There Is A Pay War Going On!by Dr. Ron Arndt
What is the most important resource in your dental office? No, it’s not your equipment or even the building itself.
It is your team. In fact, it makes more sense to show them as an asset on the practice balance sheet.
However, in 2012, quality talent is at a premium. A study by 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 dentists, but across all medical professions.
The best way to attract talent from this ever-decreasing pool is to make the compensation package competitive. You won’t get a top performer into your dental office by paying below-average wages. Remember that total compensation packages don’t just mean an hourly wage. By providing a package of benefits in addition to a base wage, you show your talent that you value them as an employee.
How much does compensation matter to you?