The dental business, like other sectors, is in the midst of a hiring crunch. Too much demand and not enough talent to meet it is a recipe for stressed-out practice owners making fast decisions, including offering wages that may be unsustainable in the long run.
We suggest taking a more measured approach. While giving more money to potential new hires can help you bring people in the door, we don’t know how long the hiring crunch will actually last.
This doesn’t mean you shouldn’t make every effort to pay your team well — that’s essential for attracting and retaining good people. But you should consider the broader implications of that $10,000 signing bonus.
Will it still make sense six months from now if the demand for new talent has eased? How will your current team members feel about a new hire coming on board to do the same work at a much higher salary? Also remember other solutions like offering additional benefits like PTO instead of cash, hiring part-timers, finding ways to make your current systems more efficient, or even outsourcing.
Above all, the message is to steer clear of snap decisions made out of fear or without an eye towards the big picture.
We don’t know what will happen next. Take that uncertainty into account, and put your efforts towards building a sustainable, focused practice that can survive for the long haul.
