A sample survey is offered at the BSM Café
this month. This is available for download in Microsoft® Word format at
www.bsmcafe.com.
You can customize the survey to meet your specific practice needs. A survey should include the following elements:
- A ranking or prioritization of benefits. This should facilitate getting an answer to the question:
"If I could pick only a few benefits, which would they be in order of priority?"
- Some type of value associated with benefits. Ask staff to rate the value of each potential benefit. For example, use a rating
scale of 1–10 with 1 being the lowest value and 10 being the most valuable. By having both a ranking and a value rating, you can better prioritize
which benefits to offer given limited resources.
- Open-ended questions, with the opportunity for staff members to make suggested changes. Open-ended questions will give you a
little more insight and provide the staff an opportunity to offer creative solutions and/or suggestions for your compensation policies.
Conducting staff surveys will ensure that you provide a comprehensive compensation program that attracts the right kind of employees, retains and
motivates staff, and facilitates a best practice environment.
About the author: Maureen Waddle is a senior consultant with BSM Consulting, an internationally recognized health care consulting
firm headquartered in Incline Village, Nevada and Scottsdale, Arizona. For more information about the author, BSM Consulting, or content/resources
discussed in this article, please visit the BSM Café
at www.BSMCafe.com.
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Use BSM's Valuable "Employee Wage and Benefits Tool" to Communicate the Total Staff Compensation Package
By Lynne Flaherty
BSM Consulting
The most important investment a practice makes is in its staff. Unfortunately, if staff members do not have visibility of the total investment,
their focus narrows to only their paycheck stub. Part of creating an environment which motivates staff members includes educating staff members about
their value to the practice by communicating how much the practice willingly invests in compensation packages.
Many successful practices incorporate the use of a form that delineates all of the components of a complete compensation package. This is a nice
reminder to staff members of the total investment the practice is making in them. If you are not currently using such a form, there is a template available
this month on the BSM Café.
The Employee Wage and Benefits Tool allows a practice
to summarize the components of the employee's total compensation package. To use the tool, a manager will need to collect a few records, including total
gross wages and bonuses, premiums paid by the practice on behalf of each employee, retirement contributions, and any other benefits offered. The manager
simply enters this information into the tool to create an itemized summary of the amount paid for each benefit the employee receives. Providing this
information helps employees understand how much the practice values them. It also helps them to remember the importance of providing their input to ensure
the compensation package is meeting their needs.
Staff members value all of the benefits that make up a practice's total compensation package. In fact, few people will accept an offer for a position based on the salary rate alone. Benefits such as health and other insurance, retirement plans, continuing education, paid time off, and incentive bonuses are all designed to attract and retain good people so that physicians can build the type of practice they want. However, it can easily be forgotten during annual review time. Having the completed form available for employees during the review process provides a gentle reminder.
By aligning the compensation package with the needs and desires of the staff and clearly communicating value to each staff member, a practice will see improvements in staff productivity, a reduction in employee turnover, and an increase in employee job satisfaction.
About the author: Lynne Flaherty is an associate consultant with BSM Consulting, an internationally recognized health care consulting firm headquartered in Incline Village, Nevada and Scottsdale, Arizona. For more information about the author, BSM Consulting, or content/resources discussed in this article, please visit the BSM Café at www.BSMCafe.com.