One of the biggest questions IEP Therapy gets from SLPs is what are the going hourly rates at your company, so we thought we would break it down in this blog post. Like all companies, we have put together a pay scale based on several criteria. The first question to ask is what are our competitors paying? In this case, we look at competitors as any firms that are also trying to hire SLPs, which includes hospitals, school districts, rehab facilities, and long-term care. According to Glassdoor, SLPs in Indiana are being paid an hourly rate anywhere from $24/hr to $55/hr. That is a pretty wide range, so let’s look at some other questions that can affect your hourly rate:
- Are you an independent contractor or a W2 employee?
- Are you mainly focused on receiving great benefits or the highest hourly rate?
- Are you brand new to the field and need CF supervision or do you have a ton of experience, so you won’t need as much support?
The answers to these questions can have a profound effect on your hourly rate. For example, if you are an independent contractor, then you are essentially your own business. This means that you won’t be provided with any support, benefits, or professional liability coverage. Due to this, independent contractors will have the highest hourly rate. Stay tuned for next week’s blog post covering the main differences between an independent contractor and an employee.
On the other hand, let’s say you’re not interested in being your own business and you really need full benefits. Unfortunately, everyone knows how expensive healthcare is today. Healthcare is generally the leading cost for employers behind salary expenses. So, if you or your family needs healthcare then this will influence your hourly rate. However, if you don’t need healthcare, you may be able to negotiate an increased hourly rate by waiving the healthcare benefit option.
Support is an important item to look at as well. When you are a CF or someone with only a few years’ experience or maybe no experience in the professional setting to which you are applying, then support can be a tremendous asset to further your development as a professional SLP. For IEP Therapy, support means one on one or small group meetings with a seasoned SLP Therapy Manager who has experience, expertise, and overall knowledge of the school setting. Getting that support can really help you navigate both the regulation side of your professional setting, but also the relationship side when you are dealing with administrative personnel, parents, students, and professional colleagues. It helps to have a mentor who has been through many of the same experiences you might go through. Support from both a mentor and the company that you work for can have a huge impact on your success as a therapist that no amount of money can ever really account for. So, thinking about where you are as a professional and the development that you are interested in is critical. In this case, it might be better to take a slightly lower hourly rate now to gain experiences that will drive higher hourly rates for years to come.