The true cost of losing employees and how to avoid them

Abstract

The cost of losing a seasoned associate veterinarian can be as high as 2-3 times their annual salary, and for other staff mem­bers, it has been measured to be between 5.3% and 213% of their annual salary depending on the importance of the posi­tion and their time in that position. Reducing employee turn­over is important for the financial health of the practice, team health and the client and patient health. Eliminating those factors that have been shown to be reasons for an employee to leave are important first steps in reducing employee turnover. Recent cultural and socioeconomic changes have produced changes in the labor market that will require “mind shifts” in the hiring, mentoring and managing the work force.