Short video by Dr. Allen Nazeri (DDS, MBA) advising dental practice owners on retaining 'star' employees by aligning their vision with the company's. Key recommendations: provide the right working environment (equipment, assistance, personnel), pay above-market compensation (higher percentage or salary), enable professional growth, and offer equity participation to tie stars to the business.
Chapters
Recently I ran a video blog on how to identify star players and the different characteristics that a star player has within a company. And I had a question coming up so I thought I basically do a video on it. If this is the first time you're reaching me. My name is Dr. Alan. I help dentists develop, scale and exit from their businesses successfully. Now regarding the star players, the question was how do we maintain the star players ego within our company? Meaning that the star players typically have a big ego because they typically know they're good. And that can be a problem if you do not know how to align their vision with your company's vision. Number one, you have to realize a star player can go on any team and can take a losing team and make it into a winning one. So aligning their vision is the key in maintaining them. So how do you do that? Well, first and foremost you have to create the right working environment for them. Meaning that they have to have the right ambience, right equipment, right assistance, right personnel to support them. Secondly, they have to be compensated well. Now if you have dentists or doctors who are on a percentage, then the percentage should be higher than other doctors. Now if they're on a base salary, maybe their salary should be higher. But whatever that is, their compensation level has to be on a higher level. The third factor that you need to take into consideration is that star players are always looking for ways to grow and become better as a person or as an individual and add value to the company. So if you keep them contained and if they, you know, star players are like eagles, they want to fly. Okay. So if you're not able to do that, you would end up losing the star players on your team. So one way is to align their vision by offering them some sort of equity participation in your company. If they're truly good and they can go on their own and they can open up their own practices like in this case we're talking about a surgeon, but it could be an assistant. They can certainly change teams and go for another company for a higher salary and so forth. So think about how can get them involved with your business so you can give them some sort of equity participation so they can grow with you. Again, My name is Dr. Alan. Thank you for reaching out. If this is the first time you're reaching me, please check out my website. We provide various type of training from our signature series, three day dental MBA to telecoaching and on site corporate training. Thank you very much. Please be sure to subscribe, hit the like button and share. Thank you.
