Human resources questions: how incentive plans can protect your bottom line, increase profitability, and motivate your employees
Question: Although the economy has been challenging for my practice's revenue, I am interested in any recommendations you may have for employee incentives that may serve to motivate and reward my employees.
Answer: Motivating and rewarding employees can be both financial and nonfinancial. Study after study shows that compliments, positive recognition/feedback, and appreciation go a long way toward motivating employees. The little things are important. This isn’t to say that financial rewards can be ignored. The point is, don’t ignore the powerful (and inexpensive) motivating force of simple recognition, appreciation, and acknowledgment on a daily basis and in staff meetings, especially when revenue is tight.
On the financial side, the best approach is to implement a good bonus and incentive system. The “rewards” can be additional compensation, a trip or shopping spree, or funding special continuing education.
A good bonus system, such as our BonusPro software program, protects the bottom line, increases profitability, and encourages employees to “think like an owner” — all while being rewarded for increased success. This is a great example of win-win!
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The opinions expressed above are based on the writer’s comprehensive background as a human resources professional and the policies in our Bent Ericksen & Associates products having been reviewed by legal counsel. The writer is not an attorney, and the advice provided in this message should not be construed as a legal opinion. If you have legal questions after considering the advice and reading any materials referenced, it is recommended that you consult with your attorney.
Author bio
Tim Twigg is the president of Bent Ericksen & Associates, and Rebecca Crane is a human resource compliance consultant with Bent Ericksen & Associates. For 30 years, the company has been a leading authority in human resource and personnel issues, helping dentists deal successfully with the ever-changing and complex labor laws. To receive a complimentary copy of the company’s quarterly newsletter or to learn more about its services, call (800) 679-2760 or visit www.bentericksen.com.
