In the Veterinary profession, the thread of employee retention is facing unprecedented challenges. A confluence of factors has not only sown the seeds for this phenomenon but has also acted as a potent accelerant. At the heart of this issue lies the current job market dynamics, particularly within the Veterinary profession. As we delve into the intricacies of this landscape, it becomes apparent that understanding and addressing these challenges are critical for the sustenance and growth of Veterinary practices.
The Current Job Market Landscape
The job market, both nationally and within the Veterinary profession, is undergoing a significant shift. The overall candidates’ market is a defining characteristic, with the National Unemployment Rate hovering near historic lows during the past few years. In this environment, the shortage of qualified candidates compounds the challenge for employers. When candidates are scarce, opportunities abound, prompting qualified professionals to explore and switch positions, leading to a surge in turnover rates.
The Veterinary profession, in particular, grapples with a more acute situation. Looking ahead, the Bureau of Labor Statistics (BLS) projects a robust 19% growth in veterinarian jobs between 2023 and 2033. This positive outlook, however, excludes technician and assistant roles. The BLS foresees more than 4,000 job openings annually, encompassing at least 20,000 new positions during the 10-year period. Yet, questions arise about whether there are sufficient Veterinary graduates entering the workforce to bridge the gap and address the existing shortage.
Catalysts Contributing to Lower Rates of Retention
Beyond the job market dynamics, the emergence of the Millennial Generation and the growth of Generation Z in the workforce have played a pivotal role in the Great Resignation. Members of these generations exhibit a more transient nature, craving flexibility and mobility in their careers. Even before the Great Resignation, Millennials were known for changing jobs more frequently than their predecessors.
The evolving standards of job stability contribute to the current challenges. What was once considered “job hopping” has undergone a rapid transformation. Employers are no longer penalizing candidates for frequent job changes due to the scarcity of qualified professionals. Changing jobs every 18 months is now considered normal, and even more frequent transitions are becoming commonplace.
The Role of Career Pathing in Employee Retention
To navigate these challenges and retain valuable employees, Veterinary practices must implement effective strategies. One promising solution is “career pathing,” a strategic process involving the planning and management of one’s career trajectory within an organization. Successful career pathing involves five key steps:
#1—Establish clear communication
The foundation of career pathing lies in transparent communication. Employees need to be informed about the organization’s commitment to their career development and the growth opportunities available. Articulating clear career paths, promotion criteria, and required skills for each role sets the stage for a mutual understanding between the employer and the employees.
#2—Help them create individual development plans
Empowering employees to take charge of their careers is a fundamental aspect of effective career pathing. By assisting them in creating individual development plans, organizations can align employee aspirations with organizational goals. These plans should outline specific career goals, steps to achieve them, and the necessary resources.
#3—Conduct skills assessment and training
A dynamic workforce requires continuous skill development. Organizations should offer relevant training programs, workshops, mentoring, and coaching to help employees acquire and enhance the skills necessary for career advancement. This proactive approach not only benefits the individual employee but also contributes to the overall growth and competitiveness of the organization.
#4—Set up mentorship and coaching
Establishing mentorship programs helps create a culture of knowledge-sharing and support within the organization. Experienced employees can guide and support their colleagues in their career development journey. This not only accelerates the learning curve for newer employees but also creates a sense of camaraderie and investment in the organization’s success.
#5—Promote internal job postings
Providing avenues for internal growth is a cornerstone of effective career pathing. Internal job postings not only offer employees growth opportunities but also allow them to leverage their existing knowledge and experience while contributing to the organization’s success. This approach not only retains valuable talent but also nurtures a culture of internal mobility.
By embracing comprehensive career pathing strategies, Veterinary practices can create an environment that not only retains valuable talent but also builds continuous growth and development. The journey toward effective employee retention in the Veterinary profession requires a proactive and strategic approach, acknowledging the unique challenges posed by the current landscape and adapting to the evolving dynamics of the workforce.
In addition to career pathing, another comprehensive strategy for both effective hiring and retention is striving to become what is known as an “employer of choice.” This coveted status is characterized by a workplace environment and culture that not only attract top talent but also retain them effectively.
Becoming an employer of choice yields several advantages, contributing to both effective hiring and retention, the dual pillars of organizational success.
Attraction of Top Talent: Job seekers and candidates actively seek opportunities within the organization or include it in their shortlist of preferred employers.
Retention of Top Employees: Current employees, even when courted by other employers, demonstrate a desire to stay, resulting in reduced turnover.
Achieving this status aligns with the primary objectives of employers—better hiring and more effective retention. Now, let’s delve into the strategies and common characteristics that can transform an organization into an employer of choice.
At the heart of becoming an employer of choice is the Principle of Reciprocity. This principle emphasizes the significance of what an organization gives to its employees. By focusing on meeting employees’ needs and desires, organizations can cultivate a workforce that becomes their strongest advocates. This counterintuitive approach, giving before receiving, is the foundation for building a positive workplace environment.
Drawing from the insights of BalanceCareers.com, 12 common characteristics define an employer of choice. These attributes center around what organizations provide to their employees, emphasizing the importance of a comprehensive approach to employee satisfaction. These characteristics include:
- Competitive salary and benefits
- Compelling mission statement and/or vision
- Empowerment and authority
- Access to information
- Positive relationships with co-workers
- Performance culture
- Job security
- Commitment
- Better work-life balance
- Involvement
- Fairness
- Recognition
Assessing your organization against these characteristics provides valuable insights into areas of strength and potential areas for improvement. Identifying gaps allows organizations to tailor their strategies to meet the expectations of their workforce.
Conversely, organizations face challenges that hinder their status as employers of choice. Insights gleaned from interactions with top professionals reveal common reasons why certain organizations are not perceived as employers of choice. These include:
- Poor reputation in the marketplace
- Non-competitive compensation and benefits
- Lack of organization and systems
- Negative hiring process experiences
- Technological inadequacies, such as the absence of electronic medical records
- Insufficient mentorship opportunities, particularly crucial for new graduates
- Limited continuing education and growth prospects
Addressing these challenges is crucial for organizations aspiring to enhance their appeal and reputation among potential employees.
In the broader context, the retention of current employees emerges as a critical focus. Recognizing that organizational resources are often skewed toward recruitment, it is essential to recalibrate the balance. The past two years have underscored the inadequacies of retention strategies, emphasizing the need for a more concerted effort.
Now that we know why it’s difficult to retain employees in the Veterinary profession, let’s shift to the vital realm of retention strategies. These represent a pivotal aspect in the relationship between hiring and keeping top-tier talent within Veterinary practices.
In an environment where recruitment is an uphill battle, the importance of effective retention cannot be overstated. Losing a valuable employee not only entails the immediate setback of lost productivity but also presents challenges in finding a suitable replacement. In this section, we will explore the different stages of retention—Early Stage, Middle Stage, and Late Stage—and outline comprehensive strategies tailored to each phase.
Early-Stage Retention: Laying the Foundation for Long-Term Commitment
The journey of retention begins the moment a candidate accepts an offer, underscoring the significance of proactive measures during the hiring process. This is particularly crucial in the Veterinary profession, where counter offers from existing employers have become prevalent due to the scarcity of qualified veterinarians.
Counter offers, a prevalent phenomenon in today’s Veterinary landscape, serve as a late-stage retention effort by existing employers desperate to retain skilled professionals. To ensure that a newly hired candidate actually starts working, the retention process must be initiated immediately. Moreover, steps should be taken during the hiring process to prepare candidates for the possibility of counter offers.
Three critical measures to combat counter offers and initiate early-stage retention:
Accurately gauge candidate sincerity: During the hiring process, it is imperative to assess the candidate’s sincerity and motivation. Understanding their commitment helps in predicting potential counter offers and tailoring retention efforts accordingly.
Prepare candidates for counter offers: Even if candidates are skeptical about receiving counteroffers, preparing them for this possibility is essential. This proactive approach ensures that candidates are mentally equipped to handle such situations and remain committed to their acceptance.
Superb onboarding experience: Initiate a comprehensive onboarding process immediately after the candidate accepts the offer. Beyond guarding against counteroffers, a well-structured onboarding experience contributes to long-term retention. The onboarding process should commence during the two-week period between acceptance and the official start date.
The early stage of retention involves the crucial “validation of experience.” It is imperative to ensure that the new employee’s actual experience aligns with their expectations during the hiring process. Mismatches between expectations and reality can lead to dissatisfaction and increase the risk of turnover. Listed below are three key ways to help guarantee the validation of experience.
Deliver on promises made during hiring: Back up the organization’s branding efforts with a company culture that accurately reflects the promises made during the hiring process. Consistency between branding and the actual work environment reaffirms the employee’s decision to join the organization.
Competitive compensation: Ensure that employees are competitively compensated, addressing one of the fundamental expectations of job satisfaction.
Show respect, appreciation, and support: Beyond compensation, creating an environment of respect, appreciation, and support is vital. Some organizations go the extra mile by providing appreciation gifts, even for the interview process, reinforcing a positive candidate experience.
Branding inconsistencies or perceived deception can lead to early-stage turnover and damage the organization’s reputation.
Setting clear expectations during the hiring process is another essential element of early-stage retention. New employees, even if their experience aligns with expectations, seek clarity about their position in the onboarding process and the steps ahead.
Two fundamental questions must be addressed:
- Where am I?
- Where am I going?
Providing answers to these questions creates a sense of security, contributing to the overall retention strategy.
Maintaining open and consistent communication is a cornerstone of early-stage retention. This approach prevents employees from feeling isolated or experiencing a “drop shock” similar to contestants on the reality show “Alone.” Regular communication during the initial weeks of employment ensures that new hires feel supported and engaged.
Finally, assessing the new employee’s level of engagement within the first four to six weeks is crucial. Employee engagement serves as a reliable indicator of their commitment and potential longevity within the organization. By gauging engagement early on, organizations can identify and address any concerns or challenges promptly.
Early-stage retention is foundational to building a committed and satisfied workforce. As we navigate the challenges of the Veterinary profession’s talent market, these proactive measures are essential for a workplace environment that retains top talent and mitigates the risks of turnover.
Middle Stage Retention: Nurturing Ongoing Commitment and Growth
Exploring the dynamics of Early Stage retention and touching upon Late Stage retention, particularly the counteroffers, it is crucial to delve into the often-neglected Middle Stage of an employee’s tenure. This phase holds significant importance for two primary reasons.
First, the Middle Stage is frequently overlooked in terms of attention and engagement. Employees often receive substantial focus during the onboarding phase and as they approach the end of their employment. However, once successfully integrated and perceived as stable assets, they may not garner the same level of attention.
Second, the duration of the Middle Stage varies significantly among individuals and situations. Unlike the defined beginnings and ends, this phase is akin to predicting when an employee might contemplate leaving—an uncertainty that poses unique challenges for employers. Conducting regular one-on-one meetings involves identifying the employee’s core values, career goals, and long-term aspirations. Listed below are questions that can guide these discussions:
- Do you feel your core values align with the organization’s core values?
- What are your goals concerning skill development?
- What are your objectives for yourself within the organization?
- What are your long-term career goals?
- If you could change one thing about your job here, what would it be?
These conversations aim to explore the employee’s career growth and potential paths within the organization. Emphasizing opportunities and investment in the employee’s future facilitates a sense of commitment and encourages them to perceive the organization as a place with growth potential.
Beyond the early stage, middle-stage retention is a critical phase focused on nurturing ongoing commitment and facilitating the professional growth of employees. This stage extends from the initial months of employment to the end of the first year, requiring a nuanced approach to ensure sustained engagement.
Below are four critical benefits that practices must strive to provide for their employees during this phase of Middle Stage retention:
#1—Performance Feedback and Recognition
Regular performance feedback and recognition play a pivotal role in middle-stage retention. Employees thrive when their efforts are acknowledged, and constructive feedback provides them with a roadmap for improvement. Establishing a culture of continuous feedback cultivates a sense of value and reinforces their contribution to the organization.
#2—Professional Development Opportunities
Facilitating opportunities for professional development is another key element of middle-stage retention. Veterinary professionals, like any other professionals, value opportunities for learning and growth. Offering training programs, workshops, and mentorship opportunities not only enhances their skills but also signals the organization’s commitment to their long-term success.
#3—Career Pathing and Goal Alignment
Middle-stage retention involves aligning individual career goals with organizational objectives. Creating clear career paths and discussing future opportunities within the organization helps employees see a tangible trajectory for their professional growth. This alignment reinforces their commitment and provides a sense of purpose.
#4—Flexibility and Work-Life Balance
Recognizing the importance of work-life balance and offering flexibility can significantly contribute to middle-stage retention. The Veterinary profession often involves demanding schedules, and providing flexibility where feasible demonstrates a commitment to the well-being of employees. This, in turn, creates loyalty and job satisfaction.
In line with the four critical benefits that we just addressed above are cost-effective Middle Stage retention strategies. One of the pieces of good news about the Middle Stage is that employees are typically still engaged that you continue to engage them with low-cost measures.
Valuing and Appreciating Employees:
- Provide verbal praise, both privately and publicly.
- Recognize and appreciate employees in front of their peers.
- Tangible expressions of appreciation, such as gift cards, further reinforce value.
Stress Reduction Initiatives:
- Efforts to alleviate employee stress contribute to job satisfaction.
- Examples include wellness days, flexibility, and measures to enhance work-life balance.
Respectful Work Environment:
- Create an environment where employees feel respected by colleagues and management.
- Disallow disrespect as part of the company culture to promote a positive workplace.
Accountability and Transparency:
- Enforce accountability across all levels of the organization.
- Transparency in communication helps dispel misconceptions and builds trust.
Flexibility and Perks:
- Offer flexibility, even if remote work is not feasible.
- Provide alternative perks, such as additional PTO, to enhance employee satisfaction.
The number-one overriding thing to remember is that the biggest factor involved in retention, regardless of the stage involved, is trust. That’s because trust is foundational to retention. If you employees do not trust the members of management or even their co-workers, then they will eventually cease to want to keep working for the organization. Demonstrating care, transparency, and accountability all contributes to building trust, making it the biggest and most important building block for retention.
And it probably will not surprise you that now we’ve addressed the importance of trust, we shall finish our discussion of Middle Stage retention with a discussion of compensation, including salary, benefits, and other perks. A candidate-driven market, like the one that exists in the Veterinary profession, adheres to the Law of Supply and Demand. When something is in demand, then it costs more. Veterinarians are in demand in a candidate-driven market, so they cost more—both to hire and also to retain.
The first step is to research the salary ranges for the positions within your organization and then compare those ranges to what your employees are earning. You should try to keep employees compensated at least to the level of what the rest of the industry pays. Because if you’re underpaying your employees, then it’s only a matter of time before they find out.
However, making sure that they’re being paid appropriately for their position and the value that they provide for the organization is just one piece of the puzzle. There are also ongoing pay raises to consider, and when it comes to retaining top talent, a 3% cost-of-living increase is not going to be adequate. In fact, you should be thinking about 10% to 15% increases for your most valued employees. Lacking raises of that magnitude, consider handing out “retention bonuses,” one-time payments that can also help to cultivate loyalty and increase retention.
With this in mind, look over your roster. Who are your top employees? When was the last time they received a raise? What was the amount of that raise? Was it only a 3% cost-of-living raise? If so, then these employees are already at risk for leaving. The best way to keep employees is to do so proactively and give our appropriate raises.
Late Stage Retention: Cementing Long-Term Commitment
Late-stage retention represents the phase where employees have become integral to the organization, and efforts focus on cementing their long-term commitment. Recognizing the evolving needs and aspirations of employees in this stage is crucial for sustained retention.
In fact, the Late Stage has two distinct parts. You could call them the “Early Late Stage” and the “Late Late Stage.” In the former, there are four things that your practice can provide for employees that will help them make the transition from the Middle Stage to the Late Stage. As will see, they bear a striking similarity to the elements of Middle Stage retention.
1—Leadership and Mentorship Programs
Implementing leadership and mentorship programs can be instrumental in late-stage retention. Offering employees opportunities to take on leadership roles or become mentors creates a sense of leadership development and contributes to their long-term engagement.
#2—Recognition and Rewards Programs
Establishing robust recognition and rewards programs becomes even more critical in the late stage. Employees who have demonstrated long-term commitment should be acknowledged and rewarded for their contributions. This not only reinforces their value but also sets a precedent for the entire workforce.
#3—Continuous Learning and Skill Enhancement
Late-stage retention involves a commitment to continuous learning and skill enhancement. Offering advanced training programs or supporting employees in pursuing further education demonstrates a commitment to their professional growth, reinforcing the organization’s investment in their long-term success.
#4—Succession Planning and Future Opportunities
Facilitating discussions about succession planning and future opportunities within the organization is a strategic move in late-stage retention. Employees who see a clear path for their future within the organization are more likely to remain committed for the long term.
However, what else can you do to get from the Middle Stage to the Late Stage and help ensure that an employee—especially a top employee—stays with your practice for the long haul? The answer is the “Power of Why.”
Beyond individual meetings, instilling a sense of purpose within the entire staff is pivotal. Understanding the “Power of Why,” as highlighted by Simon Sinek during one of his Ted Talks, emphasizes that success stems from knowing the motivation behind actions. It transcends the mere “what” and “how” of operations, focusing on the deeper “why.”
Defining the organization’s “Why” involves contemplating its greater purpose and contribution to the well-being of its stakeholders. This becomes the Employee Value Proposition (EVP), a statement that encapsulates the organization’s culture, values, and identity.
Below is an example EVP:
Why: “We believe in the value of a life-long relationship between a pet owner and their furry family member.”
What: “We treat your pets like family.”
How: “We offer cutting-edge medicine.”
When you put it all together, you have something like this:
“We believe in the value of a life-long relationship between a pet owner and their furry family member. We promote this value by offering cutting-edge medicine and treating your pet like it was one of our own.”
This articulation of purpose forms the basis for employee engagement and retention by communicating the organization’s core values and creating a sense of belonging. When employees believe that their core values are aligned with yours and they’ve “bought in” to the organization’s purpose and its “Power of Why,” they’re more likely to stay with you for the long haul.
But what about “Late Late Stage” retention? What’s involved with that? Sadly, not much. That’s because at this phase of the Late Stage, the employee has decided to leave the practice, has accepted a position with another organization, and has already given their notice. At this point, all that a practice can do is make a counteroffer to the employee in a desperate effort to convince them to stay. Counteroffers, while common, may not address underlying issues and can convey acknowledgment of prior underpayment. It is important to note that while counteroffers are technically a retention strategy, they are NOT a very good one and carry more than their fair share of risks. Embracing the other retention strategies discusses to this point will prove to be a more effective strategy.
Something else that is technically a “Late Late Stage” retention strategy is a longer resignation period bonus. This can be considered for extremely valuable employees and will allow the organization more time for preparation and succession planning. But once again, the employee will leave eventually . . . so you’re not really retaining them. Not in the way that matters the most.
Moving Your Veterinary Practice Forward
As we wrap things up, there is a three-step process that organizations can adopt to address the issue of retention, based upon the material presented here.
Formalize Retention Strategy: Recognize the necessity of a formalized retention strategy as a fundamental requirement rather than a discretionary element.
Balanced Resource Allocation: Commit to allocating resources, including time, energy, and effort, toward retaining current employees at a level comparable to hiring new ones.
Implementation of Strategies: Utilize the tips and techniques provided throughout this presentation to construct and implement a comprehensive retention strategy tailored to the organization’s needs.
In essence, neglecting retention can place undue stress on recruitment and hiring efforts. By focusing on enhancing retention rates through intentional strategies, Veterinary practices can create a positive cycle where satisfied employees become effective advocates, contributing to both hiring and retention objectives.
Keep in mind that a Veterinary recruiter can play a pivotal role in aiding Veterinary organizations with the retention of their employees Recruiters bring a strategic and comprehensive approach to the hiring process, contributing significantly to employee satisfaction and longevity within the organization. There are three main ways that recruiters accomplish this:
#1—Industry expertise
Recruiters leverage their industry expertise to identify candidates who not only possess the requisite technical skills but also align with the organization’s culture and values. By understanding the unique nuances of the Veterinary sector, recruiters can present candidates who are not only competent but also likely to thrive in the specific environment of a Veterinary practice.
#2—Transparent communication
Additionally, recruiters facilitate transparent communication between the organization and the candidates, managing expectations and ensuring a seamless onboarding process. This attention to detail creates a positive experience for new hires, increasing the likelihood of long-term commitment.
#3—Succession planning
Recruiters play a crucial role in succession planning, identifying potential leaders within the organization and developing strategies to nurture their growth. This proactive approach to talent management not only enhances the overall stability of the Veterinary team, but also provides employees with a clear path for career advancement, thus increasing job satisfaction and retention.
The importance of employee retention within Veterinary practices cannot be overstated. The challenges associated with turnover not only impact the financial bottom line, but also compromise the quality of patient care and erode the cohesive fabric of the practice. It is imperative for Veterinary practices to recognize the intrinsic link between staff stability and overall success, making retention as much of a priority as recruiting and hiring.
To establish a thriving work environment, Veterinary practices must adopt a proactive approach to employee retention. This involves cultivating a workplace culture that values and supports its team members, encouraging open communication channels, and providing continuous professional development opportunities. By investing in the well-being and growth of their employees, practices can create a sense of loyalty and commitment that extends beyond mere job satisfaction. Moreover, Veterinary leaders should implement strategies to regularly assess and address the unique needs and concerns of their staff.
In essence, the success of a Veterinary practice is contingent upon its ability to attract talent and also to retain and nurture it. By dedicating resources and attention to employee retention strategies, practices can forge resilient teams that contribute not only to the organization’s longevity, but also to the enhanced well-being of the animals under their care. In prioritizing retention with the same fervor as recruitment, Veterinary practices can fortify their foundation for sustainable growth and excellence in patient care.