Is the next generation motivated by money?
The Baby Boomer generation grew up as products of war and the Great Depression. Their work ethics are impeccable, because their motivation is to save their earnings and retire to a life of travel and leisure.
In optometry we have always listened to consultants and business-minded individuals tell us about grossing over $1 million as a single doctor or netting more than $200,000. This idealism has driven ODs for years, but will this carrot drive the next generation of optometrists? Probably not. Don’t get me wrong, optometrists desire to make good money, but according to studies documented in a top-selling book by Daniel Pink, the next generation wants more than money. Here are the 3 elements that Pink describes in his book, Drive, and where I believe we stand as optometrists.
- “Autonomy” – New optometrists are looking for positions that afford them the opportunity to make their career the means to an exciting life now. Instead of working long hours to ensure an affluent retirement, today’s new optometrists are seizing the opportunity to live now. This is one of the reasons that we have far fewer new eye doctors who want to commit their life to owning a practice.
- “Mastery” – Routine procedures like refraction have become repetitive and the reward of mastering this does not provide the satisfaction that medical optometry does behind the slit lamp. New eye doctors see the opportunity to be more than a refractionist and be an integrated part of the medical model. This drives new ODs to seek employment instead of owning their own clinic. This way, they can focus on patient care and increasing their clinical
knowledge, instead of worrying about business management. This allows them to master optometry in a way that provides intrinsic fulfillment, compared with the extrinsic fulfillment of money. - “Purpose” – The success of TOMS and now Warby Parker reveals that the next generation wants to be a part of something bigger than themselves. The new eye doctors are looking for employment that allows them to put their efforts into a larger cause. They want autonomy that will allow them flexibility and time to be involved in something bigger.
If you have read this far than maybe you do see that the extrinsic motivation of money is still important, but contrary to popular belief, it is not the primary motivator for the next generation. If you want to successfully employ new optometrists and have them possibly buy your practice in the future, you must understand what they are looking for in motivating them to press ahead. High-producing offices and optometrists committed to working at the office 60-plus hours a week reflects a Baby Boomer generation committed to not ending up poor like their parents in the Great Depression. Now we have a generation raised by these hard-working parents who are wanting to take a little time off work to stop and smell the flowers along the way.
Very interesting post. I think you hit on some pretty important stuff. In my experience, not everyone is like this, but I think there is a trend in this direction. I suppose the question arises, what is good for optometry and for our patients? I am all for the sustainability and growth of private practices, so I think that if this is the case, we should do something about it to ensure new grads transition into private practice owners. Good post, great blog.
I agree with you completely. This does not represent everyone but it is something that must be considered as we look for private practice to thrive in the future. When the majority of students are graduating with these behavioral differences, we must consider the ramifications now to prepare for success in the future. I don’t think that new grads will make bad practice owners, they will just need to be understood by their senior counterparts as having a different purpose in striving for success. Thank you for your thoughts.
Great Post! I thought this was very interesting and true. I recently have been reading a book that talks about a theory called the Motivation Theory and it seems like you have already figured it out. It breaks down motivations into two categories; Hygiene factors and motivation factors. Hygiene factors are compensation, status, job security, work conditions, company policy, and supervisory practices. All of the Hygiene factors only determine whether or not you are satisfied or dissatisfied in your job but not whether or not you love your job. The motivating factors are challenging work, recognition, responsibility, and personal growth. All of the motivating factors determine whether or not you love your job and I think what most optometry students are looking for now are motivating factors and not necessarily hygiene factors.
Optometrists who consider refractions mundane should twice before considering employment with an ophthalmologist or physician owned HMO or any other employer who sees an optometry as it was the 1950’s aka “the refractionist”. As a solo practitioner in a small rural town I’m recognized as the medical eye expert in the area. The urgent care center, migrant health care center, family practitioners and pediatricians all refer to me with confidence. Frankly, the only one whose respect I haven’t yet earned is a middle school nurse.
Small town with a mix of vision and medical eyecare is great way to practice.
We’ve been telling students that small town is where it is at. I’ve been working with practices trying to sell in small town and they are goldmines. It is amazing that there is not a stronger draw. Have a good one. Thanks for the comment!
I agree. I have a high grossing practice. Doesn’t impress a lot of potential buyers