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Creating a Strong Benefits Package for Your Dental Practice
Randy Fine, LUTCF, present of Robert Fine Associates, discusses how dentists should offer a generous benefits package to retain talent in their practices. Fine explains that though there may be some sticker shock in the beginning about providing a 401-K or other attractive offerings to staff members, these benefits will keep morale high and keep the competition out. It will also save you the trouble of having to replace and retrain employees, which can cost you time and money.
Randy Fine, LUTCF, present of Robert Fine Associates, discusses how dentists should offer a generous benefits package to retain talent in their practices. Fine explains that though there may be some sticker shock in the beginning about providing a 401-K or other attractive offerings to staff members, these benefits will keep morale high and keep the competition out. They will also save you the trouble of having to replace and retrain employees, which can cost you time and money.
Interview Transcript (slightly modified for readability)
“How would a dentist make available a very robust benefits package without being concerned about breaking the bank? Dentists want to be able to compete in the marketplace for talent. What we try to do is sit down with our dentist, look over what they have in place and see what we can maybe stretch a little bit on the benefits side to keep employees happy, to keep morale strong and to keep competition out.
RELATED: More Advice from Randy Fine
· Putting Your Financial Priorities in the Right Order
· How Dentists Should Set Attainable Financial Goals
The smaller firms might not be doing a 401-K. If you have one, it may not cost you that much, and yet you’ll have something that most of the other small practices don’t have that’s going to give you a leg up for receptionists, for hygienists, for people that are going to be full-time employees. You look at the cost, weighing that against the benefits that you’re providing and the ability to have good people stay.
That’s very important. Turnover will kill you. Just the amount of time, effort and energy to rehire for certain positions, maybe that extra cost of some strong benefits is the answer and motivator to keep them there. Some practices don’t have even the bare essentials of a life, disability or dental plan where if we look at what a small group benefits plan would cost, they’d be surprised at how little of an outlay to provide additional benefits and services to keep their people really excited to be a part of the organization.”
