Medical Esthetics Sponsored by
Abstract: Employee compensation can be a delicate subject with everyone, but making sure you are keeping your compensation program competitive for both your employees and your business is essential to a healthy practice. By compensating everyone along similar guidelines, as well as ensuring that your staff understands and strives to achieve these, you will keep your employees and your practice at the top of the game.
The medical aesthetic industry is evolving, and many professionals from the traditional medical industry are jumping into the cosmetic procedure game. These newcomers face a learning curve when it comes to pricing and compensating for medical aesthetic services rendered, and having the right compensation structure in place for a medical aesthetic practice’s staff is critical.
This industry has some of the highest payroll expenses of any type of business, and therefore, when it comes to compensation, there is very little room for mistakes. Many practice owners are paying compensation that is not profitable for their business, nor that holds accountability for their teams in meeting performance goals. It is important to have a pay structure that is fair and equitable for you as a business owner, as well as for your team.
Compensation is a combination of what you pay your employees plus the benefits you provide. The right benefits program is important because it helps you distinguish yourself from the competition. It can also be used as a tool in staff retention when you factor in vacation and paid time off, paid education opportunities, retail commissions, health insurance, and special employee pricing on products and services.
The days of paying a straight 50% commission to service providers are by and large done. However, there are many types of pay structures out in the market today, and no matter what type you choose, the numbers have to add up to the right percentage for your practice in order to maintain success.