While it has become exceedingly difficult to both attract talent and retain valuable employees during the past couple of years, there is a silver lining in the challenges that face Animal Health and Veterinary employers. That silver lining is that the same factors that help you attract talent can also help you to retain those talented employees after you’ve hired them.
Further illustrating this fact are the results of a recent report by McKinsey & Company, a global management consulting firm. According to that report, there are four main factors involved in attracting top job candidates and also retaining high-value employees.
4 factors for recruiting and retention
The four main factors mentioned in the report include adequacy of total compensation, meaningfulness of work, adequacy of workplace flexibility, and adequacy of career development and advancement. To further our examination of this topic, those four factors are discussed in detail below:
#1—Compensation
No matter the state of the job market, this is typically one of the top factors in attraction and retention. However, it’s certainly not the only one, especially in this current market. In a tight market for talent, offering competitive and fair compensation packages is essential to stand out as an employer of choice in the Animal health industry and Veterinary profession.
This is especially the case in the Veterinary profession, where the Law of Supply and Demand is increasing the starting salaries for veterinarians. As a result, not only does it cost more to attract and recruit veterinarians, but it also costs more to retain them. As an example, our firm has not placed a veterinarian at a starting salary of less than $100K for a full-time position during the past 18 months, and the average starting salary has continued to increase during that time.
In addition, providing adequate compensation to existing employees is a way of recognizing the value of their contributions and providing them with a sense of financial security. When employees feel their efforts are rewarded appropriately, they are more likely to stay loyal to their employer. It helps in reducing turnover rates and retaining valuable employees who may otherwise be enticed by higher-paying opportunities elsewhere.
#2—Meaningfulness of work
Animal Health and Veterinary professionals are drawn to opportunities that allow them to make a difference and contribute to the well-being of animals. When an employer emphasizes the meaningfulness of the work they offer, it becomes more attractive to top talent who seek purpose and fulfillment in their careers. Employers who emphasize the impact their employees can have on animals are more likely to attract individuals who share that passion.
In addition, emphasizing meaningful work not only attracts top talent, but it also enhances the employer brand. Organizations that are known for offering meaningful work experiences in the Animal Health industry and Veterinary profession create a positive reputation and become an employer of choice. This reputation helps in attracting and retaining top talent who are aligned with the organization’s mission and values.
And when employees find their work meaningful, they are more likely to stay loyal to their employer. They develop a sense of fulfillment and satisfaction from knowing that their efforts are making a positive impact on the lives of animals and their owners. Employers who prioritize meaningful work create an environment where employees feel valued and connected to the organization’s purpose, leading to higher retention rates.
#3—Workplace flexibility
Workplace flexibility plays a significant role in the efforts of Animal Health and Veterinary employers to attract top talent and retain valuable employees. In a profession that often requires irregular hours, on-call availability, and a compassionate approach to animal care, offering flexibility can greatly benefit both the Veterinary organization and its employees.
The ability to offer workplace flexibility is an attractive feature for top talent, especially individuals seeking a career in the Animal Health industry or Veterinary profession. The flexibility to balance personal and professional commitments demonstrates an employer’s understanding and support for their employees’ needs, making the organization more appealing to prospective candidates.
Workplace flexibility is a valuable tool for retaining valuable employees. Employees who have the flexibility to adapt their schedules and work arrangements to their personal needs are more likely to remain committed to their roles and the organization. Retention of experienced and skilled professionals leads to continuity, improved team dynamics, and reduced recruitment and training costs.
#4—Career development and advancement
Offering clear pathways for career development and advancement is a strong motivator for attracting top talent. Animal Health and Veterinary professionals are often ambitious individuals who seek opportunities to further their skills and progress in their careers. Employers who provide a structured framework for growth and advancement are more likely to attract talented individuals who are motivated by continuous learning and professional development.
Once again, emphasizing career development and advancement opportunities creates a positive employer brand. Organizations known for their commitment to employee growth and advancement become attractive employers in the job market. This reputation helps in attracting top talent who are eager to work for organizations that invest in their professional development.
On the other hand, Animal Health and Veterinary professionals often prioritize career growth and the opportunity to advance their careers. Providing career development opportunities is crucial for retaining valuable employees. When employees feel supported in their professional growth and see a future within the organization, they are more likely to stay loyal and committed, reducing turnover rates and retaining the knowledge and expertise within the organization.
How The VET Recruiter can help
The VET Recruiter can help your organization attract top talent and retain your most valued employees through our expertise and tailored approach. Due to our industry knowledge and extensive network of contacts, we can identify and engage with highly skilled professionals who align with an employer’s specific needs and culture.
We at The VET Recruiter understand the unique challenges and demands of talent management in the Animal Health industry and Veterinary profession, allowing us to find candidates who are passionate about their work. By offering personalized recruitment strategies and providing support throughout the hiring process, we help employers secure top talent and create a positive employee experience that promotes long-term retention.
We invite you to find out more about our Veterinary recruiting services for employers and also learn more about our recruiting process and how we can help you hire more veterinarians this year.
We help support careers in one of two ways: 1. By helping Animal Health and Veterinary professionals to find the right opportunity when the time is right, and 2. By helping to recruit top talent for the critical needs of Animal Health and Veterinary organizations. If this is something that you would like to explore further, please send an email to stacy@thevetrecruiter.com.