Will Power
Being a physical therapy entrepreneur can be unbelievably challenging at times. From patient care, to running the businesses, to balancing a family, it’s no wonder many entrepreneurs feel overwhelmed and burned out. Each Tuesday, join Will Humphreys, a retired private practice owner and medical entrepreneur, as he introduces game-changing leadership concepts and interviews other successful leaders in healthcare. If you want to start, scale, or sell your outpatient physical therapy business, this is for you. Together not only can we increase our income, impact and freedom, we can build the largest network of healthcare leaders in the world at the Will Power Podcast.
Will Power
How To Give Raises and Bonuses - Solo
How to Give Raises and Bonuses: A Guide to Uplifting Your Team and Impacting Lives
In this episode, discover the power of appreciation in transforming your virtual team’s motivation while making a difference globally. Learn how thoughtfully delivered raises and bonuses can turn financial incentives into meaningful gestures, creating a strong bond of gratitude and dedication. Drawing from my experience as a physical therapist owner, I share how recognizing team contributions can lead to personal and professional growth.
Key Takeaways:
- See how bonuses, when delivered thoughtfully, become powerful tokens of gratitude.
- Explore both monetary and heartfelt gestures to motivate and engage your virtual team.
- Use incentives to celebrate achievements, inspiring commitment and long-term dedication.
- Provide meaningful work that uplifts communities, combining team growth with positive change.
Virtual Rockstars specialize in helping support or replace all non-clinical roles.
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rock stars. Thank you so much for joining virtual rock star. You have no idea what this means to me personally that you have joined us in this journey of increasing your income, impact and freedom utilizing virtual assistants. Not since becoming a pt has something meant this much to me, because we're not only working to change your lives by helping you obviously at a more affordable rate find better people for you. We're changing people's lives overseas in poverty. People cry when we offer them positions to work for you, and that's a great gift, considering in my experience owning five locations as a physical therapist in Arizona, I got some excitement once in a while, but sometimes I wondered if people were doing me a favor by showing up to work. So I'm going to talk to you in today's brief training about how we can grow our people financially as we spend time with them, because it's a unique situation, right, like we're charging you a flat rate and we're paying them a different rate, and so when it comes to incentivizing people financially and that's the focus, for this is just the financial.
Speaker 1:There's a lot of ways we could incentivize our team members overseas, but I want to focus on financial compensation. That tends to be the most stressful one right and how I recommend that you should do them. So, first of all, bonuses can be done at any time. We won't charge you anything or upcharge a fee by virtue of collecting money from you. So if you want to send your virtual assistant $50, that would be great. Just let us know and your client success lead will put that on the next payroll. You can send them a note. Let them know it's coming, all those things. The amount of how much you should give them for the bonus depends on you, but I will tell you it's not the same as it is in the United States. A $25, $50 bonus in this context goes a lot further than it does with our American employees. So I would encourage you to look for any and all behaviors that really need or could benefit from being highlighted. So if someone's breaking through and does a project that was new for them, send them 25 bucks. Like if they do something that's outstanding, send them 50 bucks. But just look for little opportunities here and there and it's as simple as an email. You just drop an email saying I want $25 to go to so-and-so for this. You know, just usually have to give us a reason, but then make sure that you follow up and let them know.
Speaker 1:Now listen, I'm going to tell you guys a secret. When I was a PT owner, I used to give cash bonuses to my team and in their paychecks every year for Christmas. I never got thanked ever. I had 50 employees at one point. I never got thanked ever. I had 50 employees at one point. No one ever thanked me. And then I learned this new way of bonusing people where, instead of money, we used to do this big party at the end of the year where there was a raffle for prizes and it was totally random. I spent half of the same amount of bonus money throwing this party together, but when people got a present and they were able to open it and they were able to pull gifts out, everyone thanked me.
Speaker 1:So my point in sharing this with you is because the presentation of the bonus matters as much as the money. So if you're going to drop, obviously sending them a physical gift is going to be harder. So you still want to do money, but you could get on a call and just say hey, I want to let you know. I just sent an email out to Virtual Rockstar for a $50 bonus because of X, Y and Z, or just because I appreciate you and look them in the eye on screen and tell them that little extra effort you make is going to make that bonus feel 10 times bigger. But it also gives you immediate validation. It's going to serve you, because how often do we get thanked ever as entrepreneurs? Right, very rare if ever. So this little donation that you'll be making as a bonus to them will come back to you in gratitude in a way that you won't believe. We've had Filipinos who have sent videos thanking people with editing, with music and stuff. It's crazy. So take advantage of these small and simple ways of bonusing people.
Speaker 1:But what do you do when someone's been with you more than a year? Well, that's when you have a choice. You can do an annual bonus after you do a review and I encourage all of you to do reviews where you sit down and you talk about what they've done great and what you want to see more of and all those things. But you want to finish that with either a bonus of a larger proportion what's larger? That depends on you. I've seen hundreds of dollars, I've seen occasionally over a thousand, but, like you can and again, that money goes a lot further, depending on the individual and what you're doing, and or you can give them a raise or some combination of the two.
Speaker 1:What does a raise look like? Working with people at Virtual Rockstar, raises are so simple you can just increase their compensation and it's a pass-through cost for us. So you have a base rate that you pay us. If you want to increase that by an amount, you just let us know and they get a raise. So that amount in America I think we've been trained to do like dollar amounts, right, like a dollar raise, $2 raise, $3 raise, like you don't have to do that, you can.
Speaker 1:I'm not trying to discourage you from that, but I'm trying to help you understand that, like every year, a 50 cent raise or 25 cent raise is going to be a huge raise for them. So you can look at, just like you know, I don't want to change my base pay. I'm going to be a huge raise for them. So you can look at, just like you know, I don't want to change my base pay. I'm going to give them an annual chunk. That works If you want to help them keep growing, especially if these are people you see wanting to work with for years and years to come.
Speaker 1:No-transcript. Honor these people, as I know you do, because we only partner with rock stars right? So you are going to be that type of person who's going to find the best way to make the biggest difference in their lives to say thank you. Keep them encouraged and working with you for the long haul. Rock stars, thank you again for being a part of our family.
Speaker 1:If you have any questions, please make sure to reach out to our Director of Client Success and have a great rest of your day. Thank you for listening, rockstars, and if you're one of the many medical professionals and leaders who have had it dealing with the drama of hiring and training people that you think are overpriced, then let's think about how virtual assistants can offload you to do what you love, which is changing people's lives. In the show notes there's a link to jump on our calendar so that we can show you why. Linkedin shows that virtual assistants is the second fastest growing trend in healthcare, next to artificial intelligence, at no obligation. We'll see if this is a fit for you. I hope to talk to you soon.
