(HealthDay News) — An appropriately-targeted benefits package is crucial for attracting and retaining employees, according to an article published in Medical Economics.
Noting that paying higher wages to retain high-performing employees is costly, the authors of the article discuss the key elements and cost analyses of a benefits package for physicians and staff.
The article emphasizes the importance of appropriately targeting benefits to the needs of staff, which can help save money within a practice. Although most items in an employee benefit package are optional, they can eliminate expenses that may be incurred if the practice can’t retain employees or if morale declines.
The value of benefits can be divided by 2,080 to calculate the per-hour rate of benefits and presented to employees; this accounting can be influential in attracting and retaining employees.
Key benefit options to provide to employees include paid vacation time, sick leave and personal leave, attendance bonuses, paid time off, health insurance, education and training, and reduced hours. Additional benefits to consider include retirement plans and insurance, uniforms or uniform allowance, health club memberships and special events.
“Perhaps the greatest benefit of all is coming to a happy workplace; thank your staff every chance you get, and make your practice a positive work environment,” according to the article.
Read more about employee benefits packages.