In all industries and professions, benefits continue to be an important part of an employee compensation package. An effective benefits package can help give team members more financial and health security for themselves and their families (plus other perks depending on what benefits are offered).
Thinking about your practice, the benefits package you provide can also add a lot of value for attracting and retaining strong candidates. And since losing team members and rehiring new ones can be quite costly, that retention aspect is key. Depending on your practice situation, you may not be in a position to give significant raises or bonuses. Or perhaps it’s difficult to compete with larger health systems or groups in your area. But the right benefits package catered to what’s important to your team members can help you stand apart.
The Importance of Strong Team Member Benefits
For medical practice team members, the Employee Benefit Research Institute reports that one-third of workers feel benefits packages are “extremely” important, while 44% feel benefits are “very” important. A full 21% feel benefits are so important that they’ve changed or quit jobs because their packages were lackluster.
The right benefits package can help you become and stay a strong community competitor. Depending on the size of your market, your healthcare community can be small and close-knit. If that’s the case, clinical team members may have close ties or connections with other practices and may be enticed to jump ship if they feel the grass is greener elsewhere. But great, individualized benefits can prevent team members from questioning this and help them commit to your practice.
Offering the right package can also increase your team member satisfaction and loyalty. It can show your team members that you care about their health and well-being. It shows that in addition to compensation, you appreciate the hard work they bring each day and want to offer something extra. In addition to health benefits, perks like continuing education and training will also show them that you’re committed to their professional growth. The right benefits package can help you hire the best team members too. Highly qualified candidates will likely have their choice of many different positions. If so, benefits may be a major part of their decision. Don’t let a lack of benefit options be the reason the best team members pass on your practice.
Building the Right Benefits Program
Before reviewing and selecting a benefits package, decide what your objectives are. This will help you choose the “must haves” versus the “nice to haves,” so you can pinpoint what benefits to include without overly spending on unnecessary things. Your objectives should reflect your practice goals and team member needs. Factors like your practice size, budget and location should be considered. And just because you decide on a benefits package doesn’t mean it can’t be changed or altered. You can set a regular evaluation of your benefits to see how well they reflect your current practice and team needs and adjust as needed. Depending on what objectives you identify, popular benefit packages include vacation, sick time, flex scheduling, personal days, continuing education opportunities and other paid time off (PTO). And certainly, strong health benefits are an essential part. Deductibles and cost-sharing play a role in that.
Communicating Your Benefits
To gain full buy-in, your team members need to fully understand the benefits you have chosen. If they don’t fully grasp why you chose those specific benefits and what it means for them, your efforts in designing the package will be for nothing and the positive impact on recruiting, retention and morale won’t be experienced. Also, you may be obligated to provide communications to comply with laws regarding the disclosure of various benefits plans, such as a summary plan description, etc.
VitalSkin has a team dedicated to building exceptional team benefits and satisfaction. We’re always a phone call or click away to support your needs. Schedule a consultation with one of our practice management experts today!