The Biggest Asset That Should Be On Your Balance Sheetby Dr. Ron Arndt
The most important resource in the dental office is the team. It makes sense to show them as an asset on the practice balance sheet. Unfortunately, quality talent is at a premium.
A study by a team from McKinsey & Co., The War For Talent states, “as the demand for talent goes up, the supply of it will be going down. The search for the best and the brightest will become a constant, costly battle.” We are fighting that battle not only with other dental offices down the block, but across all industries.
One of the ways to attract talent from today’s decreasing pool is to make the compensation package competitive. Remember that top performers command top wages — as they should.
Provide a package of benefits in addition to a base wage. With rising costs in healthcare premiums, I understand that it may not always be feasible to offer top benefits. In this case, think of what other benefits you can offer – a day off on their birthday, a $30/monthly reimbursement for a gym membership.