Would you believe me if I said money is very often NOT the most important factor in the eyes of your employees?
Well… it’s true. While pay is undeniably an essential factor in attracting and retaining team members in your dental practice, it is far from the sole motivation for people to work for you. In fact, numerous studies and surveys have consistently shown that job satisfaction and fulfillment often outrank monetary considerations in the hierarchy of employee needs.
First and foremost, individuals seek meaningful work that aligns with their values, interests, and career goals. They want to contribute to a cause they believe in, where their skills and talents are put to good use.
Moreover, a positive workplace culture, opportunities for professional growth, and a healthy work-life balance are increasingly crucial factors. Employees value an environment where they feel supported, and where their employer recognizes them holistically, as a person, and not just a tool to perform a task during assigned hours. While this can be accomplished in several ways, getting creative with your practice’s benefits is a great way to support your employees beyond the paycheck!
Sure, we’re all aware of the most common employee benefits (like paid vacations, employee health insurance, paid sick leave, disability insurance, etc.). However these benefits are usually not differentiators when it comes to hiring top talent. To make yourself stand out, you need to be a bit creative.
Here are 7 less-common benefits that may just tip the scales in your favor!
Flexible Fitness Perks: Offer employees a budget they can use for various fitness-related expenses, such as gym memberships, fitness classes, or even home workout equipment. This benefit promotes employee well-being and shows a commitment to their health.
Paid Volunteer Days: Encourage social responsibility by granting employees a certain number of paid days off for volunteering activities. This not only benefits the community but also fosters a sense of purpose among your team.
Student Loan Repayment Assistance: Assist employees in paying off their student loans by contributing a fixed amount each month. This benefit helps recent graduates and demonstrates a commitment to their financial stability.
Non-Traditional Work Weeks: Some offices have great success operating four days per week (7AM – 5PM, Monday through Thursday, for example). Not only do teams members enjoy the permanent 3-day weekends, but it also better accommodates those patients looking for early morning, pre-work appointment times.
Offer Free Financial Wellness Workshops: Enlist the help of a local financial advisor to host a workshop to provide employees with guidance on managing their finances, investing, and planning for their future. Financial well-being is a critical aspect of overall satisfaction. (NOTE: Be very clear with the advisor you select that there is to be no overt selling. The session should be 100% value with no solicitation for business)
Free Grocery Delivery Memberships: This is a great one, especially for busy Moms and Dads. For less than $200 annually (at the time of writing), your employees can enjoy the convenience of having their groceries delivered. It may seem like a small thing, but anything that allows your employees to spend more time with their families is a BIG THING.
Hopefully you can see from these examples that adding a few creative and low-cost employee benefits can leave a lasting and positive impression on your team. While competitive salaries are important, it’s often the unique perks and thoughtful gestures that truly resonate with employees. These benefits demonstrate your practice’s commitment to their well-being, growth, and work-life balance, fostering loyalty and a sense of belonging. By thinking outside the box and offering cost-effective yet innovative benefits, you not only attract top talent but also nurture a motivated and engaged workforce that’s willing to go the extra mile for your patients and for you!
Until next time!
About STAC Bizness Solutions: Dental practices have unique financial needs. That is why STAC Bizness Solutions is the perfect financial solution for your business. By combining our specialized expertise, experience, and high standards, each client receives close personal and professional attention. Our primary goal as a trusted adviser is to be available to provide insightful advice to enable our clients to make informed financial decisions with their finances. We invite you to learn more by visiting us at www.stacbiz.com or calling us at 844-424-9637.
Hope this helps!
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7 Key Financial Practices That Separate Thriving, Growing Practices From The Rest.
There’s no denying it. Creating a thriving practice is about much more than practicing medicine!
Topping the list of “other” priorities is your practice’s financial management. In this short guide, the experts at STAC Bizness Solutions outline 7 financial best practices that differentiate struggling practices from those which are highly profitable and experiencing healthy levels of growth.