January 25, 2022
Why Human Capital Is Your Dental Practice’s Most Valuable Asset
When preparing for a valuation, it’s easy to overlook the non-tangible assets that make up your dental practice. Yes, goodwill tops the charts, but it’s also the people who make up your practice that keep attrition rates high. We break down what this means, with a focus on retaining new employees, recruiting good talent, weighing the importance of culture and investing in your staff.
Finding and keeping good staff isn’t as easy as it sounds in this competitive market. In addition to offering fair wages to attract new talent, you should also look at your current employees’ salaries, including your total compensation package with benefits. Even the most loyal staff members could be swayed to leave your practice if there are more opportunities elsewhere.
Rewarding and recognizing the hard work of your employees can go a long way, making sure you see all the good they are doing for your team and patients. This includes communicating with the office as a whole through team meetings to reinforce the vision and mission of your practice so everyone is working toward the same goal.
A high-performing, patient-centric, growth-oriented culture can seem like a lofty goal but is easily achievable. It is also worth focusing on during a time when employees are forced to evaluate what important to them personally and professionally. Rebuilding trust and creating a positive culture can be as easy as knowing how your employees feel about coming to work each day, as well as how patients are treated during each encounter with your staff.
Invest in the future
In order for your practice to grow, your staff must grow through training and development, too. This helps your employees set higher goals, build engagement and loyalty, and establish a reputation among patients. The more your practice is capable of doing, the more it is capable of earning, while your employees are challenged and being given opportunities to grow and advance their careers.
Contact the experts at Professional Transition Strategies to learn more ways to keep your dental practice on top of its game.