I Have High Employee Turnover and I Cannot Afford Benefits-What Can I Do?
When it comes to employee benefits, you may immediately think of dollar signs. However, while you are increasing revenue in your practice, there are some small tweaks you can make. Most med spa owners assume that they have to spend a lot of money in order to attract and retain top talent. However, this is not always the case. There are many inexpensive or even free employee benefits that can make a big difference in the lives of your team, while also benefiting your practice!
Flexible scheduling: Allowing employees to set their own schedules can be a low-cost way to improve work-life balance and boost morale. This will probably work best if you have team members who are contractors. It won’t work as well for those who need to be constant like the front desk unless you have a system in which employees can swap hours. It can also increase productivity, as employees are able to work when they are most alert and focused.
Professional development: Providing training and educational opportunities can help employees advance their careers, while also benefiting the company by increasing their skills and productivity. This can be as simple as sending your team to workshops and conferences or as elaborate as providing tuition reimbursement.
Wellness programs: Implementing programs to promote physical, financial and mental well-being can help keep employees healthy and reduce healthcare costs. This can include things like health screenings, employee assistance programs, paying for a therapy subscription through Talkspace or a wellness stipend which can be used on whatever they consider wellness (gym, spa, etc).
Employee recognition: Recognizing and rewarding employees for their hard work and achievements can boost morale and motivation without costing a lot of money. A thank you note can go a long way or recognition in front of other team members. However, do know that this is a bit individualized and you may want to check with your team members to see how they like to be rewarded.
In conclusion, there are many inexpensive or free employee benefits that can make a big difference in the lives of your team and benefit your practice as a whole. In a time when there is high turn over, injectors leave a practice for a few extra dollars, do go the extra mile and do what you can for your team.
At the same time, be sure to paint the vision for your people and allow them to buy into the future of your practice. By offering a combination of flexible scheduling, professional development, wellness programs, and employee recognition, you can create a more motivated, productive, and satisfied workforce without breaking the bank.