Why Bonuses Fail

Why Bonuses Fail with Dr. Dave Maloley - Relentless Dentist PodcastHave you been scouring the internet trying to look for the best reward system for your employees? Let me tell you a secret; there’s none! I’ve tried different approaches, many times myself, and they didn’t work.

The bonus system aims to give out incentives (monetary or otherwise) to motivate employees to bring out their best and be productive. However, this kind of approach is counterproductive and not to mention expensive.

If you’re looking for a perfect incentive system for your employees, you should not miss out on these three elements: alignment, belonging, and healthy conflict. A reward system should not curb creativity and risk-taking. Once it’s manipulative and punitive, it will predictively fail 100%.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice

 

Key Quotes:

  • “What’s the best bonus system out there? And the short answer, the bottom line up front, is that there is no such thing.”
  • “If you work from that mental frame, work for wages, then you immediately assume that if I give more wages, if I give an incentive or bonus program, then I have a better team and I’ll get more and better work… it just doesn’t work.”
  • “Modern research says that bonus systems suck, and it can actually demotivate employees, or worse, motivate them to be egocentric, to work on their own self-interests.”
  • “Most people are looking for alignment, belonging, and healthy conflict.”
  • “You, as the practice owner, are completely limiting the effectiveness of your team if it’s a top-down approach.”
  • “If we don’t first fulfill those common human needs, a bonus system will likely be expensive at best, counterproductive at worst.”
  • “I really didn’t have the practice or team that I dreamed of until I really dug into the science of human potential, the science of organizational behavior.”
  • “No bonus system can match the internal motivations of your team.”

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The 5 Essentials to Depolarizing Your Practice with Dr. Dave Maloley

The 5 Essentials to Depolarizing Your Practice with Dr. Dave MaloleyHow do we secure a productive environment in our practices? One that doesn’t get disrupted by the increasing tension in society and result in a toxic culture that could compromise your livelihood?

Let’s engineer a work environment that brings out the best in you and your team!

In this episode, I talk about the imminent changes in the dental profession that are big long-term wins if we start enhancing our company cultures. I’ll also discuss how to keep your team innovating and encourage your employees to grow their confidence, improve engagement, and experience joy at work.

Tune in and find solutions to common practice issues at  Prescriptions for Your Practice

Key Quotes:

  • “Our dental practices are a microcosm for society. Unless we create systems for safety and alignment for our teams, that polarization will create a very toxic culture and undermine your livelihood.”
  • “In all (economic) climates, it’s important that you, as a practice owner, are building your confidence and that of your team.”
  • “Personal issues manifest as work issues all of the time.”
  • “If there aren’t systems for frequent and open dialogue, there’s a very good chance there’s some toxic behaviors hidden from you, the doctor. Those are the ones that explode and hurt you, patient care, and others on the team.”
  • “Make sure you have some sort of no gossip policy.”
  • “Make sure that you have systems for recognition.”
  • “If you, the doctor, don’t engineer an environment that brings out the best in you, patient care and your pay will eventually take a hit.”

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Obsessions Become Your Possessions with Dr. Peter Bowman

It feels great to reconnect with a good friend, Dr. Peter Bowman, whom I guested in my podcast 5 years back talking about The Art of Believing and Achieving. Fast forward to the present, Peter now owns a world-ranked 9-hole golf course and his dental practice is currently focused on implant cases in varying degrees of complexity, sedation dentistry, and Invisalign.

Listen in as Peter gives us a glimpse of what his work week looks like, his undertaking outside the practice, how he adapted his practice model to his other ventures, biohacking, and a trip down memory lane on how luck played a role in why he got into dentistry.

Tune in and find more Bold Biographies

Key Quotes:

  • “Doing more efficient scheduling and delegating to the assistant, scheduling docker time and assistant time, we still have to kind of stay on top of that sometimes. But you know, just like anything else, nothing goes perfectly. All we can do is to make it better with each day.”
  • “You’re putting out fires the whole time. You don’t have enough time to figure out where you want to grow and do new things, and doing that buffer time is really hard to even get scheduled. But you know, once you’ve got it and formed that habit, it’s been the best thing I made in the long time.“
  • “A lot of my time is spent marketing and finding opportunities for growth, figuring out what service we don’t offer, the other offices in the area don’t offer, and finding a way to introduce that into the practice, picking a little niche to take care of.”
  • “I think you can do a fee-for-service model pretty much anywhere, but you really have to make yourself stand out and differentiate yourself.”
  • “We still do most of our approach based on finding out what the issues are, finding out what the patient wants, telling them how we can give them what they want, here’s what more we can do. And it just seemed to work for us. We built up a lot of trust and people keep coming back. So that’s how we do it.”
  • “You become what you think about.”

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