Successful practices treat employees fairly, including compensation

May 25, 2012

Even in these difficult economic times, it can be hard to find good personnel. Find out how a thorough review of your practice's compensation plan can make hiring easier.

Q: Even though we're supposedly facing a tight economy, there's still competition to attract and retain quality employees, particularly in the area of compensation. How can we create a compensation system that doesn't overpay but offers workers a competitive salary and benefits package?

To be successful, a practice must treat its employees fairly and consistently, starting with compensation. All employees must believe they are being paid equitably, compared with both the market and their colleagues. An effective compensation system should provide a complete, accurate picture of what your practice provides an employee in total compensation-salary, healthcare benefits, vacation and sick time, taxes, insurance and retirement benefits, and other perks.

Answers to readers' questions were provided by Thomas J. Ferkovic, RPh, MS, managing director of SS&G Healthcare Services LLC, Akron, Ohio. Send your practice management questions to medec@advanstar.com Also engage at http://www.twitter.com/MedEconomics and http://www.facebook.com/MedicalEconomics