LET YOUR TEAM MEMBERS KNOW THEIR FULL VALUE

When considering their compensation, many team members think only of their take-home pay.  In reality, they make much more than their net paycheck indicates.  The problem is that most team members have never been told the value of their total compensation package, including gross wages, taxes deducted before they receive their paycheck, insurances paid by the practice, holiday and vacation pay, paid personal leave time, and other benefits they may receive.  When informed of the value of their total compensation package, team members realize that, in fact, they receive much more than just the dollars included in each paycheck.

December or January is the month to prepare a Personal Compensation Statement for each team member, to be given to her or him early in the year.  The Statement informs each individual of the worth of her/his total package for the previous year.  Divide the annual compensation total by the number of hours a staff member worked to calculate the per-hour wage rate which is significantly higher than the net wage-per-hour rate which most team members consider.  Customize and personalize the following example so that it includes wages, taxes, and benefits earned by each person on your team, part-timers included.

INDIVIDUAL TOTAL COMPENSATION STATEMENT
FOR CALENDAR YEAR _____

Gross wages                                                                                                 $________
Bonus                                                                                                           $________
Social Security tax (employee portion)                                                       $________
Social Security tax (employer portion)                                                       $________
Medicare tax                                                                                                $________
Unemployment insurance                                                                            $________
Workers Compensation insurance                                                               $________
Health insurance                                                                                          $________
Retirement Plan contribution                                                                      $________
Vacation - ____ days/year                                                                          $________
Holiday pay - ____ days/year                                                                     $________
Personal leave - ____ days/year                                                                 $________
Continuing Education expenses                                                                 $________
Uniform allowance                                                                                     $________
Personal or family dental care                                                                    $________
Other (describe)                                                                                          $________

                                    Total Compensation/Year                                    $________

                                    Compensation/Hour                                             $________   

Thank you.  You are appreciated as a professional member of our dental team.  It is a pleasure to prepare this summary of your earnings and benefits so that you may be aware of your total compensation for last year.  Together we can make this next year the best one yet for our patients, our practice, and ourselves.