You know how important your team members are to your success, which is why you've done your best to attract talented professionals to your practice. You also know how important it is to keep them happy and motivated to excel. But what if I told you that your team members would appreciate something as much as, if not more than, a pay raise?
Sally McKenzie, CEO of McKenzie Management.Pay raises have their place, and I suggest you give them out when your team members meet or exceed clearly defined performance measurements. These measurements help them know exactly what they need to do to earn that bump in pay. This also usually means they will work harder and likely find their jobs more rewarding.
But it's also important to keep in mind that more money isn't the only employee motivator. In fact, most employees appreciate certain benefits more than a pay raise.
That's right. Offering a solid benefits package will help you attract and retain high-quality employees who want to help your practice meet its full potential. Don't believe me? About 80% of workers would prefer new or additional benefits to a pay increase, according to a 2015 survey from Glassdoor. And that's not all. Information about a company's benefits program is one of the top five things job seekers want employers to provide. This helps them decide if they want to apply for the company's open position or move on to the next one.
Top 3 benefits
So what are the benefits employees want most? Here are the top three, according to Glassdoor:
- Health insurance
- Paid leave
- Retirement plans
Employees want basic core benefits more than specific benefits such as free gym memberships, childcare assistance, and stock options. The bottom line is that your team members will be more satisfied with their jobs if you get the basics right.
Of course, employees also will enjoy any perks you offer, so go ahead and provide ancillary benefits if you can. But just remember, if you start cutting those three core benefits, chances are even your most loyal team members will start looking for other opportunities -- which is why it's important to keep your benefits package competitive. To do that, find out what benefits other practices in your area offer. If yours aren't in line, I suggest you consider making some adjustments.
I understand there might be a time when it becomes necessary to make cuts to your benefits package. If you're in this situation today, make sure you involve your team members in the process. Find out how they might react to any changes and what benefits they value most. Take this into consideration as you make adjustments. When it's time for the rollout, be clear about what the changes are and the rationale behind them.
Making changes to those core benefits will no doubt have the most impact on both current and potential employees, but keep in mind that adding ancillary benefits such as financial education and transportation assistance provides good will. So, if cuts are unavoidable, consider offering any perks you can to help make your benefits package more attractive.
While your team members will never say no to a pay raise, the truth is most of them would prefer a solid benefits package than a little extra money in their paycheck each month. If your benefits package doesn't cover the basics -- health insurance, paid time off, and retirement planning -- it might keep top-notch candidates from accepting a job at your practice and could even prompt once loyal employees to start a job search. Your benefits package says a lot about your brand and your practice culture, so do your best to put together a package that's competitive with what the industry offers.
If you find your benefits package isn't quite up to standards after you've done your research, I suggest you make the necessary changes. Once you offer the benefits team members truly want, you'll find you have happier employees who are more productive, and that can only mean good things for your bottom line.
Sally McKenzie is the CEO of McKenzie Management, a full-service, nationwide dental practice management company. Contact her directly at 877-777-6151 or at [email protected].
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
