Dr. Koslow started his dental practice over 20 years ago and is proud to have grown to 6 dentists providing general and cosmetic dental services to children and adults. He and his team also really pride themselves on community give back. However, Dr. Koslow was finding that he wasn’t retaining staff as well as he wanted and the turn-over was costing him money. Employee Retention needed to become a priority.
He knew he needed to do more to attract and retain staff. He did some research and found that employees who are happy about their workplace benefits have been shown to be four times as likely to have job satisfaction. And it’s not a long walk to see how Employee Retention paid off in his practice.
However, he also discovered that only 40% (or less) of employees who want health insurance opt-in, while the other employees are left unsatisfied. Personalized but equitable benefit packages that meet the specific needs of the employees create the highest staff satisfaction.
Dental practice financial planning was Dr. Koslow’s solution.
Dr. Koslow brought in a dental financial advisor – someone who specialized in serving the unique financial needs of dental professionals. His staff was able to meet with the advisor on an individual basis to create their own plan according to their needs and time of their life. Some of these plans included:
- Retirement planning
- Investing in a dentist 401(k)
- Saving for children’s education
- Creating an emergency savings plan
- Setting up life insurance
- Reviewing disability insurance options
In addition, Dr. Koslow was able to create a more solid long-term plan for the practice. Giving the employees the opportunity to invest in their retirement, children’s education, and savings goals has built company morale and supported effort to increase Employee Retention. “We tend to be a conversive bunch and stability speaks volumes. I knew providing a financial planning professional would build that.”
Providing security and stability was key in creating a retention and attraction plan, and it was at no cost to Dr. Koslow. This is an ideal solution for businesses with tight budgets, especially when that has limited them from offering benefits in the past.
Studies show about 82% of employees choose a company, or stay with a company, because of their retirement benefits. This means offering retirement planning, as well as other financial planning, helps with both attraction and retention of quality staff. Those with tight budgets who want to create employee job satisfaction and help employee retention need look no further than dental practice financial planning.
Is your dental practice experiencing turn-over or a shortage of valuable, personalized benefits? Are you concerned about long-term financial health or you or your practice? A dental financial advisor can meet with you to better understand your personal and professional goals and offer a variety of solutions to create the security and stability needed for longevity and financial health in your practice. Give us a call today to learn more about dental practice financial planning.