I’ve written about opportunity many times, both in The VET Recruiter newsletter and also in blog posts for our website. During my 25 years as a recruiter, I can say that there has always been opportunity in the Animal Health industry and Veterinary profession.
However, I can also say that there has never been more opportunity than there is right now.
In fact, the amount of opportunity that exists, especially in the Veterinary profession, is fairly mind-boggling. That’s because, as I have mentioned before, the unemployment rate in the Veterinary profession is nearly non-existent. (Zippia pegs it at around 0.2%.) In addition, according to the Bureau of Labor Statistics (BLS), Veterinary jobs are projected to grow by 17% between the years 2020 and 2030. And once again, allow me to make the distinction that these are veterinarian jobs, not just jobs related to the profession. Those jobs will also grow during the decade, but jobs directly involving Doctors of Veterinary Medicine will grow 17%.
We’re not even two years into this 10-year growth surge, and we are already immersed into the biggest candidate-driven market that I’ve ever seen. While you might be tempted to think that you have all the time in the world to take advantage of current market conditions and enjoy being comfortable in your current situation, you are actually costing yourself in the long run.
How you are costing yourself by waiting
What are you costing yourself, exactly? Career advancement, for one, including both the rate of advancement and the quality of the opportunities that fuel that advancement. Second, you are costing yourself money, plain and simple.
According to an article on the Forbes.com website, “staying employed at the same company for over two years on average is going to make you earn less over your lifetime by about 50% or more.” The article goes on to say that 50% is a conservative number at the lowest end of the spectrum. That is because this number assumes that your career is only going to last 10 years. The longer you work, the greater the difference will become over your lifetime, and you and I both know that your career is going to last longer than 10 years.
Keep in mind that this article was written more than five years ago. You might think that makes the article outdated. It does, but not in the way you think. The article was written before the Great Resignation and before there was such a huge talent shortage in this country. True, there has been a talent shortage in the Animal Health industry and Veterinary profession for quite a few years, but that shortage has never been as severe as it is right now.
If anything, you are costing yourself more by staying employed at the same company for over two years on average. In other words, you’re going to earn less over your lifetime by more than 50%, and considering current job market conditions and what happens during the rest of the decade, it could be a lot more than 50%. In fact, it’s not outside the realm of possibility, that the figure could be 100%. That means someone who changes jobs every two years (or less) will earn twice as much as someone who does not change jobs that frequently.
And that is certainly an eye-opening possibility.
The chance to have the ‘best of both worlds’
And if that isn’t enough of an argument, there’s more. Specifically, there’s the Law of Supply and Demand. As a refresher, here’s the definition of the, courtesy of Investopedia.com:
“The Law of Supply and Demand is a theory that explains the interaction between the supply of a resource and the demand for that resource. The theory defines the effect that the availability of a particular product and the desire (or demand) for that product has on its price. Generally, low supply and high demand increase price.”
What’s in low and high demand right now? Veterinary talent. As a result, the price of that talent rises. It has been rising and will continue to rise in the future. Historically, people who’ve changed jobs have received a substantial bump in pay when they did so. That’s part of the reason that people make such a change, to ensure that they’re being compensated in a way that is commensurate with the value that they provide. However, now that pay bump is even more substantial, especially in the Veterinary profession. Due to the Law of Supply and Demand, employers must offer more in the way of starting salary, bonuses, and other compensation in order to successfully recruit and hire top talent.
During the past few years, I have seen how much starting salaries have risen, both in the Animal Health industry and Veterinary profession. They have increased quickly and dramatically, at a rate I have not seen during my career as a recruiter. With all of this in mind, here are the two reasons why you’ll kick yourself later if you don’t explore opportunity right now:
- The number of opportunities that currently exist in the job market
- The amount of increased compensation (salary, bonuses, benefits, and other perks) associated with some these opportunities
Professionals in the Animal Health industry and Veterinary profession have the chance to accelerate the growth and trajectory of their career, perhaps more so than the members of any other workforce in the history of the country. The current conditions in the job market do not represent the chance to be comfortable or to maintain the status quo. Instead, they represent the opportunity to proactively explore career opportunities that are not only personally satisfying and fulfilling, but also financially lucrative, as well. Quite literally, you can have the “best of both worlds.” Anyone who is not exploring other opportunities in this job market, is likely leaving money on the table right now.
And if you’re unsure of yourself or apprehensive about the process, an experienced and reputable recruiting firm can help. We at The VET Recruiter have helped thousands of Animal Health and Veterinary professionals find and land great new career opportunities and also helped them negotiate the best starting package possible in regards to those opportunities.
And we can help YOU, too. Right now, is the best time to explore the opportunity that exists in the job market. Seize it and take advantage of it. Your future self will thank you later.
If you’re looking to make a change or explore your employment options, then we want to talk with you. I encourage you to contact us or you can also create a profile and/or submit your resume for consideration.
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 firstname.lastname@example.org.