Profit sharing tops the lists of benefits PMs would like to see included in their employee packages, a study finds. Plus, they want critical training for their teams.
Inflation may be starting to affect what employees say they want. The 2024 iVET360 Practice Manager Report found that profit sharing is the No. 1 benefit that practice managers say they would like added to their compensation.
The study found that 24% of practice managers want profit sharing, followed by a bonus program (22%), gym membership/discount (19%) and dental care (17%). An estimated 91% of respondents said their hospitals already provide pet care discounts, paid time off (89%), paid holidays (77%) and other benefits.
For their teams, the managers want to see more education opportunities. The report highlights a critical need for enhanced training and team development within veterinary practices and offers actionable strategies for practice managers to overcome challenges, foster a positive workplace culture and ultimately deliver exceptional patient care.
Key findings include:
- Almost half (49%) of practice managers identify training support staff as their most pressing challenge. Despite recognizing the critical need for well-trained staff, 38% of practice managers feel they lack the resources to provide adequate training.
- The challenges faced by practice managers are taking a toll on their well-being, with 52% reporting feeling burned out or stressed on a regular basis. This stress is compounded by ongoing struggles with staff retention, which continues to plague many practices.
- In a notable shift from previous years, recruiting has become less of a primary concern for practice managers. Instead, the focus has shifted to retaining existing veterinary talent, highlighting the importance of fostering a positive work environment and addressing the root causes of turnover.
- While a promising 68% of practices have a dedicated budget for team-building activities, feedback suggests that a more holistic approach is needed to foster genuine collaboration. It’s clear that building a strong, cohesive team requires more than occasional outings or events.