Keeping your staff motivated is essential for ensuring a consistent employee retention rate. It is expensive, both in terms of time and money, to replace a departing member of staff. This is especially true in the dental sector where a dentist may have a specific set of skills that differentiate themselves from other members of staff, which may be difficult to replace, according to Dent Reps.
Here are a few tips for issuing bonuses to your staff.
Ensure Employees Know About the Plan for Bonuses
It is essential for you as the business owner to make sure you lay out in what situations bonuses will be paid to your staff, otherwise a dispute may occur and there could be unrest and infighting if the bonus is not paid.
Once you have set the rules for bonuses to be paid, don’t change them mid-way through the year, as this will reduce the motivation of staff to work towards the bonus being paid. It is important to avoid your staff becoming disillusioned at all costs.
To keep everyone in the business happy, it is essential for all the bonuses to be standardized. This will promote a sense that everyone is in this together and no one member of staff is more important than the other.
Pay the Bonus if it has Been Earned Under All Circumstances…
I have heard of situations where a bonus has been earned by staff, but because there was not enough money to pay the staff, the bonuses were not paid. If you enact a bonus system, you need to ensure you have enough money set aside. Major problems will be created if there is no money available, as employees will feel undervalued and unhappy, and may look for a job elsewhere where they feel appreciated and valued. Oh, and when paying the bonus, make sure you communicate how happy you are for them that they are receiving their bonus, even though it will cost you a lot of money. It is important to remember that the business has been successful because of their hard work.
If you enact a bonus system which is fair, consistent and is paid on time, you can motivate your staff to work harder for you and they will more likely stay with the practice on a long-term basis, which will save the practice time, money and effort in hiring a replacement. If you enact a bonus system that rewards hard work, you will be seen as an attractive place to work, making recruitment a lot easier. For more tips, check out our latest blog post on the issue of bonuses at – https://www.dentreps.com/blog/bonuses-to-help-motivate-staff/.