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What is Your Time Worth ?

What is Your Time Worth ?. JoAnne Chalom, COMS, Ed.S. Considerations for Determining your Fee Structure. How do you determine a reasonable and customary fee for your services?. Quantity of Experience vs. Expertise.

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What is Your Time Worth ?

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  1. What is Your Time Worth ? JoAnne Chalom, COMS, Ed.S.

  2. Considerations for Determining your Fee Structure • How do you determine a reasonable and customary fee for your services?

  3. Quantity of Experience vs. Expertise • The cost of living for a geographic region impacts determining fee structure • Experience and expertise are also components of determining a fee structure

  4. Considerations for Determining your Fee Structure • Market Research 101 includes • Geography • Comparative Markets • Quantity of Experience vs. Expertise

  5. Quantity of Experience and Expertise • A new orientation and mobility specialist may negotiate a lower rate • Compared to a veteran orientation and mobility specialist with over twenty-five years of experience

  6. Geography 201 • States such as New York will typically have a higher fee basis than states like Georgia • A contractor in New York state charges $135 per hour • Another contractor in Alabama charges $58 per hour

  7. Quantity of Experience vs. Expertise • Comparative markets within a geographic region should be considered when determining a fee structure

  8. Comparative Research with a twist • Determining for example, the base salary of an orientation and mobility specialist who works for a school district • Keep in mind that you are comparing apples to kiwis not apples to apples

  9. Comparative Research with a twist • A private contractor would need to consider other factors such as expenses • gas • vehicle maintenance • office supplies • other expenditures

  10. Comparative Research with a twist • Professional Errors and Omissions Liability insurance • General Commercial Liability Insurance • Business coverage for your vehicle

  11. Comparative Markets • Determine what competitors charge e.g. other private contractors

  12. Private Contracting • What state(s) have the lowest paid private contactors ? • Hint: Location, location, location

  13. Lowest Contracted Rates

  14. Lowest Contracted Rates • Alabama ($58) • Georgia ($75) • Florida ($80) • New Mexico ($85) • Texas ($90) • Washington ($90)

  15. Private Contracting • What state(s) have the highest paid private contactors ? • Hint: Location, location, location (with a twist)

  16. Highest Contracted Rates

  17. Highest Contracted Rates • Ohio $290 • New York $135 • Massachusetts $125

  18. Travel Time • Some contractors charge a separate fee for travel time • Others incorporate it into their hourly rate • Travel time rates range from .51 per mile • 50% of the hourly rate for travel time

  19. Travel Time

  20. Travel Time • Georgia ($25) • Texas ($30) • New Mexico ($40)

  21. Similar Markets • What is the average beginning salary of a teacher in the great state of Michigan? • What state has the highest average beginning salary for a teacher?

  22. Similar Markets • Michigan ($34,724) • New Jersey ($48,101)

  23. Private Contractors vs. School Board Employees • Typically a school board employee’s salary is based on a ‘school year’ that is ten months long

  24. Private Contractors vs. School Board Employees • School Board employees also have benefits • It can include medical, dental, retirement

  25. School Districts • What is the typical school year a school district employee ? • Is that factored into calculating base salary?

  26. School Districts • What state has the lowest average beginning salary for a teacher ? • What is the median range for beginning teachers salaries ?

  27. School Districts • State with the lowest average beginning salary (Montana) ($26,000) • Median range for beginning teacher salaries • ($37,000)

  28. Mileage Reimbursement • Another benefit would be either the use of the company vehicle for work related travel • Reimbursement for mileage (personal vehicle) • Wear and tear on your car is not typically reimbursed

  29. Private Contractors vs. School Board Employees • Depending on the company private contractors may not offer benefits • They may offer a limited array of benefits such as medical coverage

  30. Fringe Benefits • What fringe benefits are provided to employees ? • Are they as prevalent for private contractors ?

  31. Fringe Benefits • Pension Plans • Group Errors and Omissions Coverage • Paid time off (sick or personal) • Paid Holidays • Leaves or Sabbaticals

  32. Fringe Benefits • Group Health insurance • Groups Dental coverage • Group Life Insurance

  33. Rehabilitation SpecialistHighest Salaries

  34. Rehabilitation Specialist Highest Salary • Texas ($60,034) • Illinois ($55,488) • Colorado ($51,568) • New York ($51,268)

  35. Rehabilitation Specialist Lowest Salary

  36. Rehabilitation Specialist Lowest Salary • California ($30,000) • Nebraska ($31,603) • Texas ($31,729) • Kentucky ($32,042)

  37. Blind Rehabilitation Outpatient Specialists • Blind Rehabilitation Outpatient Specialists at the Veteran’s Administration • Credentialed in at least one area, COMS, CLVS,Etc..

  38. Blind Rehabilitation Outpatient Specialists • Many positions have factored into their base salary a locality adjustment based on the cost of living in specific geographic regions

  39. Blind Rehabilitation Outpatient Specialists • Locality Adjustments can range from 4.72 (Alaska) percent to 35.15 percent ( San Jose, California)

  40. Highest to Lowest Percentage Locality Payment Adjustments

  41. Highest to Lowest Locality Payment Adjustments • San Jose-Oakland-San Francisco, California (35.15%) • Indianapolis-Anderson-Columbus, Indiana (14.68%) • Rest of the United States • (14.16% ) • State of Alaska • (4.72%)

  42. Taking the leap • Congratulations, you have decided to go out on your own and become self-employed • Give yourself a pat on the back • Now exhale (after you have figured out what you have just done)

  43. Take the Leap • Take a moment to say good bye to • Dependable paychecks • Fringe Benefits • Paid time off

  44. Administration of your business • Paperwork…. oh what fun • Monthly deposits for federal, state and reemployment taxes (unemployment taxes) • Keeping current with all licenses required to have a business in your city, county and state

  45. Administration of your business • Ensuring that invoices are paid in a timely manner • Ensuring that business expenses are paid on time

  46. Questions/Comments

  47. Resources • GS-11 requires ACVREP COMS (at least one area of certification more than one is preferred) • Salary Table 2012-GS

  48. Resources • Rates Frozen at 2010 Levels effective January 2012 • Annual Rates by Grade and Step http://www.opm.gov/policy-data-oversight/pay-leave/salaries-wages/2012/general-schedule/saltbl.pdf

  49. Resources • Teacher salaries by state • http://teacherportal.com/teacher-salaries-by-state

  50. Resources • The National Council of State Agencies for the Blind (NCSAB) • http://www.ncsab.org/director-list.aspx • Emailing every state that has a vocational rehabilitation program or a contractor facilitating that need

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