Most dental professionals are looking for a dental job that includes benefits in some capacity. Whether that includes Paid-Time-Off (PTO), Health Insurance or a Retirement plan, receiving any or all of these is wonderful and add great value to your position.
In this post we breakdown the costs so you can see how much your hourly wage truly is when you receive benefits in your compensation package.
If you work for an office that gives you 40 hours of sick leave, 40 hours of paid vacation and 48 hours of holiday pay (6 major holidays per year) you getting a little over 3 weeks of paid time off each year. That is around 6% of additional pay.
Most offices that offer Health Insurance pay about 50% of your premium. For example, let us just say that totals $180/month that the office pays. If you are working 40 hours a week, that is a little over 1% in additional pay.
Retirement Benefits 401k and FSA
If your office offers this, they are most likely covering all the fees associated with the plan. This includes set-up fees (1 time when you join the office), transactional fees (every pay period when you deposit money into those accounts) and then fees for the total assets being held for all the employees. To be conservative, we will say this adds 1% to your pay, although I feel it might be more.
WOW this really adds up!
You are getting 6% from PTO, 1% from Health Insurance and 1% for your 401K and/or FSA plan. If a practice offers all these items, you are making an additional 8% in pay!
Meaning, if you are a Dental Hygienist making $42/hr and add these benefits you are actually making an additional $3.36 an hour. Making your actual rate of pay $45.36/hr.
If you are an RDA making $20/hr, add these benefits and you are actually making $21.60/hr.
Don’t forget guaranteed hours paid!