Ideas for Incentive / Bonus scheme for a dental practice business manager

Ideas for Incentive / Bonus scheme for a dental...

Didn't find your answer?

I am the Practice Manager of a high end dental practice.  My role covers all the non-clinical aspects of what is a dynamic, constantly evolving business with entrepreneurial owners.  I have been discussing my remuneration with the owners and I think that their best interests would be served by setting up an incentive or bonus scheme for me rather than above inflation rises year on year.

I would welcome any ideas about how this could work.  It is a small business with an informal management structure, a constantly changing business plan and a goal of perfection in all areas.  The stats are turnover £6 million, 50 staff, fully private practice.  My role lately has been focused on managing a variety of staff issues and mentoring key people but encompasses anything and everything - finance, compliance, H&S, HR, marketing, exploring business development opportunities

Help please!

Replies (1)

Please login or register to join the discussion.

By The Doctor
27th Aug 2012 19:42

Simples
Why not first work out the key performance indicators for the business (financial and non-financial) then work out which ones of those you can directly influence, then work out what the financial benefit to the practice of meeting those KPIs and voila.
Eg it might be that staff costs are something you can control with good management, therefore why not set a budget for staff costs based on turnover, then if you can stay under budget you get a bonus. However, you'd need to take care that other critical KPIs weren't upset by keeping costs down (such as staff happiness, performance and retention).

Second thoughts - might be easier just to have above inflation pay rises :)

Thanks (0)