The Great Opportunity: Employee Retention In The Post COVID Era Aesthetics Industry

A Medical Practice's Greatest Opportunity and Greatest Threat

While the COVID pandemic era may be noted in the annals of history for its mortality rate, economic impact, social change, healthcare transformation, and fractures in political leadership, it may also be known as the era when people from every generation and all walks of life realized the importance of taking more control of their work and life situation.

Work-life balance has been an overused mantra that has led many to believe there is a right balance and a wrong balance. Such a belief may add to the anxiety one may already be feeling as they struggle to achieve equilibrium. Balance is unique to an individual and driven by their personality type, motivators, life situation, and the demands that surround them at any moment in time. Balance for a young parent, adult child of an aging parent, middle aged adult, or recent graduate look very different from one another.

One thing Covid did was bring to the forefront for many people the importance of prioritizing those things that matter most in life, which, like balance, is unique to the individual. During the post COVID Great Resignation many people did assess their priorities and reset their life. For some, this included quitting a job they disliked, renegotiating compensation, separating from employment relationships that conflicted with their values, and seeking situations with leadership that was more aligned to their personality type and motivational style.

Some who may not have been looking for a change made a change because they were sought out and presented with an opportunity they could not refuse. Others because they decided to stop procrastinating and finally chose to pursue their dreams. No matter the reason, the post COVID era has presented practice owners and management with a challenge, that if understood correctly, may be viewed historically as the “Great Opportunity”.

Practice managers and owners who choose to view the employment challenges currently faced as a Great Opportunity will also see this as a chance to reinvent their leadership style, organizational culture, and how they do business. These leaders may also be the ones who gain an edge in the race for the best and brightest talent. Leaders who simply view the Great Resignation as a cash grab by employees may find themselves struggling to keep up and stay relevant.

It has been said that Millennials, Gen Z, and Gen Alpha value life experience over other factors, such as money. While this may be true, one would be mistaken to believe that money does not matter. Money does matter. However, it is the combination of fair pay and great place to work that is most important to many in these groups. Please not that it is also becoming more and more important to other generations as well.

That said, managers and practice owners must embrace the well-researched and proven fact that employees quit employers not jobs. If this were not true, why do we see so many lateral moves within the medical aesthetics industry? Research confirms that money is a factor when it comes to considering whether to accept new employment. However, research also confirms that over a short period of time money becomes secondary to culture, values alignment, growth opportunities, and organizational leadership.

More money meets a safety need. The other less tangible stuff meets higher-level needs such as fulfillment of purpose. Unsatisfied higher-level needs will eat away at a person and ultimately lead to a change. An unfulfilled employee may be influenced by money to remain on the team, but history shows that it will be a short-lived stay. There truly is more to life than money, especially when one’s basic needs are being adequately met.

If you find yourself throwing money at the employee retention issue, you may want to take a step back and look in the mirror. While money matters, it is not the sole factor in an employee’s decision-making process. Nor does it serve as a motivator for many of those you employ. Maybe culture needs retooled, values realigned, or leadership approach reassessed. Whatever the situation, a deep dive needs to be conducted before throwing money at the problem. Otherwise, you may find yourself effectively putting a Bandaid on a situation that is bound to end poorly anyway.

It is important to fully understand the issue at hand. You may have a great culture, and everyone loves working for you. You may in fact be underpaying your people. If so, that’s an easy fix and it doesn’t need to be overly expensive. People who love where they work AND who they work for want to see the practice and the management succeed.

As such, most are willing to work for a fair market driven wage that does not need to be the highest in class. Many would rather work for a high-class practice at a fair wage and a leader who sincerely cares about them than be the high paid and hate their job.

Randy Stepp is a principal with Renaissance Leadership Group. RLG is a full-service business development company driven by Purpose, Passion, and Strategy and the goal of helping entrepreneurs realize their vision for their business.

Visit Renaissance Leadership Group at www.renaissanceleadershipgroup.com to learn more.