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BizQuiz: Are you being paid fairly?
Take this quiz, based on the article “What’s fair compensation?” by Denise Tumblin, CPA, and other resources to see how well you understand the ins and outs of veterinary compensation—and whether your own practice measures up. 1. What percentage of total practice revenue do staff expenses—including wages, retirement contributions, and payroll taxes—normally take up in Well-Managed Practices? 2. Which of the following is not a common method of compensation for full-time associate veterinarians? C: Production with a guaranteed base salary 3. What’s the average starting salary for an associate at a Well-Managed Practice? 4. Which of the following is not usually included in a split production rate when determining associate pay? 5. Which of the following do most associates at Well-Managed Practices consider more important than high pay for their job satisfaction? 6. What is the average percentage of employee health insurance costs paid by Well-Managed Practices? 7. Which of the following is a benefit a practice can offer employees that doesn’t increase its hard costs? B: Flexible scheduling options C: Let employees bring pets to work Interested in more data on compensation and other practice finance measures? Click here.
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There’s no doubt that veterinarians and their teams want to be paid fairly and receive the perks that make their job meaningful and worthwhile. But a practice has to balance the needs of the business against the desire of its employees, and often that means it has to make some tough calls. When money’s tight, the issue is even trickier.
