Review Compensation Packages to Keep Your Veterinary Hospital Competitive in the Employment Marketplace
With multiple states beginning to limit or eliminate federal unemployment benefits, more individuals may be applying for jobs in the coming months. While this may seem like great news for hospitals that have been struggling to hire additional staff, many veterinary hospital owners are finding that it’s actually making the hiring process more challenging due to the large number of open positions in the area. In order to stay as competitive as possible, consider the following:
- Research competitor compensation: Many businesses offer very high starting wages, so it’s imperative that you research the compensation being offered by your local competitors. If your hourly wage is below others offered in the area, you may need to increase it to attract the best applicants.
- Reward current staff: Because the demand for veterinary services continues to be very high, it’s easy to focus on bringing in additional staff to help alleviate the current workload. However, don’t forget about the importance of retaining your current employees. If a technician decided to leave because of a better offer elsewhere, the hospital would incur costs to replace the technician as well as train the new hire. Therefore, owners should consider increasing existing employees’ wages, especially if higher compensation is being offered to new hires.
- Review fee structure impact: Even if a hospital increases wages, the higher costs don’t have to negatively impact the bottom line. Review the current fee structure to determine if changes should be made to share the burden of the increased labor costs.
By reviewing and updating the current compensation packages now, you will be able to differentiate your hospital from competitors. For more tips on attracting the best talent, download the Veterinary Guide to Best Practices, Vol. 4, or contact KSM’s veterinary consultants.
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