While preparing your dental practice for a transition, one of the last things you want is the headache of trying to replace team members. There are many ways to keep turnover low: great culture, flexible hours, and benefits, but salary is certainly an important factor. In fact, a study shows that higher staff retention is correlated with being a high-producing practice.
To illustrate this, ask yourself the following questions:
- How much money are you saving by paying your staff less than competitive wages?
- How much money would you lose if an experienced team member left for a higher paying job elsewhere?
- How much time, money and production is lost due to training a replacement?
The true cost of not paying a team member enough doesn’t become apparent until they leave and you’re struggling to fill their role, train their replacement, and trying to explain to patients why they left.
On the other hand, some employees may be costing you too much to keep around. Just because someone has been at the practice for decades, does not mean they benefit the health of the practice or the culture. At JW Practice Advisory, our advisors can conduct a productivity and salary assessment that will put you in a better bargaining position when it comes to hiring and salaries.
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This is some text about the listing. Here’s the story behind it that numbers don’t tell. One more sentence of description so that it is a reasonable length.