Re-Release: How to Implement a Bonus Structure For Your Team

As we get closer to the holidays, you may be wondering how you can pay your team a holiday bonus for their performance this year. Bonuses are an amazing way to incentivize your team to hit their goals and reward them for hitting their marks. In this episode, I share the logistics of creating a bonus structure for your team members, what I’ve seen done well (and not well) when it comes to bonuses, and how to incentivize team members that aren’t money-motivated.

➡️ The next FREE Private Practice CEO Masterclass is happening September 17 at 12pm EST.

If Q3 felt like chaos, Q4 doesn’t have to. In just 60 minutes, we’ll have a real conversation, do real strategy, and walk through the shifts you need to make to lead with more clarity, confidence, and innovation.

Some key takeaways from this episode will include:

• The benefits of implementing a bonus structure in your business

• Deciding what the performance goals will be for bonuses

• Why your bonus structure should be a win-win scenario, not a loss

• Who should get a bonus in a private practice

• How to incentivize team members who aren’t motivated by money

• Ranges for bonuses based on the caliber of the position

• What I recommend for how often bonuses should be paid out

• Factoring how bonuses are taxed into the overall amount

• How to utilize ChatGPT to write your bonus structure

ChatGPT prompts to try:

• Create a bonus structure for a [practice specialty] private practice that will reward team members who work in the [fill-in-the-blank] department?

• Create a bonus structure for a [position/title] of a private practice in [insert specialty] that has financial oversight.

• Create a bonus structure for a [provider] who sees 25 patients per day in [X] specialty.

• Create a bonus structure for a [provider] who sees 25 sessions per week and is wanting a portion of the profit at $50,000 per year.

It's time to take back your practice and own your CEO status. On the CEO Conversations™ podcast, we will cover the business side of your practice with actionable takeaways for you to implement in your practice. We will discuss: marketing, team building & leading, finances, operations & systems, YOU and everything in between. 

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