Bonus and Incentive Programs: Profit-Sharing Legalities and Potential Pitfalls

Posted By American Med Spa Association, Friday, September 2, 2016

What motivates your best employees? Do you believe your staff is driven by the same factors that drive you? Employees may not be as invested in the success of the practice as you are, which may create a chasm between you and your staff. Some cosmetic surgery practices seek to bridge this gap by giving employees an opportunity to share in the successes of the business. With this strategy, your employees can enjoy increased compensation and stability, and you can reap the benefits of increased employee engagement, loyalty, and productivity.
The two most common structures that business owners use for bonus programs are performance-based models and profit-sharing retirement plans. Before proceeding, it is imperative that you as the business owner seek the advice of a trusted advisor who fully understands your practice and your motivations for starting a plan. Why you are starting (or amending) an incentive plan will be very important to determining what type of plan you implement.
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