Setting clear career and financial goals for yourself is a crucial first step toward increasing your compensation in equine practice. At the 2024 American Association of Equine Practitioners (AAEP) Convention, Charlotte LaCroix, DVM, JD, explained how equine veterinarians can understand their net worth, use that knowledge to set career goals, and negotiate better compensation and benefits packages.
Determine Your Net Worth
LaCroix said the process of increasing your earnings starts by understanding your net worth and setting career goals. Once you understand your net worth, you can contrast your current financial status with where you hope to end up. Next, research the steps you need to take to achieve your career and financial goals, and develop a strategy that allows you to maximize opportunities and make thoughtful choices.
Perform a SWOT Analysis
LaCroix recommended performing a personal SWOT (strengths, weaknesses, opportunities, threats) analysis, which involves analyzing your internal strengths and weaknesses and the external opportunities and threats in your environment. This thoughtful look at reality can help you chart a path to the future you envision. Of additional importance, she noted, is determining what you really desire in your career position.
Consider Desired Compensation and Benefits
Consider your desired compensation and benefits, LaCroix said, including vacation days, paid maternity leave, employer contributions to a retirement plan, and continuing education budget. What types of benefits will be necessary for you to maintain your well-being over time? Will you want a flexible schedule? What types of mentoring or career development do you want? How will your work responsibilities fit into the life you want, and how will your employer or clients best help you feel appreciated? In addition, consider whether practice ownership or profit sharing is important to you. LaCroix encouraged communicating with your employer about what’s important to you and determining how you will hold your employer accountable for meeting your needs.
LaCroix then explained five ways people like to receive praise:
- Words of affirmation, whether verbal or written, that offer recognition or encouragement.
- Quality time with meaningful interactions and connection.
- Acts of service, such as thoughtful gestures or practical assistance.
- Tangible tokens of appreciation, such as raises or gifts.
- Physical manifestations of approval, such as fist bumps, hugs, or claps on the shoulder.
Sharing your preferences increases the likelihood you will receive what you need, she said.
Negotiate for More Compensation
When negotiating for more compensation, LaCroix said it’s important to know current industry standards and have a clear plan for how you will benefit the company financially. Be courteous and clear about your willingness to take on more responsibility, learn new skills, or work longer hours. By anticipating questions, you can prepare your responses in advance, especially how you will handle being told “no.” She suggested practicing the conversation in a mirror or role-playing with a friend to become more comfortable.
Final Thoughts
In closing, LaCroix reminded the audience to “pay attention to what the public wants, because that’s where opportunity lies. And the public always wins.”
Related Reading
- Increase Efficiency in Your Equine Practice With Electronic Medical Records
- The Top Factors Influencing Equine Veterinarians’ Job Satisfaction
- The Basics of Negotiation for Equine Veterinarians
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