Episode #311 – How to Maximize Earnings in Your Animal Health or Veterinary Career
Caleb: Welcome to “The Animal Health and Veterinary Employment Insider,” brought to you by The VET Recruiter. In this podcast, Animal Health executive recruiter and Veterinary recruiter Stacy Pursell of The VET Recruiter provides insight and practical advice for both employers and job seekers in the Animal Health industry and Veterinary profession. The VET Recruiter’s focus is to solve talent-centric problems for the Animal Health industry and Veterinary profession. In fact, The VET Recruiter’s mission is to help Animal Health and Veterinary companies hire top talent, while helping Animal Health and Veterinary professionals attain career-enhancing opportunities that increase their quality of life.
Today, we’ll be talking about how to maximize earnings in your Animal Health or Veterinary career. Hello, Stacy, and thank you for joining us today.
Stacy: Hello, Caleb. As always, I’m glad to be here with you today.
Caleb: Stacy, in our previous podcast episode, we discussed maximizing earnings in your job. Today, it seems as though we’re taking things a step further and discussing the same topic within the context of a person’s career.
Stacy: Yes, that’s right. I view today’s podcast episode as the logical second part of that discussion.
Caleb: Stacy, will we be discussing the benefits of changing jobs in a person’s career? Is that how someone could maximize their earnings?
Stacy: Yes, that’s right. As an executive recruiter and search consultant for the Animal Health industry and Veterinary profession, I’ve helped thousands of Animal Health and Veterinary professionals explore opportunities that had the potential to give them career advancement opportunities or be an improvement from the job they currently had. And I have to say that most of the time the person who changed jobs received a higher starting salary and other compensation in their new job than they did in their previous position. And there are many statistics that illustrate this.
Caleb: Do you have some of those statistics?
Stacy: I do, and I still think that one of the most impactful statistics is one that we’ve discussed previously on the podcast.
Caleb: Are you talking about the Forbes.com stat?
Stacy: Yes, I am! According to an article on the Forbes.com website, “staying employed at the same company for more than two years on average is going to make you earn less over your lifetime by about 50% or more.” And once again, those numbers are based on the assumption that a person’s career is going to last just 10 years. Most people’s careers last much longer than that.
Caleb: What does that mean on a job-by-job basis? In other words, how much of an increase in salary should a person expect when they change jobs?
Stacy: According to job board site Zippia, a good and reasonable salary increase when changing jobs is between 10-20%. The national average is around 14.8%.
And according to the Pew Research Center analysis of U.S. government data from April of 2021 to March of 2022, half of the workers who changed jobs experienced a real increase of 9.7% or more over their pay a year earlier. Meanwhile, the median worker who remained in the same job experienced a loss of 1.7%.
Caleb: But salaries in the Animal Health industry and Veterinary profession can be higher than average. And not only that, but there’s also a shortage of veterinarians, which means that they can ask for more money typically when they are changing jobs. How does that affect the dynamic?
Stacy: It affects the dynamic in a couple of important ways. First, because qualified candidates are in short supply, candidates can expect larger amounts of compensation when they switch jobs. So, if the national average for changing jobs is a 14.8% increase, it might be safe to say that the percentage in the Animal Health industry and Veterinary profession is higher.
Second, the higher the starting salary, the larger the amount of the increase. For example, 14.8% of $100,000 is larger than 14.8% of $50,000.
Caleb: And as we’ve talked about in previous podcast episodes, $100,000 is the least amount of money that a veterinarian will accept in today’s job market, is that right?
Stacy: Caleb, That’s right. And in fact, our firm has not seen a veterinarian accept a starting salary of less than $100K for a full-time position in probably two years.
But there’s another factor to consider in our discussion about maximizing your Animal Health or Veterinary career earnings.
Caleb: What’s that?
Stacy: Sign-on bonuses and relocation perks. Almost every offer, especially in the Veterinary profession, includes a sign-on bonus of some kind. These bonuses are typically in the range of $10K to $30K but can be as high as $100K. At our firm, we’ve seen multi-year sign-on and retention bonuses as high as $250K.
And signing bonuses is an area where hiring and retention overlap in this market. That’s because some employers are offering larger signing bonuses to candidates who are willing to commit to a certain number of years. I’ve even seen Veterinary practices locking new employees in for three or four years. In this way, the employer is attempting to accomplish both of their objectives—the hiring and the retention of veterinarians—at the same time.
Caleb: So, bonuses are also a factor in a person maximizing their Animal Health or Veterinary career earnings?
Stacy: Yes, absolutely. Receiving a signing bonus every time you change jobs can be a powerful strategy to maximize your career earnings.
First, signing bonuses provide an immediate cash infusion when transitioning to a new job. This lump sum can be used to pay off debts, invest in education or skills development, or even save for future financial goals.
Second, each time a job change occurs, candidates have the opportunity to negotiate a higher signing bonus, especially if their skills and experience are in demand. A strong track record of receiving signing bonuses from previous employers can serve as a testament to a candidate’s value in the job market. Skilled negotiators can use this leverage to secure more substantial signing bonuses, effectively increasing their earnings with every career move.
Caleb: And sign-on bonuses are almost automatic in the Veterinary profession these days, is that right?
Stacy: I don’t know if I would say they’re automatic, but I would say that they’re common. And not only that, but when people decide to relocate for a new job, employers might also offer relocation bonuses and perks to ease the transition. These financial incentives, in addition to a potentially higher salary, can significantly impact a person’s earnings. And these types of bonuses and perks are also available in the Animal Health industry and Veterinary profession.
Caleb: What about inflation? I don’t mean to shift gears too abruptly, but what role does that play in maximizing a person’s Animal Health or Veterinary career earnings?
Stacy: That’s a great question, and I’m glad you brought that up. Inflation has played a role in the job market during the past couple of years. Inflation peaked at over 6% in 2022, which means that unless you received a pay raise of at least 6% during the year, then you actually got what amounted to a pay cut from your current employer.
Caleb: So, what you’re saying is based on those numbers, anyone who did not change jobs in 2022 got a pay cut, is that right?
Stacy: Yes, you could logically make that assumption, and it’s especially the case in the Animal Health industry and Veterinary profession, with the lack of quality candidates and the increases in starting compensation.
Caleb: And what’s happening with inflation right now?
Stacy: Due to the Federal Reserve’s aggressive interest rate increases, inflation has been cut to about 3.5% this year. But keep in mind that’s 3.5%, on top of last year’s 6%. So, it’s not like the price of things are now going down. They’re just not going up as quickly as they were in 2022.
Caleb: So, exploring other opportunities and changing jobs more frequently remains one of the best ways to stay ahead of inflation, and by extension, maximize earnings in your Animal Health or Veterinary career?
Stacy: Yes, that’s right. From a purely numbers perspective, the data makes a very compelling case for changing jobs more frequently. At the very least, it is smart to be open to considering and exploring other opportunities. If not, then there’s an excellent chance that you’re going to take a pay cut by staying with your current employer . . . even if they don’t actually cut your pay. Inflation will do it for them.
And there’s no doubt that people are worried about inflation. According to a recent survey by The Conference Board, 62% of respondents report worrying that their paychecks won’t keep pace with price increases.
Caleb: Wow, that’s a lot! More than I would have guessed.
Stacy: Yes, inflation has been on the minds of a lot of people during the past couple of years, and despite its rate of increase slowing recently, don’t expect it to become a non-issue in the near future.
Caleb: So that, all by itself, is a reason why people should stay open to opportunity so they can maximize their Animal Health or Veterinary career earnings.
Stacy: Yes, that’s right.
Caleb: Stacy, I know that the topic of today’s podcast is about maximizing career earnings, but what are some other reasons why people should be open to opportunity and changing jobs when it makes sense?
Stacy: There are multiple other reasons, but keep in mind that these reasons also contribute to a person’s Animal Health or Veterinary career earnings. So, I encourage our listeners to remember that as we talk about them.
Caleb: Okay. What’s the first reason?
Stacy: In addition to salary negotiation, being mobile with your job can lead to greater career advancement in a shorter amount of time.
Changing jobs can lead to significant career advancements, allowing people to take on more senior roles with increased responsibilities. Climbing the career ladder within a single organization might be limited due to organizational structures, but external opportunities could present a chance for rapid growth. And of course, as we’ve been discussing, advancing in one’s career often comes with better pay and benefits, contributing to higher earnings over time.
Another reason is access to diverse work environments. Each Animal Health or Veterinary setting presents unique challenges and learning opportunities. People who change jobs frequently gain exposure to diverse work environments, such as small animal clinics, large animal practices, exotic animal centers, and research institutions. This exposure broadens their skill set and knowledge base, making them more versatile and attractive to potential employers.
Caleb: Those two reasons make sense. What’s another reason to stay open to opportunity?
Stacy: A third reason is networking and skills enhancement. Moving between different organizations allows people to expand their professional network. Networking is vital in any industry, as it opens doors to new opportunities, collaborations, and potential job offers. In addition, exposure to various practices and methodologies can enhance your skill set, making you more marketable in the long run.
Caleb: Stacy, we’ve talked a lot about maximizing a person’s Animal Health or Veterinary career earnings through changing jobs more often, or at the very least, changing jobs when it makes sense to do so.
But what are some other strategies for maximizing a person’s career earnings?
Stacy: That’s a great question for a couple of reasons. First, there are plenty of things that a person can do to help maximize their earnings that don’t directly involve the actual changing of their job. Second, though, these things that we’ll discuss are actually good things to do in preparation for eventually changing your job.
Caleb: How’s that?
Stacy: Well, let’s go through these items one at a time to find out. These four things are not directly related to changing jobs, but they’re still good practices for maximizing your Animal Health or Veterinary career earnings.
First, set clear career goals. Define what you want to achieve through job mobility, such as increased salary, career growth, or specialized experience. Understanding your objectives will help you target the right positions and make informed decisions.
Second, build a strong personal brand. Developing a strong brand and maintaining a positive reputation in the industry is essential, especially if you plan to change jobs eventually. Demonstrate your expertise through certifications, continued education, and involvement in professional organizations.
Third, focus on skills development. Continuously seek opportunities to enhance your skills and knowledge. Pursue specialized training and certifications that can make you a more valuable asset in the job market.
And fourth, network effectively. Attend industry events, conferences, and seminars to meet potential employers and colleagues. Utilize online platforms such as LinkedIn to connect with professionals in your field and stay informed about job openings.
Caleb: And Stacy, you might have suspected that I was going to ask this question eventually, but how can working with a recruiter or search consultant help a person maximize their Animal Health or Veterinary career earnings?
Stacy: Yes, I do want to address this topic on today’s podcast. To answer your question, there are multiple ways.
First, good recruiters possess a deep understanding of the job market and industry trends. They are constantly networking with employers, gaining insights into the latest job openings and salary packages. With this insider knowledge, they can guide candidates toward roles that align with their skills and experience while offering attractive compensation packages. By tapping into a recruiter’s extensive network, job seekers can gain access to hidden job opportunities that may not be advertised publicly.
Second, recruiters are skilled negotiators who can help candidates secure the best possible salary. Many candidates may feel uncomfortable negotiating their compensation directly with employers, fearing they might jeopardize the offer or come across as too demanding. Recruiters, however, are well-versed in salary negotiations and can advocate for their candidates effectively. They understand market salary ranges for specific positions and will work to ensure that their candidates receive fair compensation for their talents and qualifications.
Caleb: Recruiters have information and knowledge that job candidates simply don’t have, right? And in some cases, it’s information that would be difficult for the candidates to secure in the first place.
Stacy: Correct. Not only that, but recruiters also advise candidates on other benefits and perks that can enhance their overall compensation package. These may include bonuses which we discussed earlier, stock options, healthcare plans, retirement benefits, and flexible work arrangements. Considering the broader scope of compensation, including non-monetary perks, can impact a person’s Animal Health or Veterinary career earnings.
Fourth, working with a recruiter streamlines the job search process and saves valuable time. Job hunting can be time-consuming, with the application and interview process often taking weeks or months. A recruiter acts as a job search partner, matching candidates with suitable positions quickly and efficiently. This allows candidates to focus on their core skills and responsibilities in their current role while leaving the job search in the hands of a capable professional.
Caleb: And recruiters can also serve as a career coach of sorts for a person, right? They can help someone not just with changing their jobs once, but also multiple times, and that can help them maximize their Animal Health or Veterinary career earnings, as well.
Stacy: Yes, that’s correct and it’s my fifth point. Recruiters can also provide candidates with personalized career advice and guidance. They assess a candidate’s strengths and weaknesses, offering suggestions on skills development and further education that can lead to career advancement and higher earning potential. By having a dedicated career advisor, candidates can make informed decisions about their professional growth, ensuring that they’re on the right track to achieving their financial goals.
Caleb: Stacy, thank you so much for joining us today and for all of this great information about how to maximize your Animal Health or Veterinary career earnings.
Stacy:. It’s been my pleasure, and I look forward to our next episode of the Animal Health and Veterinary Employment Insider!
Caleb: For our listening audience if you are an Animal Health company or Veterinary practice needing to hire top talent reach out to Stacy Pursell at The VET Recruiter. If you are an Animal Health professional or Veterinarian looking to make your next career move reach out to Stacy as well. Thank you again for joining us and we will see you again next week on the Animal Health and Veterinary Employment Insider!