Staff shortages, rising costs and work-life balance issues are a “significant challenge” for Irish vet practice owners and their staff, according to new research published today (Monday, March 27).
These are also some of the reasons why nearly 30% of veterinary practice owners, who took part in the latest research project, are currently considering selling their practice in the next 12 months.
According to Mark Butler, managing partner of HLB Ireland – which published its 2023 Veterinary Practice Survey today (Monday, March 27) – there is a “staffing crisis” in the veterinary sector.
“Two-thirds of our survey respondents have had to increase salaries by more than 5% in the last 12 months in order to attract and or retain employees and 60% want to hire additional people in the next 12 months.
“Scarcity of candidates is making recruitment difficult. There is growing consensus about the need for more training places and strong support for the proposed second veterinary
college, ” he said.
HLB Ireland’s latest research, which surveyed more than 100 plus vets, highlighted that 73% worked more than 40 hours a week while almost a quarter worked more than 60 hours a week.
Work-life balance
Although job satisfaction levels across the profession were high the latest research also suggested that better work-life balance was the “top aspiration” for both vet practice owners and their employees.
Butler said out of hours cover had continued to put pressure on “already stretched practices” and owners had to put in very long hours themselves to limit the need for their employees to be available for on call duty.
“In recent years, lack of work/life balance and burnout are key motivators for practice owners seeking to exit the profession,” he warned.
HLB’s research showed that 64% of the veterinary professionals who participated in the survey wanted “to achieve a better work/life balance”.
The latest research also highlighted that higher wages and rising costs “are forcing veterinary practices to put up their prices”.
According to the HLB survey over the last 12 months 73% of respondents had increased their consultation fees.
But cost of living pressures are also having an impact on pet owners with 48% of veterinary professionals indicating that some pet owners had cut back on veterinary care.
Vet college
One key finding that came out of the latest HLB research shows that there is “strong support” for the proposed new veterinary college with 82% of vets who participated in the research stating that they favoured the proposal.
Butler said overall the pace of consolidation in the veterinary sector has “accelerated” and that some of this may also be due to the age profile of practice owners.
“Up to now, corporates and larger practices have been the main buyers of veterinary practices.
“While we expect this trend to continue in 2023, difficulties raising finance and the depth of consolidation which has taken place to date will likely result in fewer deals,” he added.