Today's Veterinary Business

JUN 2018

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

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63 June/July 2018 • TODAYSVETERINARYBUSINESS.COM One thing I have preached during the past couple of years, but especially in the past year, is that we're experiencing a candidate's market. This is especially the case in the veterinary profession and animal health industry. In a candidate's market, job seekers and candidates have more options. That's because there are more job openings than there are qualified workers to fill those openings. Not only that, but the best candidates in the marketplace also have the most options. That's because they're the most qualified and more organizations want to secure their services. Veterinary Jobs Aplenty What we have here is a cause-and- effect phenomenon, and this phe- nomenon is having a tremendous effect on the veterinary job market. To set the stage, I'd like to reference a CNBC article titled "For Aspiring Vets, Jobs Are Aplenty — Demand Set to Rise 18 Percent in 10 Years." Here is a direct quote from the article: "According to the Bureau of Labor Statis- tics, opportunities for veterinarians are set to climb by some 18 percent through 2026, while roles for vet technicians will rise by 20 percent in the same time frame." A DVM360 article reported that the unemployment rate in the veterinary profession fell from 1.5 percent to 0.5 percent during 2017. Keep in mind that the na- tional unemployment rate is about 4 percent, the lowest in 17 years. That should give you an idea of what's happening in the employ- ment marketplace. The fact is that the veterinary profession doesn't have enough qualified veterinarians and veterinary nurses. This is perfectly in line with the conditions that a candidate's job market produces. So then, what's the effect? For the answer, I'd like to again quote the CNBC article: "Salaries can reach into the high six figures, depending on role and area of practice. And demand is so high that vet students often have two job offers when they graduate." Two job offers when they grad - uate. Not one, but two. You might read that and think to yourself, "It sounds like an embellishment, an exaggeration to make the situation seem more dramatic than it actual- VetPartners Corner Predicting the future can be a dicey proposition. However, when you have an overabundance of supporting data, it becomes less of a pre- diction and more a matter of deductive reasoning. That is the case when it comes to the employment marketplace, and the labor market when it comes to the veterinary profession. I have more than just supporting data. I have plenty of first-hand accounts to back up my claims. By Stacy Pursell, CPC, CERS ly is." If that's what you're thinking, I can tell you it is most definitely not the case. The reason I can tell you this is because as a recruiter in the veter- inary and animal health industries, I work every day in the trenches of the employment marketplace. I talk with hundreds of people every month, and I see what's happening in real time. As a result, I can attest to the fact that the CNBC article is absolutely correct. The Proof Is in the Trenches So, what does this look like exactly in the employment marketplace? I can shed light on it. Right now, the recruiters in my office are talking with new-grad veterinarians and veterinarians with two years' expe- rience or less who are expecting $100K to $130K in base compensa- tion. And they are receiving offers in that range. Here's an example. We had a candidate with two years of experience who received not one, not two, but three job offers. One offer included a $130K base, one was close to a $130K base, and the third offered $100K but had a $130K guarantee. I have another example. We interviewed a new graduate who had no experience. The graduate is expecting a base salary of $120K for her first job. Shortly after speak- ing with her, we had a client who wanted to interview her. I've seen things like this tran- spire daily for quite some time. I've watched it continue to move in this direction, and the trend shows no sign of slowing anytime soon. The expectation of higher salaries and benefit packages is increasing and will continue to rise. This is good for veterinarians who want to improve their em- ployment and career situations and their lives, but what about employ- ers? Is it good for them? And what can they do to make sure they're able to hire the talent they need? A Four-Step Blueprint Veterinary practices and employers can take these four concrete steps to address the situation: This is the time to acclimate to current market conditions, create a plan for navigating those conditions and execute the plan to the best of your ability. The ripple effect Veterinarians are receiving top-dollar job offers because of a practitioner shortage that is expected to last at least 10 more years.

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