If you’re a dental practice owner or manager, then you likely know that the benefits you offer your employees are of key importance. They are, in fact, among the biggest indicators of whether your valuable employees stick around.
With all of the options available, it can be overwhelming to determine which benefits make the most sense for both your employees and your dental practice.
So to make things a bit easier, we’ll explore some of the most important dental practice employee benefits you should offer.
According to a 2023 article from Forbes, 67% of employees and 68% of employers view health insurance as the most important benefit.
As such, offering medical benefits for your dental practice is not only a great way to retain the quality employees you already have, but it goes the distance in attracting those who will make your practice shine.
There are, of course, a number of options when it comes to heath insurance. And most employees want a plan that offers supplemental insurance for glasses and dental procedures (of course!). You may even be able to offer polices that include alternative treatments such as acupuncture, massage, or even the cost of a gym membership.
Illness and injury can strike at any time. Short- and long-term disability insurance offers your employees peace of mind that they’ll be spared from severe financial hardship as a result of illnesses and accidents that happen away from work.
Short-term disability generally covers a time period of anywhere from three months to a year, after a brief elimination period. It tends to be more expensive than its long-term cousin which covers catastrophic events.
Over the past several years, the importance of work-life balance has taken the spotlight. According to the American Psychology Association’s (APA’s) 2022 Work and Well-Being Survey, employees are more likely to seek and stay at companies that offer flexible work hours and who understand the importance of time off as a key component in supporting mental health and well-being.
Paid leave might include days for vacation, illness, bereavement, or personal reasons. You can decide whether you want to categorize paid leave days or pool them all together. You will also determine whether paid leave accumulates over time.
To offer the best care for their patients, dental professionals are required to stay up-to-date on the latest technology and treatments offered in the industry. Requiring your employees to keep up with these requirements on their own dime, however, is far from ideal.
Consider, instead, investing in your employee’s professional development by offering continuing education benefits. Covering the cost for continuing education courses or providing on-site training opportunities helps employees advance their career and results in better-trained and more relevant employees for you. It’s a win-win.
Once upon a time, younger employees didn’t give much thought to retirement benefits. Those days are over. Every employee, regardless of their age or how long they’ve been with your practice, wants to know they’ll be covered when (and if) they retire.
You could offer a 401(k) retirement plan, a Savings Incentive Math Plan for Employees (SIMPLE IRA), and/or a solo 401(k) plan.
Feeling overwhelmed by it all? You don’t need to be.
Consider working with a PEO, or professional employer organization. They understand that dental practices have an inherently difficult time getting medical benefits coverage. As such, they make it much easier to offer the best-in-class medical, dental, and vision plans for dental practices.
And since they have pools of workers from many companies, they can do it at reduced costs. They might even offer perks such as family planning services, mental health support, discounted gym memberships, and flexible schedules.
Offering a comprehensive package of essential dental practice employee benefits can be complicated. Let us help with our turn-key HR solutions.
With our full suite of Affordable Care Act-compliant benefit packages, we can build a comprehensive program to meet your employees’ needs while providing world-class employee benefits better than a DSO. And at a lower cost than internalizing these functions.
So contact us today to get started! And make your life a little easier.