Episode 18: 3 Rules For an Effective Compensation Strategy in Your Practice

Episode 18: 3 Rules For an Effective Compensation Strategy in Your Practice

 
 
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Walk into 10 different practices and you will find 10 different strategies for compensation. You will also find practices that don’t have a compensation strategy at all. They just pay employees, and once a year, they give raises. Does that sound like your practice? Join leadership consultant and Aspire CEO Randy Hall as he demonstrates how compensation is a huge component of how your employees assess their value in your practice. Find out the 3 key guidelines that will help you figure out your most effective compensation strategy and how to build the one that is best for your practice. He discusses a few critical points, including:

  1. Tenure. How long someone has worked in your practice does not necessarily correlate with their value to your practice.
  2. Growth. Understand how employees are directly responsible for your practice growth. Your compensation strategy has to reflect this fact.
  3. Pay Pathway. Learning new and different skills throughout the year takes extra effort and employees who do so should be rewarded more than people who don’t. Give them the path to greater pay!

The reality in veterinary medicine is this: compensation is one way you convey to your team what you care about. Listen in and think about your compensation strategy. Make sure you are paying your team for the things you really want!

For more tools and resources, preview our course Building a Fully Engaged Team!

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