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Episode 36: What Benefits Do I Need To Offer?
Manage episode 297185566 series 2949848
Salary is only part of the overall compensation package. Potential hires often rank benefits as one of the top factors impacting their decision to accept a job offer. Today I'll tell you about how to figure out what you want to include in your benefits package so that you can recruit and retain quality staff while being financially responsible.
When you are considering which benefits to provide, recognize that there are certain benefits that are required either by state or federal law:
- Social Security
- Medicare
- Unemployment insurance
- Workers’ compensation
- Others:
- Uniforms
- Employment Training Tax
- Several states require compensating employees for time spent voting or serving on a jury
- Several states have health insurance required by law
Voluntary benefits:
- Health insurance
- Paid holidays
- Paid time off
- Retirement plan
When you are deciding on which benefits to offer, you will need to understand their costs. Each benefit, regardless of whether it is mandated by law or voluntary, can affect the profitability of your business. Make sure to assign a dollar value to each benefit when you are doing your financial projections.
For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast
Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com
Join my FB group, The Private Medical Practice Academy.
Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.
Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.
Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
78 episodes
Manage episode 297185566 series 2949848
Salary is only part of the overall compensation package. Potential hires often rank benefits as one of the top factors impacting their decision to accept a job offer. Today I'll tell you about how to figure out what you want to include in your benefits package so that you can recruit and retain quality staff while being financially responsible.
When you are considering which benefits to provide, recognize that there are certain benefits that are required either by state or federal law:
- Social Security
- Medicare
- Unemployment insurance
- Workers’ compensation
- Others:
- Uniforms
- Employment Training Tax
- Several states require compensating employees for time spent voting or serving on a jury
- Several states have health insurance required by law
Voluntary benefits:
- Health insurance
- Paid holidays
- Paid time off
- Retirement plan
When you are deciding on which benefits to offer, you will need to understand their costs. Each benefit, regardless of whether it is mandated by law or voluntary, can affect the profitability of your business. Make sure to assign a dollar value to each benefit when you are doing your financial projections.
For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast
Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com
Join my FB group, The Private Medical Practice Academy.
Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.
Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.
Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
78 episodes
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