Step 4: Compensation
Compensation is one of the most important and complex aspects of bringing on new staff members. First, you must have a sense of what the compensation packages are in your local market for a specific position. You can ask colleagues, contacts, and recruiting firms. You can also read national surveys, dental business magazines, and dental advertisements. Remember, as recommended above, you should ask the candidate if they have any salary requirements. Knowing these factors will help you bring together a competitive compensation package. Additionally, a dental-knowledgeable CPA that works with numerous dentists can be an excellent resource for compensation package information as well.
Additionally, signing bonuses are becoming more popular. If you offer a signing bonus, be sure that it is paid over six months and that if the team member leaves, they lose access to any further signing bonus payments.