Many veterinary practice owners and/or managers don’t know the answer to the question “what is the annual staff turnover rate for your business?” and that is a problem! Quantifying and tracking this number is important for the health of any business, large or small. It is easy to be unaware of the financial cost of high turnover because it doesn’t show up as a clear loss on a balance sheet, but rather is an invisible loss of unrealized revenue. Turnover in the veterinary industry is roughly double that of the average across other industries!
Turnover is expensive for businesses, not only in terms of the direct financial cost of replacing employees but also due to the significant disruption in capacity and quality of services due to training new staff and managing an overall inexperienced and undertrained workforce. One estimate puts the cost of hiring and training a new veterinary employee as high as 50-75% of the employee’s annual salary.
Practice owners: Reach out to me to find out more about how becoming an AVP partner practice can help you not only hire better, but retain staff as well.