Compensation is generally broken down into 3 components
· Short Term Compensation
· Long Term Compensation
OnCall’s annual survey bundles short term and long term compensation into one category of questions and benefits into the separate components of healthcare, retirement and leave.
It’s no surprise that overall staff feels undercompensated. Moving from primary care where compensation is much more competitive and structured (as is the work environment), to Aesthetics creates an uneven comparative that many employees use when evaluating their compensations against market.
While this may be expected to some degree, employers are left exposed to the perceived compensation gap ignoring it at their peril. Generally, employers have been using flexible scheduling and work autonomy as lures for senior talent. Our expectation for 2022 is that the market will be far more price sensitive as people return from COVID leave and are exploring all of their options including a return to primary care for professional designations. With provider longevity and consistency being a hallmark of customer satisfaction and business success, employers will need to balance overall compensation much more closely in the near term.
Perhaps the greatest opportunity for employers to improve lies in the benefits offered employees. It is long recognized that benefits packages are a leading source of talent acquisition and retention. Accordingly we note that the benchmark gap here is so wide that even small improvements can represent progress and earn loyalty. It’s our belief that as the industry continues to mature with Private Equity flowing into consolidators and chain operators, benefits will become a requirement for employers in 2022 and forward.