How Do I Figure Out How Much To Pay a Team Member?by Dr. Ron Arndt
As THE DENTAL COACH©, clients come to me all of the time asking me how to figure out how much to pay their dental staff. In a previous post, I explained that top talent requires a competitive compensation package.
Here are my tips:
- Be creative in offering benefits. Make up your own if they serve your employees. Consider the following: medical coverage, qualified retirement plans, paid vacations, continuing education and childcare subsidy. How else can you get creative? Gym membership reimbursement or a paid day off on their birthday.
- If you’re stuck on benefits, survey your team to discover what non pay-related perks are most attractive to them.
- Create long-term partnerships with employees through pay-for-performance systems. Focus your pay efforts on measurable outcomes and performance improvement.
- Determine the competitive wage range for each position in your office. Call other dentists, ask business owners in other similar professions to describe their compensation package. There is a lot of wage and benefit information on sites like glassdoor.com
- Analyze your current compensation package with your coach for competitiveness, attractiveness and affordability.
“You cannot prevent and prepare for war at the same time.” ~ Albert Einstein
When a plant is moved to a new location, it is not enough to just stick it in the dirt and say “grow!” We must water it carefully, fertilize it, watch closely for signs of transplant shock, and pay special attention for its first growing season, until it establishes new roots.