Sponsored Content: Support DDS
2023 presents an opportunity to Upskill your Team and Grow while reducing overhead costs.
By J.W. Oliver Jr., Managing Partner, Support DDS
The road ahead will most likely be filled with “potholes and speedbumps”. Most experts agree that we are in or headed into a short recession for the next 18-30 months. This creates an amazing opportunity to rebalance your team.
The current trend among employees and young adults is tied to recent studies by the American Psychological Association (APA), which concludes that stress levels across all races, genders, and economic groups is at an all-time high. Data suggests these are at unprecedented levels according to Arthur C. Evans Jr., CEO of the APA. Understanding the mindset of young adults is crucial for business owners, CEOs, and managers. What they desire is less stress and working only 40 hours (or less).
One additional factor is a diminishing young workforce. The population turning 18 years old each year is reducing by 400,000 each year. This creates a short-term and long-term problem for the workforce. The following are three options to offset and help rebalance your team.
Focus on Upskilling Programs
A recent CEO survey by the magazine Chief Executive found that over 54% planned to give access to Upskilling programs. Forty-eight percent of these CEOs planned to increase incentives and bonus plans. (The No. 1 objective was to reduce capital expenditures, and No. 2 was to reduce travel and entertainment expenses in this impending recessionary environment ahead.)
Defined Vision and Culture
One key is to measure productivity with defined objectives and performance evaluations on a regular, recurring timetable (quarterly or bi-annual). Show empathy to your team as they navigate the changing world, helping them to know you do care and want to understand. Give a voice to all levels of your staff, allowing them to sit on your leadership teams or even as a board member. Effectively using “spot bonuses” as immediate reward and recognition to your team will encourage and inspire. Check out programs like WorkTango.com as a tool to enhance your team’s experience.
Talent in New Places
With the rising labor costs and availability of quality teams, consider remote/virtual teams working from countries with the following key attributes:
- English as a first language
- High university education rates
- High performing work cultures
- Rates that save you 60-75% in key roles
- Dental trained
- No work from home, but in HIPAA compliant facility
- Key roles include: Director of first impressions for new patients, scheduling, accounting and bookkeeping, insurance verification, re-care, unscheduled treatment plans, digital marketing and social media management, IT, and even full RCM teams.
Focusing on these three areas can help to ELEVATE your existing team, REDUCE your overhead, and GROW your business during a changing economic and culture landscape.
At the end of 2023, you will “BEE amazing”! A vision for a WIN for teams, WIN for clients, and a WIN for ministries worldwide.
J.W. Oliver Jr.
Managing Partner of SupportDDS. His objective is to assist organizations to leverage growth, increase productivity, manage costs and free up time utilizing virtual/remote teams. He is proud to be a Christian led entrepreneur.