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Prepare to negotiate like you would when requesting a raise (and consider whether a pay hike would be better and more easily granted).īe prepared to discuss what the practice will want in return for a retention bonus. If you decide a bonus is the goal, research job ads and calculate a reasonable amount. For example, if you desire a better work-life balance, could Saturdays off help you achieve that goal and be more satisfying than a bonus? First, however, consider a different request. If you’re a tenured veterinarian at a practice offering sign-on bonuses but not retention bonuses, you might be tempted to ask for one. However, if a veterinarian quits within a specified period, a signed agreement can require reimbursement. Retention bonuses encourage veterinarians to stay for longer periods, which can ease the hiring crunch now and in future years.
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If the situation affects multiple members of the professional team, evaluate whether retention bonuses are appropriate. If parity exists except with a particular doctor or two, focus on a quality solution for those veterinarians. If what the veterinarian suggests is doable, consider adding the incentives to your practice’s compensation policies. Ask what you can do to alleviate the concerns, and express your appreciation in tangible ways. For example, employing more veterinarians might reduce the hours each one works or the days they need to be on call, improving everyone’s quality of life. Listen carefully to the concerns and, when it’s your time to speak, explain why your practice offers sign-on bonuses and how they can benefit current doctors.
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If a tenured veterinarian shares such frustration with you, it’s time for an open and honest conversation. Experts call the phenomenon “salary compression,” which can cause staff veterinarians to feel frustrated and undervalued. As a result, the pay can be close to or exceed what long-term employees earn after years of service. When a new hire gets a nice bonus, your loyal tenured employees might feel insulted, devalued and ignored.Īdding to their dissatisfaction is that new veterinarians sometimes receive higher salaries as an enticement to take a job. Veterinary practices can’t solve a shortage if the enticements to potential hires cause staff doctors to become disgruntled. Relocation bonuses can be flat rates, which are taxable as income, or you can cover specific moving expenses. Again, if the person doesn’t stay for an agreed-upon period, the contract might require reimbursement. Here’s a third type of incentive: a relocation bonus if someone moves a certain distance to work for you. For example, you might pay half of the referral bonus when you hire the veterinarian and the balance in increments if the doctor remains at your practice. Maybe they include your wonderful community and flex-time scheduling.Īlso, consider paying referral bonuses to people at your practice and in your professional network who recommend a qualified candidate. When crafting a proposal to a veterinarian, don’t hesitate to mention the non-monetary advantages of choosing your practice. To help with the calculation, check job websites to see what practices like yours offer.
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Then, offer your candidate the most appealing bonus you can manage. No matter your hospital’s size, you must determine what you can afford in sign-on bonuses and weigh it against the ease of finding a quality candidate within the desired timeframe.