Paying Your People (Part 2): Bonuses and Profit Sharing

Should you be 'bonusing' your employees?Generally you'll find bonuses in other fields - lawyers, salespeople, etc.  And they can make sense.  You're trying to incentivize an employee to work longer or harder with a bonus.  But that doesn't really track in pelvic health.  Do any of us believe a clinician is going to provide better clinical care because they get a bonus?Clinicians provide better care when we provide clinical mentorship, onboarding, training, guide their con-ed and spend time with them as mentors.  Throwing money at them in the form of a bonus is never going to improve their clinical outcomes or buy-in.And bonuses often create resentment if a clinician doesn't earn one, or the amount isn't as high as it was last year.  They can be a major profit leak; many business owners who give bonuses don't even know how much their employees are actually making per hour!You have to implement metrics that really track performance and then be willing to not give the bonus if your people don't hit it - which is a difficult conversation!  And it just complicates the whole thing.So if you aren't giving bonuses, it's not something we recommend.If you are, then decide if it's working!  Calculate out what you're actually paying on a per-hour or annual basis including all the bonuses.  Decide if it's worth changing in your business right now.  If so, it's going to be a difficult conversation, but it might need to happen for the long-term health of the business.Accelerator - January Cohort!If you're a business owner looking to take things to the next level in 2025, you don't have to go it alone!  Our next cohort of the Business Accelerator Program is starting in January.We've taken more than 300 pelvic health businesses through this program.  They've increased revenue, grown in confidence and begun to enjoy the journey more. Whether you're a brand-new business owner or a veteran with multiple employees, this is the program for you!  Check it out and apply at www.pelvicptrising.com/accelerator!We review every application and get back to you, so we'll answer questions and make sure it's the right fit.About UsNicole and Jesse Cozean founded Pelvic PT Rising to provide clinical and business resources to physical therapists to change the way we treat pelvic health.   PelvicSanity Physical Therapy (www.pelvicsanity.com) together in 2016.  It grew quickly into one of the largest cash-based physical therapy practices in the country.Through Pelvic PT Rising, Nicole has created clinical courses (www.pelvicptrising.com/clinical) to help pelvic health providers gain confidence in their skills and provide frameworks to get better patient outcomes.  Together, Jesse and Nicole have helped 600+ pelvic practices start and grow through the Pelvic PT Rising Business Programs (www.pelvicptrising.com/business) to build a practice that works for them! Get in Touch!Learn more at www.pelvicptrising.com, follow Nicole @nicolecozeandpt (www.instagram.com/nicolecozeandpt) or reach out via email ([email protected]).Check out our Clinical Courses, Business Resources and learn more about us at Pelvic PT Rising...Let's Continue to Rise!