Set Your Practice Up for Success in the New Year With New Comp Plans!
How do you combine your practice’s people and culture with the operational efficiencies that produce revenue? Through having aligned compensation plans for your team! Comp plans are a powerful tool that align your cultural, operational, and financial goals. Let’s take a look at how.
Cultural
Comp plans can be a powerful motivator for your people. Individual comp plans drive personal performance while team plans bring people together around a shared goal. A team that is motivated will be more productive and create a better environment in your practice.
Operational
Are there operational levers in your practice you want to pull? Aligning a comp plan with them helps drive results faster. You can use this as a tool to increase your inbound call conversion or increase effectiveness through companions. Alignment with your goals through operational tactics helps everyone win together.
Financial
Help empower your team to contribute to the success of the practice and share in the reward. Incentivizing your team to drive revenue and paying for performance allows you all to share in the success! This directly ties the success of the practice to the rewards of the team.
Is your comp plan checking these boxes? If so, great! If not, reach out to your SBU team, and we can help you ensure you’re starting the year out with an effective plan in place. Whether you’re just looking for a refresh or have never implemented a comp plan before, we’re here to help!