For any company in any industry, it’s important to track specific measurables. By tracking your dental practice statistics, such as employee retention rates and turnover costs, you now have a way to measure the effectiveness of HR initiatives. However, some small dental practices do not have the time to track or analyze decisions around recruiting, hiring, interviewing, and retention.
Additionally, it can be easy for small practices to overlook HR metrics, thinking they are too complicated or time-consuming to deal with.
To make the process easier to implement, here are some HR data points that any dental practice can track, which will give strategic insights into HR trends, costs, productivity, and success:
Employee retention rate: Employee turnover is expensive, so tracking employee retention rates are the key to understanding how your current strategies are working, and also how to gauge overall morale.
Current and historical compensation data: Tracking compensation data is an effective way to ensure minimum wage and overtime pay compliance while understanding employee growth. Additionally, you can use the data collected as a resource for any future hires.
Absence rate: Employee absence rate is an easy to track measurement that helps dental practice owners review how many days employees are missing, which can be an indicator of employee satisfaction and health.
Revenue per employee: This data point helps dentists uncover how much each employee is earning for the practice.
Benefit and perks expenses: Calculating benefits and perks expenses helps dentists budget and understand how much their benefits packages and office perks cost per employee.
By implementing some of the above strategies to start tracking and evaluating your dental practice’s HR data, you can gain valuable insights into your hiring, benefits, and personnel strategies. To read the entire article, please visit www.dentistryiq.com.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.
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