Medical practices are increasingly facing difficulties sourcing administration and nursing staff, placing a high need for the practice to take action to retain existing quality employees.
As a result, many employers have shifted their focus to maintaining a healthier work-life balance for their employees and providing more flexibility as part of this new landscape.
Employers are also reconsidering the once popular incentive or bonus system to reward staff.
We look at some of the pros and cons of introducing an incentive in your medical practice below:
The introduction of a bonus scheme is something that can adjust your employees behaviour. Employees looking to take advantage of the scheme, would look to alter the way they work and interact with other key stakeholders in the practice to reach the bonus. An effective bonus scheme will need to identify which behaviours are to be rewarded, and similarly, how to prevent less favourable behaviours from entering the workplace. This can be seen as either a pro or a con depending on how you design it.
An incentive scheme that is designed around reaching certain outcomes should increase efficiency within the team. This can come in one of two ways, whereby an employee is rewarded for their good work on a project or outcome, or in a team environment incentive for higher performance of the collective. Staff may be more motivated to work more collaboratively, which over time will boost overall efficiency within the practice.
As employees look to reach targets, they may need to either improve their skills or undertake additional training. For a medical practice, this can be beneficial two-fold as they gain a far more qualified, informed and skilled workforce. It also ensures that in the event of key staff leaving the practice, there are appropriately skilled employees to fill the void.
A poorly designed incentive scheme can bring about conflict within the workforce as an individual within a team can look to outperform those around them. This can cause conflict and create competition instead of collaboration within the practice. Having a well-defined plan can minimise this con, ensuring the entire practice maintain the vision.
Having strong quality control over the incentive plan is essential. Some employees may choose to compromise on quality of output to ensure they meet the end bonus goal. Ensuring quality control is essential, as people will work to the acceptable standard, and if the standard drops, this can have long terms effects on your practice and potentially overall patient care.
Having an effective bonus scheme for your practice can create more pros than cons, if you are committed to successful design, implementation, measurement and management. With the right incentive, you can upskill your staff and increase productivity. However, pay careful attention to the fine print - a well-intentioned scheme could be problematic if not all factors are considered. Focus on the inputs that generate the desired outcomes for your practice and its patients, while balancing this of the needs and wants of your employees.
