Adam Lueken
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 with 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 Team Member Benefits
When it comes to 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.
Your team member loyalty can also increase. The right benefits package 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.
What Benefits Are Meaningful for Team Members?
Before reviewing and selecting a benefits package, decide what your objectives are and what is important to your team. This 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.
While some specific benefits are considered standard, team benefits can (and should) be diverse and tailored to a company and its employees.
Health Insurance and Wellness Benefits
Health insurance is a staple of most benefits packages. So how can yours stand out? Consider wellness perks such as gym memberships, mental health resources and tax savings programs (HSAs, FSAs, etc.). These can be separate from your health benefits but still support the wellness goals of your team.
Paid Time Off
PTO is an important part of helping team members maintain a good work-life balance and prevent burnout. In addition to offering PTO, encourage your team members to take the full amount. With the right guidelines, you can create a PTO plan that allows your team to take the maximum time without leaving responsibilities uncovered.
Flexible Scheduling
Along with PTO, having flexible scheduling can help team members maintain balance, prevent exhaustion and manage responsibilities outside of the practice, such as childcare. In fact, 26% of working parents say that having a flexible schedule would be the most helpful factor in allowing them to balance their work and personal lives.
Professional Development
Everyone wants to work somewhere where they feel valued and have the opportunity to grow. Professional development initiatives can be a great way to help team members expand their knowledge and skills in their positions. In-house training or seminars have the added benefit of helping you hire internally and promote from within. If in-house professional development isn’t an option, consider tuition reimbursement or assistance, so team members can pursue new and relevant skills outside of work.
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!