Offering a competitive package of employee benefits is one of the top ways for dentists to seek to build a successful practice. There's a lower rate of turnover when employees feel appreciated, and sought-after employee benefits may help bring in "top shelf" new employees, ones that will reflect positively on your brand. Moreover, satisfied employees are more likely to be committed to meeting the goals and objectives of your practice.
Here are seven benefits dental practices are using to attract loyal and satisfied employees:
1. Health Insurance and Supplemental Insurance (Dental and Vision)
Health insurance is not only one of the most sought after employee benefits. As a business owner, you may decide to offer this benefit as a way to try to attract and maintain quality employees.
Employees also look for companies that offer supplemental insurance policies for glasses and dental procedures or policies that include coverage for alternative treatments, such as massage therapy and acupuncture.
Some employers and health insurance policies even cover the cost of gym membership.
2. Life Insurance
Though not one of the most sought after perks, it may be helpful to offer life insurance to your employees, and it's generally not as costly for employers as some of the other benefits.
It may set you back anywhere between $20 a month for young employees and $300 a month for more experienced employees, but these rates vary based on a number of factors. You may decide to offer a set amount of free group-term life insurance, then allow employees to pay for additional coverage.
3. Short- and Long-Term Disability
Short- and long-term disability insurance helps protect your staff from illness and accidents that happen outside the place of work. When the employer offers both, they may work together in tandem to provide coverage.
Coverage for short-term disability — anywhere from three months to a year, after a brief elimination period — may be more expensive than long-term disability insurance, which covers catastrophic events.
4. Paid Leave
According to one survey, paid leave is the single most valued employee benefit. Nearly 60 percent of employees believe that it is vital in an occupation.
There are different types of paid leave — sick days, personal time, bereavement, and vacation are the most common — and it's your choice whether to pool some of these together or create distinct categories. You also get to decide whether your staff can let their paid leave accumulate over time.
5. 401(k) Option & Match
Another highly sought after employee benefit is a 401(k). After an employee has met eligibility requirements, they are afforded the opportunity to defer a portion of their salary, on the tax preferred basis, towards retirement savings. Oftentimes, a matching contribution, up to a certain percentage, may be offered by the employer to encourage employees to save for retirement. A 401(k) is an excellent way to show that you care about your employees future.
The plan will be more valuable to your staff, of course, if you offer an employer match up to a certain percentage, when they contribute funds.
A profit-sharing plan may be included as part of the practices overall retirement plan and is a good way to show that you appreciate the hard work of your employees.
A profit-sharing plan is an additional contribution earmarked for the employees retirement. A profit-sharing contribution may offer employees a sense of purpose and allows them to feel connected to the outcome of the practice, which in turn can boost productivity.
In addition, owners of the practice may benefit in the form of increased retirement plan contributions.
7. Flex Time
You likely can't offer your assistants, receptionist and hygienists the ability to work remotely all the time. What you can do instead, though, is build some flexibility into their schedules.
Allowing your employees to have more flexible schedules also benefits you since it may cut down on the number of days your employees show up late or ask for personal time.
Protect Yourself and Your Practice with Treloar & Heisel
Making sure your staff receives a great benefits package is a type of "insurance policy" for your dental practice, since contented employees are one of the best ways to build a thriving business.
At Treloar & Heisel, we provide another important type of protection for your business, comprehensive insurance coverage. We offer business loan protection, life insurance for buy-sell agreements, professional liability malpractice insurance, and a host of other services.
Learn more by downloading our eBook on ways to help increase your dental practice’s patient list today.