In 2022, dental practices must offer generous benefits packages to attract and retain employees. Dental professionals seeking new jobs value retirement savings contributions, paid time off, and health insurance. If you’re a dental practice looking to attract and retain top talent, consider revamping your perks. Our dental practice consultants at Bryant Consultants share the four best benefits you can offer your team to maintain employee loyalty and attract top talent.
Employee Health Benefits: Getting a Grip
Approximately 75% of respondents to an AHIP study said their employer-provided health insurance was “very important” to their health and financial stability during the pandemic. Since health insurance is expensive and group health plans aren’t required by law, many dental businesses may leave health benefits out of their recruiting or retention efforts. Employer-sponsored health care benefits heavily influence employees’ decisions to accept a new job or stay in their current position. Therefore, our dental office coaches recommend that dentists should consider offering health insurance to their employees. Employer contributions to health insurance premiums are not subject to federal income or payroll taxes, so businesses can save money. As part of the Affordable Care Act, the IRS offers tax credits for healthcare coverage to small firms with fewer than 25 full-time employees. For tax credits, you must pay at least 50% of each employee’s single-coverage health insurance plan.
Retirement Savings: Research New Options
“Saving for retirement” is one of the top three financial stressors for workers, according to the HR.com poll. Only 36% of U.S. adults believe their retirement planning is on track, and 25% have no retirement savings, leaving workers worried about their financial future. Despite the tax advantages of providing retirement savings and planning benefits to employees, many small company owners are reluctant to do so due to the plan’s ongoing expenses, possible liability, and administrative requirements. In response to these challenges, lawmakers passed the SECURE Act in December 2019 to create new retirement plan alternatives that make it easier for small business owners to help their employees save for the future. A Pooled Employer Plan is one example (PEP).
Staff Leave Benefits: Determine Paid/Unpaid Leave
Our dental practice coaches explain that perks and benefits help employees balance their professional and personal lives. According to the APA’s 2022 Work and Well-Being Survey, employers must provide time off and flexible scheduling to support workers’ mental health and well-being. “Time off” can mean sick days, vacation days, holidays, and family responsibility leaves like maternity and paternity leaves. The American Psychological Association says many Americans can’t afford unpaid family leaves. A 2022 Employee Benefits Survey study found that leave benefits, such as paid maternity and paternity leave, had dropped to pre-COVID levels. Ten states and the District of Columbia offer paid family and medical leave programs. FMLA covers maternity, paternity, adoption, and foster care leave for 12 weeks per year. Since this applies to companies with at least 50 or more employees, dental offices with fewer than 50 employees are exempt from FMLA requirements to provide unpaid leave for childbirth.
Flexible Benefits Plans: “Cafeteria Benefits”
Flex plans help meet employee needs. For example, cafeteria benefit plans, also called Section 125 plans, allow workers to choose their benefits and defer income before taxes in exchange for benefits. Pre-tax salary deductions, called “benefit credits,” may be used to pay for medical, dental, and life insurance policies. Employees who don’t use their benefit credits can get a taxable cash payment, contribute them to a retirement plan, or pay for dependent care services like daycare, preschool, or after-school care. Working parents in the U.S., especially women, struggle to find reliable and affordable child care. When weighing job offers, working moms with children under five need flexible schedules and childcare assistance. Offering dental staff childcare subsidies may boost retention and recruitment.
Bryant Consultants
Your dental practice can be a highly sought-after workplace when you design a benefits program that caters to staff needs. Whether it’s time to revamp your benefits package or you’re developing employee benefits, it’s crucial to include the four benefits above. Benefit package development can be frustrating for some dentists, so we encourage discussions with our dental office consultants at Bryant Consultants for consultation or assistance. We are happy to help you explore benefits packages best suited for your team members. Please call (877) 768-4799 or contact us online to request an appointment today!
