Embrace the Great Opportunity
Build an Aesthetics Practice That Inspires, Retains, and Recruits
The COVID era of our lifetime has been a one of immense challenges, but it has also sparked a profound realization among people from all walks of life. We have come to understand the importance of taking control of our work and life situations, prioritizing what truly matters to us. As an entrepreneur in the aesthetics industry, you now have the chance to seize this moment as the "Great Opportunity" for employee retention and recruitment.
Work-life balance is often seen as an elusive concept with a one-size-fits-all solution. However, true balance is unique to each individual, influenced by their personality type, motivators, and life circumstances. Whether they are young parents juggling responsibilities, graduates seeking purpose, or adults looking to care for their aging parents, everyone's version of balance looks different.
The post-COVID era brought about a wave of introspection and reset for many individuals. People quit jobs they disliked, renegotiated compensation packages, and sought out environments aligned with their values and leadership styles. Some were presented with irresistible opportunities while others finally decided to pursue their dreams without delay. This period presents aesthetic entrepreneurs with a challenge that can be historically viewed as the "Great Opportunity."
By viewing current employment challenges as an opportunity rather than merely seeing employees' actions as cash grabs, practice managers and owners can reinvent their leadership style, reshape organizational culture, and transform how business is done. These visionary leaders will gain an edge in attracting the best talent in this competitive landscape while others may struggle to keep up.
It's often said that Millennials, Gen Zs, and Gen Alphas prioritize life experiences over money when making career decisions. While this holds some truth for these generations (and indeed for everyone else), we would be mistaken to believe that money doesn't matter at all. Fair pay combined with creating a great place to work holds significant importance across all age groups.
Managers must acknowledge the well-researched fact that people quit employers, not jobs. This is evident in the lateral moves we see within the medical aesthetics industry. While money plays a role in initial considerations, research shows that culture, values alignment, and leadership become more important over time.
While money can fulfill basic needs, it's the intangible aspects of work that satisfy higher-level needs like purpose and fulfillment. Unsatisfied higher-level needs will eventually lead to dissatisfaction and a desire for change. Employees who remain solely for monetary reasons often have short-lived stays. Life encompasses so much more than just financial compensation when our basic needs are met. Therefore, it is important that we never forget that money is merely meeting a basic need and serves as a platform that enables us to seek up and go higher.
Instead of throwing money at the employee retention issue without understanding its root causes, take a step back and reflect on your own practices as a leader. Money matters but it isn't the sole factor driving employees' decision-making processes or motivating them to stay with you. Perhaps your workplace culture needs retooling or realignment of values is necessary. It could even be an opportunity to reassess your leadership style.
Before resorting to financial incentives alone, fully comprehend the problem at hand. You may already have a great culture where everyone loves working for you but find that you're underpaying your employees. In such cases, rectifying this doesn't have to be overly expensive; fair wages can go a long way in fostering loyalty and dedication among those who genuinely care about their workplace's success.
Embrace this Great Opportunity by building an inspiring workplace where employees feel valued and supported in their personal growth journeys. Show them that they are part of something bigger than themselves—a high-class practice driven by leaders who genuinely care about their well-being and success.
We all know that people want to work for great people. By becoming a great leader who leads a great workplace you just may find that employee retention becomes less of a problem and finding great people becomes easier.
💌 Are you ready to take on an investment partner to help you grow your medical aesthetics practice? If so, we are here to partner with you every step of the way. Fill out the contact form or send us an email at info@baraesthetics.com and we will schedule a call to discuss the possibilities.
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