16 Jul New Team Benefits After Transition?
Question:
When taking over an existing dental practice, should you keep ALL the same team benefits in place the previous owner had?
Answer:
There are a few things to consider when trying to decide whether or not you should keep all the team benefits the original doctor had in place. They are as follows:
Presentation to the Team
How you present the new changes to the employees can make or break your relationship with your team members and it can alter the retention rate of your original staff. Keep in mind that if the team leaves and finds another job, their benefits start over as well. Because of this, employees don’t just leave because of the new doctor taking away their benefits; it’s typically more about how it’s presented or that the team is not feeling a connection with the new doctor.
Revenue/Logistics
You should plan to keep a 401k/pension plan in place for yourself as well as the team. This doesn’t mean you have to continue to match as the original doctor had done. You could simply keep the plan and allow the team to keep putting funds away. After the first couple of years, assess the practice’s financial situation and determine if you want to change what you are offering.
It’s important to spend time in the very beginning getting to know the team, sharing your vision and letting them get to know you. Communication with your team and leadership of the practice can go a long way when it comes to finding loyal team members.
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