celebrities. For example, if a personal assistant travels on private jets worldwide with their boss, then the salary exceptions may be quite different, and traditional salary tools can't compensate for that.
- Are you offering health insurance?
- What other benefits can a job seeker consider?
- Have you considered geographic location?
- Are you offering overtime pay?
- Is there a base salary with bonus potential?
- How desirable are you as a potential employer?
- How much is your peace of mind worth?
Job perks are a big factor to consider as well. That adds great monetary value to jobs with celebrities. For example, if a personal assistant travels on private jets worldwide with their boss, then the salary exceptions may be quite different, and traditional salary tools can't compensate for that.
What is the average salary for a personal assistant to a billionaire?
Salaries for the best staff
Since we are the world's premier staffing agency for billionaires, let's talk about personal assistants. When thinking about a compensation package for a PA, the level of experience and education does play a role; but an ideal salary range is illusive because no two jobs are alike.
A traditional salary tool is almost useless in these cases because once a personal assistant has the experience, education and background, they are like a top-notch MVP on a sports team; they are in demand and ultra-high net worth employers have bidding wars over such candidates.
A traditional salary tool is almost useless in these cases because once a personal assistant has the experience, education and background, they are like a top-notch MVP on a sports team; they are in demand and ultra-high net worth employers have bidding wars over such candidates.
The job title does play a role in determining fair compensation
No reliable salary calculator exists for a chief of staff. Because of that, some high-net-worth employers want to use a candidate's current salary as a starting point. That won't work.
If a hiring manager used that methodology, then an estate manager in Grand Rapids who is being promoted to a chief of staff in San Francisco would get a low salary offer; therefore, there is a big wage gap that needs to be addressed.
Salary expectations are high in domestic staffing
Top pay attracts top talent
The average salary for an executive assistant in corporate America is about $67,000; but an EA in the same job working for a billionaire earns double that. Further, an executive assistant working for an UHNW individual usually has stock options, a company car, and luxury accommodations as part of what the company offers. This is why market data in private service isn't effective.
Jobs to the super-rich need a different degree of consideration because so many other factors need to be considered. In fact, because there is such a shortage of top talent in private service, some open positions go unfilled for many months unless employers offer a maximum salary.
Jobs to the super-rich need a different degree of consideration because so many other factors need to be considered. In fact, because there is such a shortage of top talent in private service, some open positions go unfilled for many months unless employers offer a maximum salary.
Final thoughts on pay ranges that attract top talent
If celebrities, professional athletes, and billionaires want to attract the best talent, then be advised that the best employees expect aggressive job offers:
Lastly, our recruiters suggest that a candidate be given a salary increase each year because once the best talent gains relevant experience, they will be a flight risk to leave for a different company if they are not properly motivated. In short, money talks.
If you need help crafting a job offer, then contact us for advice on salary requirements. If you think you're offing the highest salary, then we will look at your final number and give our position on the matter.
- Make sure your annual salary accounts for take-home pay
- Lower salary ranges don't attract experienced candidates
- The high cost of living should justify high pay rates
- Offer candidates benefit options (e.g., 401K, gym membership, company car, etc.)
- Average salaries in top-tier cities need very attractive pay ranges
Lastly, our recruiters suggest that a candidate be given a salary increase each year because once the best talent gains relevant experience, they will be a flight risk to leave for a different company if they are not properly motivated. In short, money talks.
If you need help crafting a job offer, then contact us for advice on salary requirements. If you think you're offing the highest salary, then we will look at your final number and give our position on the matter.
Filed Under: salary range, job title, free salary report based on averages, salaries and job titles on any given position, how to determine a salary
