From the desk of Shawna Aho, Dental Practice Financial Expert with STAC Bizness Solutions.
When you think about attracting great talent to your dental practice, your mind most likely goes to how much you can afford to pay. While compensation is an important factor, you may be surprised to know it’s very often not THE most important factor to a potential employee.
In this post, I want to share ten of the most valued benefits and perks that can help your practice become a true employer of choice!
1. Offer a retirement savings plan
With the sunsetting of large corporate pension plans and social security benefits that typically cover only a portion of a retiree’s expenses, most employees will be responsible for funding the lion share of their own retirement.
Offering employees a way to save for their retirement while saving on taxes is considered a must-have benefit for dental practices.
2. Help employees save more with matching contributions
By offering a company match (up to a certain percentage of employee retirement contributions) you are not only encouraging your employees to save for their future, but the match can be used to retain your employees through the use of a vesting schedule. Essentially, employees earn the full amount of the practice’s match only after a certain period of time which you can determine.
3. Offer medical, dental, and vision insurance
This one goes under the category of a “must have.” Given the cost of healthcare, employees have come to expect and rely on their employer for health insurance benefits. Not only do companies typically qualify for lower group rates, but they also cover a percentage of the employee cost for these benefits.
Although it’s expensive, it’s not uncommon to see a dental practice cover a large portion of the cost of these benefits. While that’s not required to attract talented individuals, it will certainly set your practice apart from many others!
4. Offer a Flexible Spending Account
Flexible Spending Accounts (FSAs) are special accounts where employees can save money for future health care needs through payroll deduction. This not only offers a great “auto-pilot” way to save, but it also allows your employees to deduct the annual saved amount (up to limits) from their taxable income.
5. Assist with student loan repayment
This topic has garnered significant media attention lately as the federal government has plans to eliminate some debt for federal student loan borrows. Regardless, with one in five adults Americans carrying student loan debt, you can be sure that the burden of debt will remain for many.
This is certainly not a “must-have” benefit like some of the others but it’s sure to help you stand out as a potential employer.
6. Offer tuition reimbursement
Often your best employees are those looking to improve themselves, inside and outside the office. One way to differentiate yourself while building the loyalty of these high performers is to provide tuition reimbursement, either in part or in full.
This can apply toward an employee seeking a degree, those desiring to take specific classes, or those pursuing an industry license or certification. If it’s a legitimate educational institution and the employee maintains a certain grade/performance level, tuition reimbursement can be a great thing for both parties.
7. Serve free coffee and snacks
This one is simple and affordable, but it goes a LONG WAY in making a difference to your employees. In addition to standard break-room snacks, some dental practices will offer bagels or catered/order-in lunches on a regular basis. It doesn’t need to be fancy. These simple gestures signal to your staff that you care… and that’s a big deal!
8. Allow your employees an at-work “relaxation escape”
Here’s another simple idea. If you have the room, why not transform an empty space into a place employees can truly relax and recharge for a few minutes. Maybe it includes a comfy coach or a hammock chair? Who knows. Collect input from your staff and get creative.
9. Offer PAID parental leave
While the Federal Government protects a worker’s right to return to a job after taking time off for parental leave, it does not currently mandate that employees must be PAID for the time off. While laws vary by State, this is one benefit to consider regardless of the status of the legislation.
Until federal laws change that mandate paid family leave, giving new parents paid leave is one of the most coveted employee benefits.
10. Volunteer time off
This benefit is great for the company, the employee, and the community! By giving your employees a certain number of days off each year to pursue volunteer opportunities, you are fostering a culture of caring. Serving together also helps build deeper relationships among your staff… can we even go so far to say it can be a team building exercise? You bet!
According to the Bureau of Labor Statistics (BLS), individuals between the ages of 35 and 54 are most likely to volunteer their time. Also, people under the age of 24 account for 22.6 percent of all volunteers.
There you have it. These are 10 great benefits you can consider to attract and retain talent for your dental practice. However, don’t be limited by this list. The possibilities are endless and many cost little or no money.
I encourage you to get creative in finding ways to show your staff that you care.
Have questions about optimizing the financial performance of your dental practices? The team at STAC Bizness Solutions is dedicated to provided top quality bookkeeping, payroll and advisory services to medical professionals within and outside of The Woodlands, TX area. If we can help you in any way, just call us at 844-424-9637.
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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.