Christmastime, Bonus Time?
The end of the year often means the start of anticipation—both among medical practice employers and their employees—of holiday bonuses.
While the majority of larger firms do give bonuses, it's less common in smaller offices. In 2016, a survey by American Express found that 80% of small business owners and 87% of middle-market companies across industries were planning to give bonuses. And the majority of small business owners (54%) said their employees could anticipate something equivalent to "a small stocking stuffer," or less than 5% of their annual salary.
Last year, another study reported that only 63% of US human resources or hiring managers indicated that their company planned to give monetary holiday bonuses, down from 75% in 2016.
Of note, where this ritual is practiced, it is essential that this time-honored tradition be more than just a perfunctory expectation upon the part of employees. Done properly, it is an important way of demonstrating to employees that their services are sincerely valued and remembered.
Bonuses Show Respect, May Help Quality
Running a medical practice has been getting tougher and tougher for many years. There appears to be every reason to believe that this will continue to be the case.
It is therefore essential that the employees who help make the delivery of care through your practice effective perceive that the physicians recognize, respect, and honor their efforts.
