Source: AVMA
Money is a key motivator for retaining valued veterinary team members, especially with recent inflation. According to the 2023 AVMA Veterinary Practice Owners Survey, 86% of practice owners raised wages last year, with most increases between 4% and 6%. However, given the 2022 inflation rate of 6.5%, these raises may not have kept up with the cost of living, potentially reducing employees’ purchasing power.
To maintain competitive compensation, practices should consider inflation and cost of living when making salary decisions. Failure to do so might lead to employee turnover, which has significant emotional and financial costs. Besides raises, bonuses can boost employee engagement and performance without needing yearly increases. To fund raises or bonuses, practices must ensure financial health. The AVMA offers tools to enhance business profitability, and advice from the AVMA Business and Economic Forum emphasizes maximizing efficiency and productivity. Reviewing compensation strategies regularly can help retain a satisfied and loyal team.
Read the full story HERE: https://www.avma.org/blog/chart-month-compensation-growth-key-team-retention