The COVID-19 pandemic ignited a powder keg in the labor market. This phenomenon, known as the "Great Resignation," saw a record-breaking 47 million people quit their jobs. Veterinary practices from coast to coast have felt the squeeze along with many other industries and professions. According to a 2021 VHMA management survey, 91% of responding practices were actively seeking to hire, and 37% said that they experienced higher turnover in 2020 than in previous years.
Practice managers have taken notice, and a growing number of clinics have or are planning to expand their employee benefits offerings to help attract and retain talent. The AVMA Trust, the leading insurer of veterinarians in the United States, has launched a series of employee benefits programs to help its members stay competitive in a tight labor market while improving the lives of their employees.
Offering access to a retirement plan as part of an employee compensation package can help build a stronger practice–and allow you and your employees pursue financial peace of mind. The AVMA Trust—in partnership with Transamerica, TAG Resources, and Envestnet—is sponsoring a 401(K) multiple employer plan (MEP) designed specifically for veterinarians and veterinary practices.
Employee benefits may be the offering you're missing to create your dream team! Not sure which program is a good fit for your practice? Contact the AVMA Trust for a free consultation.