7 Great Benefits You Can Offer Employees at Your Dental Practice

One of the best methods for dentists to try to develop a profitable practise is to offer a competitive package of employee perks. Your company may suffer from turnover. However, loyal staff members who enjoy their work may be less likely to leave your office in search of better chances. (see page 1).In addition, some incentives can increase employee engagement. A well-designed employee benefits package may assist recruit motivated and dedicated new hires who can benefit your practise.iv

1. Health Insurance and Supplemental Insurance (Dental and Vision)

Health insurance is one of the most sought-after employee perks, per a 2016 study. As a business owner, you can choose to provide this benefit in an effort to draw in and keep good workers.

Additionally, workers search for employers that provide extra insurance for glasses, dental work, or policies that cover non-traditional therapies like acupuncture and massage therapy.

2. Life Insurance

Offering your employees life insurance may be beneficial. In general, life insurance is less expensive for employers than some of the other benefits.

The age and health of the insured person are just two of the many variables that affect the cost of life insurance premiums. You might want to provide a predetermined amount of group term life insurance for free, with the option for employees to pay for more coverage.

3. Short- and Long-Term Disability

Your personnel may benefit from short- and long-term disability insurance to help shield them from the financial difficulties brought on by illnesses and accidents that occur away from the workplace. When the employer provides both, they could complement one another to offer coverage.

Short-term disability insurance, which covers events up to a year in length after a brief elimination period, may be more expensive than long-term disability insurance. With a licenced insurance agent who can give you estimates, go over your alternatives.

4. Paid Leave

From a selection of 15 non-insurance and retirement benefits, approximately 60% of working persons put paid family leave among their top-5 most sought benefits.vi.

You can decide whether to group certain  Dentist paid leave into one category or designate several categories for things like sick days, personal time, bereavement, and vacation. You can also choose to allow your employees to accrue paid leave over time.

5. 401(k) Option & Match

According to the majority of HR experts who responded to a 2016 poll, retirement savings and plans (such 401(k) plans) were one of the most significant perks for the majority of the employees at their companies.vii An employee is given the chance to defer a portion of their salary on a tax-favorable basis towards required savings after they have satisfied certain eligibility requirements. In order to motivate staff to contribute to their retirement savings, employers frequently offer matching contributions up to a particular proportion. A 401(k) plan might be a great method to demonstrate your concern for the future of your employees.

6. Profit-Sharing

The practise's total employee retirement plan may include a profit-sharing plan, which is a great method to acknowledge your staff members' dedication. An additional contribution designated for the employee's retirement is a profit-sharing plan. Employees may experience a sense of purpose and connection to the practise's results thanks to a profit-sharing contribution, which can increase output. The possibility to boost their own retirement plan contributions may also be advantageous to the practise's owners.

7. Flex Time

You probably can't always let your assistants, receptionist, and hygienists to work remotely. The alternative is to include some flexibility in their schedules.

As long as they stick to the flexible schedule, allowing your employees to have more flexible schedules can also be advantageous to you because it may reduce the number of times you need to respond to a tardy employee or grant leave requests.

Protect Yourself and Your Practice with Treloar & Heisel

Building a team of satisfied employees is one method to safeguard the stability of your practise as you chase financial success. Make sure your staff has access to a strong benefits package.

Another crucial form of safety for your company is extensive insurance coverage, which we offer at Treloar & Heisel. We provide a variety of services, including as protection for business loans, life insurance for buy-sell agreements, professional liability malpractice insurance, and 401(k) and retirement plan services.