So you’ve decided to offer your team members a bonus…now what? Here are tips, suggestions and guidelines for providing an incentive program in your dental practice.
There are several key factors in ensuring that your bonus structure suits the needs of your individual team members, the dental practice as a cohesive whole, and your office as a profitable business. Your bonus structure shouldn’t be thought of off the top of your head. You should strategize a bonus program so that it benefits everyone…your business most importantly.
Key Components to a Successful Incentive Program For Your Dental Team
Timing: The winter months tend to be busier in dentist offices, as people rush to meet their insurance goals and plans. The summer months are slower. Your bonus structure should keep in tune to those changing paces in the office. It makes no sense, for example, to set the goal of starting Invisalign cases when the trend seems to be leaning in that direction anyway…there needs to be some challenge.
Communication: It behooves you to be on the same page as your team members in all aspects of your dental practice, including your incentive program. If you set a goal with no explanation about where that goal comes from, your staff may lose interest very quickly.
And though there needs to be some challenge and healthy competition within your team, you also need to set reachable goals. No one appreciates constantly reaching for the proverbial carrot. Make sure to communicate with your team, so you know what they consider worthy and attainable goals.
Desirable Prize: Find out what your team members want, what they will work harder for. In most cases monetary rewards encourage the most incentive. This is not always the case though. Perhaps your staff has a particular sports team they all support; maybe “playing hooky” and going to a ballgame will provide the most excitement and determination to reach for your common goals.
If your incentive program rewards your team members individually, perhaps an extra day off is the key. Once again, it is important to communicate with your team about this aspect of your incentive program. Every business is unique, and that uniqueness starts with the key players.
Your incentive program should place value on the uniqueness and individuality that sets your business apart from others.
Implementing your Bonus Plan in Your Dental Practice
After you’ve decided on the goals and rewards for your bonus plan, it is imperative to make sure you can follow through with it. If your bonus is to be a monetary one, decide ahead of time how you will distribute it. A Visa gift card, for example, as opposed to a spike in the employees’ paycheck. Communicate with your CPA to ensure you’re on the up and up with the IRS and your book-keepers.
Make sure your prize is both valuable and affordable. You want to offer incentive that promotes energy and enthusiasm, but you also want to stay within your budget.
Consider implementing accelerator goals to your team members. It is easy for all of us to lose steam and motivation after we’ve “reached the quota”, so to speak. It is important to keep the momentum going in your office, even after certain goals have been met.
Employee bonuses can be a wonderful way to keep your business fresh and exciting. It offers new perspectives, reveals hidden talents and strengths of your team members, and provides camaraderie and teamwork. Developing a thoughtful and strategic incentive program to add to your dental practice provides benefits that can make your business thrive, not just in the short term, but for years to come.
If you’re ready to take that extra step in making your dental practice thrive even more, reach out to Clear Edge Innovation today…we look forward to working with you!