Source: American Veterinary Medical Association (AVMA)
This article by the American Veterinary Medical Association (AVMA) discusses employee turnover rates in Veterinary practices in 2022, with companion animal exclusive practices having the highest rate at 19.4%. Dr. Frederic Ouedraogo, an AVMA senior economist, suggests that competitive wages, considering inflation, can help mitigate attrition. The AVMA Veterinary Business and Economic Forum highlighted data from the U.S. Census Bureau and the AVMA’s 2023 Practice Owners Survey, revealing that 86% of surveyed Veterinary practices raised wages in the past year, with 43% increasing wages by 4-6%.
Dr. Ouedraogo recommends customizing benefits, adopting mission statements, and implementing wellness plans to support employees. The article also discusses average practice revenues, staffing rates, and efficiency improvements through technology adoption. The growth of Veterinary practices with 20 or more employees over a 12-year period is highlighted, indicating industry expansion.
Read the full story HERE: https://www.avma.org/news/increasing-efficiency-salaries-can-help-practices-retain-employees