Frustrated you’re not getting a raise?

Frustrated you’re not getting a raise?

More than half of Well-Managed Practice owners offered a different type of benefit in lieu of raises.
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Jan 28, 2016
By dvm360.com staff

You work long, hard hours in the veterinary hospital, busting your butt for every patient every day, right? You deserve a raise for all that work. But annual—or sometimes-annual or sometimes-whenever—reviews come and go and (insert sad trumpet noise here) no raise.

If visits are down or revenue is flat or down and the money’s not there, what you might not have considered are other benefits your practice owner provides or could provide. Below are the percentage of practice owners who offer these noncash benefits, courtesy of Benchmarks 2015: A Study of Well-Managed Practices (Veterinary Economics and Wutchiett Tumblin and Associates):

Employees at Well-Managed Practices responding to the same survey ranked competitive wages way higher than competitive benefits. But sometimes practices aren’t in a position to offer wage increases: 55 percent of practice owners said they offer noncash benefits instead of a pay increase.

Are you satisfied—would you be satisfied—as an associate or veterinary team member with creative, noncash compensation?

You can read more about associate and team compensation and job satisfaction in Benchmarks 2015: A Study of Well-Managed Practices.

 

Getting a Raise

There is a lot of pressure on compensation to staff. It's important to realize that for every $1 paid to staff, there are approximately 12 - 15% in additional costs attached in taxes, unemployment, wkrs comp etc that must be paid. Also, in professional businesses, often higher tax rates / business license costs are taken by the cities they operate in. A better approach for staff is to help the business profit by looking to prevent costly errors, damage to equipment, productivity improvements and customer service.. this helps revenue grow and increases profitability, customer loyalty AND an opportunity for the business to increase pay for staff. :-)