Practice owners cut back on raises during this recession
Many team members aren't getting raises this year.
Aug 01, 2009
Nobody wants to be the bad guy, but for many practice owners that's the fate 2009 has in store for them. Fewer owners are giving raises this year than in past years. In 2007, only 4 percent of owners put the kibosh on salary increases. In 2008, a larger 19 percent of owners put salaries in a holding pattern. How do things look in 2009? Twenty-one percent said they haven't given and don't expect to give raises this year—and 27 percent haven't decided yet.
Inside look (GEORGE MARKS/GETTY IMAGES)
If you've regularly given or received raises, a year of stagnant salaries might not be as big a deal this year. After all, associates and team members have a job in this economy, right? But being open and honest about a clinic's rough year can be tricky. Whatever you do, don't ignore the issue. Practice owners don't want to demoralize their teams, but everyone may need to face the hard truth of temporarily sinking revenue. Here's the data on raises this year and in previous years.
Closing in on compensation