The profession of eye care is rapidly changing. The post-internet world has changed how we communicate with patients and do business, optical products are more sophisticated, and advancements in diagnostic equipment and therapeutics are helping to improve our ability to provide care. Everything has changed…or has it? While reviewing the results of The Jobson Optical Research 2011 ECP Compensation Survey, I was reminded of Jean-Baptiste Alphonse Karr’s quip in 1849 when he wrote, “the more things change, the more they stay the same.”
Men make more than women; the longer you work at something, the greater your compensation; the more responsibility you have, the higher your paycheck, and the greater the risk, the greater your reward. I think we all could have predicted these outcomes historically, and according to this study they are all still true, but why, and to what degree these things are true is another matter.
The Women’s movement started over 100 years ago. Yet, our survey respondent Optometrists, Opticians and Office Managers indicate that men continue to make 20-35%+ more than women across the board. Some would argue that our industry reflects remaining greater societal gender inequality. Others would argue that actually this is a reflection that male ECPs overall have greater tenure. We know that Optometry schools, for example, are graduating more female students than men today, so as these female Optometrists practice longer, some believe the compensation gap will narrow. Stay tuned.
As an entrepreneur, I appreciate the idea that owner’s take the greatest risk, and therefore realize the greater reward. I also relate to the fact that owners typically don’t realize those rewards in the first couple years of business. According to our survey, in the first five years of business, Optometric owners actually realize less compensation than employees (understanding that acquisition costs are mostly realized up-front). However, that begins to change significantly at the 5 years in business mark. OD Owner/Partner average compensation grew by 97% by the 10 year mark while employed ODs average compensation grew by only 32%. Is the extra risk and stress worth it? That’s your call.
This study also revealed what you might expect, that salaries are highest in the northeast region. This is not surprising, as we know that the northeast has a higher cost of living overall than any other region. One deviation from the norm was with regards to average total compensation of Optometrists. ODs in the midwest actually make the most according to this survey. Compare that to a relatively low cost of living, and it’s good to be an Optometrist in the midwest! Unfortunately, less so for Opticians and Office Managers in that same region.
Other interesting takeaways from our survey include the fact that State licensed Opticians make more than Opticians that are only ABO/NCLE certified, Opticians and Office Managers that work in chains make more than those that work in independent offices, and lastly if you want to maximize your income as an Office Manger, be prepared to manage multiple locations.
According to Daniel Pink, the Washington, DC based author of Drive: The Surprising Truth About What Motivates Us, “The best use of money as a motivator is to pay people enough to take the issue of money off the table.” Employers reviewing these survey results in an effort to remain competitive in the employment marketplace should remember that compensation is important, but it’s not the only thing that matters to employees. According to a 2010 article in Inc. Magazine, the things that employees want most include purpose, goals, autonomy, flexibility, attention, opportunity for innovation, open-mindedness, and transparency. Lastly, as an ECP, if there is something in these results that you believe should be different, remember what Andy Warhol said, “They always say time changes things, but you actually have to change them yourself.”
Brad McCorkle
Founder
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