Right now, the market for talent is more competitive than ever. If you want to hire the best associates, start asking what you can do to make your group stand out.
First, the big picture
Candidates today don’t just care about what’s in their paycheck, but about being a part of something larger than themselves and contributing to the greater good.
This means that your group can’t just offer a higher compensation rate (more on that to come). You need to be able to say to potential hires: “This is our mission, these are our core values, and we want your help making it all happen.”
The most attractive employers will also provide strong, ongoing mentorship and opportunities for growth. Consider: What are you doing to make your new associate a better dentist two years from today?
Second, the long game
If you want your best associates to stick around, you need to offer not just payment but partnership. Cutting-edge dental groups skip the traditional buy-in approach and now allow associates to earn equity in the practice by doing great work (hint: our friends at Polaris Healthcare Partners are experts at structuring this kind of deal).
If you’re reluctant to dilute your own shares or units, know this: practices that reward top associates with a partnership stake typically gain value to the point where both you and your new partners will be richer than before.
Finally, don’t get fuzzy with the math
Some groups may try to excite potential hires by offering a better compensation rate than the guys down the road. But this number doesn’t mean anything without context.
Sure, your 30 percent comp rate sounds better than the 25 percent your competitor is offering. But if your associates only bill for a half million a year, while their peers are bringing in closer to a million, then you’re paying less — and they’ll notice!
Pay your team well, support them, and invest in their development. Welcome the best as partners. Give everyone a mission to work towards and values to light the way.
Watch your business thrive.
