Pulse October 2023 | Page 55

the significance of each team member ’ s contribution to the spa ’ s financial success . When spa leaders purposefully establish a consistent pattern of goal setting , goal attainment and recognition , it will begin to compound on itself — at that point , the sky will be the limit . Here are just a few ways you as a leader can increase financial engagement and add a new facet to your talent retention strategy : l Utilize financial reporting and progress reports during team meetings to showcase areas of success , celebrate recent achievements and focus the team on areas for improvement . l Open the discussion floor to engage your stakeholders on how to address challenges or pursue financial goals as a team . l Implement regular recognition programs and highlight true success stories that connect a team member or department ’ s operational excellence with the attainment of a financial goal to incentivize exemplary performance and provide tangible examples for inspiration . n

RISK # 1 : Inducing anxiety in your team with big numbers and intimidating financial jargon Solution : Present financial information to your team in a relaxed , in-person environment using bite-sized metrics such as profit per unit sale or per treatment rather than grand departmental or company profits .

RISK # 2 : Creating dissatisfaction among team members regarding personal pay Solution : Gracefully discuss how sales do not equal profit . Identify significant overheads , expenses and the impact of taxation on margins and investments .

RISK # 3 : Investing time and managerial energy in transparency without seeing tangible financial benefits Solution : Network with managerial peers to gauge whether financial transparency has reaped any benefits in their experience and conduct independent research to identify potential positives and negatives .

When your employees are actively engaging with financial goals and striving collectively toward benchmarks , their job ceases to be solely about operations and shifts to a more holistic understanding of spa as a business model ….

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