Offering compensation and benefits is a way to attract, validate and retain team members. When planning your benefit package, take into account the composition of your team, as well as the core values of the practice, and your budget. Here are four ideas you might find works for the culture of your practice:
1) Computer access. If your team is dominated by our beloved Millennial generation; providing a computer for employees to use on their breaks is often treasured. Even with smart phones, team members appreciate the opportunity to sit at a computer, check their e-mail, surf the web or watch a video. Invest in a computer with some fun and useful software. Keep this computer separate from your practice management network to avoid network damage in the event of a virus or other threat. Install and update a reliable anti-virus, and have guidelines in place to keep the computer usage under control.
2) College fund. If your practice contains a high percentage of parents with young children, consider offering a 529 College Savings Plan. Most states sponsor a state plan, making administration affordable and uncomplicated. Some plans can be administered by your outsourced payroll provider. Contributions are typically made after tax, which means it will be taxed as income, and require employment tax on the employer’s end. Earnings from the plan are tax-deferred and free from federal income tax when used for qualified expenses. The employer has the option of offering a matching percentage or not; either way, parents find this a valuable benefit that they are reluctant to leave behind as they watch the balance grow, hence, it may earn a spot in your retention strategy.
3) Paid to volunteer. Veterinary medicine is filled with generous and caring people who frequently find great reward in helping a cause, but may have trouble finding the time to do so. Offering a paid day off per year, specifically to volunteer, is a great way to meet that desire in team members. Often times this benefit blends very well with practice culture and core values and can increase employee engagement. Consider the added advantage to the practice of building stronger community ties by enabling employees to dedicate their time and expertise to a local cause.
4) Wellness Programs. Workplace Wellness Programs enable your practice to invest in the physical well-being, safety and mental health of your employees. The potential added benefit to the practice from participating employees is greater energy, increased alertness, a more positive outlook and a greater ability to deal with stress and adapt to change. Wellness programs can be simple or very complex, and a few ideas include:
- Offer a corporate membership or a discounted membership to your local gym. Most gyms have a corporate package. Be aware that on-site work out rooms are less ideal than corporate gym memberships for liability reasons.
- Offer weight loss program enrollments or discounts, for organizations like Weight Watchers or other weight loss providers.
- Offer smoking cessation program enrollments or discounts.
- Organize physical activities such as bike rides or participation in a local race.
- Give out pedometers and encourage employees to track their daily steps and challenge them to walk a few extra each day.
- Sponsor or attend a nutrition class, with delectable samples of healthy meals. A vegetarian/vegan class is typically well received in our profession.
- Your health insurance provider likely has helpful resources regarding Wellness Programs on their website.
- You can also adopt a more formal Wellness Program that includes health screenings. These programs will require more research and due diligence prior to launch, in order to comply with a variety of privacy and anti-discrimination laws.
Choose several options and ask your employees what they would value. The goal is to increase awareness of healthful options, provide education and support, and to help facilitate steps toward health improvement.
Be aware that Wellness Programs are subject to the same tax rules as all other benefits; the value of the incentive is treated as taxable wages and subject to payroll taxes. For example; the value of the corporate gym membership is taxable.
All employees must have the same access and opportunity to any Wellness Program offered. The program must be voluntary, and there should be no penalty for lack of participation.
Some wellness programs include rewards for participation or completion of an element of the program. While this may sound like a viable incentive, there are regulations surrounding incentives that must be researched prior to implementation.
In summary, it is okay to think outside the box when it comes to employee benefits, and as practice owners and managers you can make a difference to your team and your practice.
Jessie Merritt is a certified veterinary practice manager, and a senior professional in human resources. She is the practice manager at Oswego Veterinary Hospital in Portland, Oregon. Jessie was recognized by the Oregon Veterinary Medical Association as the state’s Practice Manager of the Year in 2011. She currently volunteers and serves on the VHMA Board of Directors.
Judy Gillespie says
Love suggestion Number 1 – providing a computer for break time access is a great idea and I think would also draw a line firmly between when it’s ok for online access for personal use & when it’s not.
Another suggestion that’s an extension of Number 4 – provide healthy food for snacks & lunches. If healthy food is available there’s less incentive for the team to buy junk food AND they’ll have more energy after eating well. You could also provide a blender for those that enjoy making their super smoothies/green juices, etc. I know it’s difficult to cater to all tastes but if healthy food is available junk food lovers may be tempted to try something different! (healthy diet = healthy employee = more energy = less sick leave).