Starting NOW, you must know how to “Showcase and Sell” both the monetary and non-monetary benefits of working at your Spa
Due to a number of variables, today’s Spa Owners have fewer applicants to draw from – you are all vying for the same contenders. It is also increasingly difficult to hold onto those individuals. Some reasons for this might be:
1. Limited commitment on the part of the employee due to the re-focusing and greater emphasis on work-life balance;
2. Technology and globalization – New industry developments and globalization have brought a new meaning to competition;
3. General decline in human stability factors; lower levels of loyalty and respect for authority figures.
What does this mean to you?
In order to gain and retain the best contenders out there, you will have to aggressively sell your Spa and your Compensation Package as the best opportunity out there. You will have to make it ultimately clear to potential candidates that coming to work with you is the best choice possible.
8 Monetary Compensation Adjusters
As the Owner, you must develop a Compensation Package that stays within Industry Standards while at the same time complements your overall business philosophy and financial capabilities. This may include hourly wages; commissions and incentives; profit sharing and bonuses; product and service allotments; paid training opportunities, etc.
1. Company Stability – Know what you can afford;
2. Company Philosophy – What constitutes a reward according to your guidelines?
3. Industry Standards – What is acceptable in the marketplace?
4. Job Description – Your reward system must be relative to your expectations;
5. Skills Performance – Be able to gauge obvious and potential successes;
6. Expertise – Experienced therapists are a dying breed, pay them special attention;
7. Tenure – Loyalty should be strongly encouraged and rewarded;
8. Cost of Living – It keeps going up and you’ll need to keep up too.
Non Monetary Rewards
These “Opportunities of Employment” are a very important component in your Compensation Package. Examples of non-monetary rewards are: Caring Culture with life-friendly policies; Quality Leadership; Flexible Scheduling; Employee Retention programs; Deliberate Staff Development; Stretch Opportunities and Experiences; and special privileges for high achievers.
Enjoy these Advantages of a Great Compensation Package:
—It gives your (potential) employees a clear understanding of what they are entitled to receive and what they need to accomplish to achieve higher compensation;
—Sends a message of continuity and professionalism, decreasing back lash over possible feeling of unfairness or favouritism;
—When it becomes known that employees can make good money and enjoy a pleasurable working environment at your Spa, you will begin at attract better candidates for the job;
—It can create an upward spiral of quality, yet costs fall because you need fewer people – everyone wins;
—Good employees make you more money too – they make fewer mistakes, need less supervision and are more willing to do whatever it takes to see the business succeed;
—Management administration is more efficient and effective – improves record keeping.
Design the Package before you’re ready to hire; keep it easy to understand and administer; be consistent, and put it in writing.
Your ability to effectively combine these monetary and non-monetary options to best suit staff needs will dictate the overall success of the Package.