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Sep 28

Match employee office performance to bonuses

Don’t give out bonuses just to look like the good guys (This is why I hate “Christmas” bonuses – employees “expect it” and not necessarily earn it). If you do, the money loses meaning. Tie special monetary benefits to practice goals. Some practices set up a three-tiered bonus structure where each employee falls into one of the three bonus tiers, depending on his/her involvement in the practice.

  • The first tier goes to those meeting job requirements and doing a good job.
  • The second tier goes to those involved in practice-wide committees, quality-improvement initiatives or other activities forwarding practice goals.
  • The third tier reserves rewards for those employees who not only actively participate, but also volunteer for cross training, or cross-train other staff.

Remember, though, that commitment doesn’t follow the money for most people. Committed employees stick with you through good times and bad when you recognize their accomplishments, treat them with respect, and know when to have fun.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →