Practice Management Article


The Challenge of Providing Multigenerational Benefits in Veterinary Practices


By: Pamela Stevenson, CVPM


The working world is faced with a curious dilemma – the presence of several distinct generations with their own particular styles of work and diverse expectations regarding the benefits those jobs provide.


The world of veterinary medicine is no different, and to remain relevant as attractive employers and continue to thrive in a changing economic environment, it’s important for veterinary practice managers to understand how the expectations of these generations of workers differ and how they can continue to be competitive employers with benefits that speak to multiple generations.


The four generations currently working side by side – Millennials, Generation X, Baby Boomers and Traditionalists – represent a broad spectrum of benefits expectations.


Today, whether because of economic necessity or choice, many people are working into their 70s. In 2015, these workers make up three percent of the total work force, according to the U.S. Bureau of Labor Statistics (BLS), and represent the Traditionalists. These workers came of age during the 1950s and hold, as the name suggests, more traditional expectations for their benefits. In the current marketplace, it’s not unusual for these employees to be on their second (or even third) careers after having retired from a long-term job in their 50s or 60s. They are concerned with maintaining their health so that when they do retire, they can enjoy it. But because of their age (between 70 and 86 years old) and the small segment of the veterinary workforce that they represent, changes in benefits will take their situation into account the least.


Their children – those born in the post-World War II years between 1945 and 1964 – are known as the Baby Boom generation. This gigantic demographic bulge has had a massive effect on nearly everything about American culture, economics and work. According to the BLS, they represent 38 percent of the workforce in 2015.


While being known as the “Me Generation” for many years, the Baby Boomers have emerged as a group that values ethics and personal drive, believing that rewards come after paying one’s dues. They have also come to be known as the “Sandwich Generation,” because many, at between 50 and 69 years old, are simultaneously supporting grown children living at home and supporting or caring for elderly parents. They are concerned about when they will be able to retire and if they’ll have enough money to do so.


Among the non-standard employee benefits that appeal to them most are:


• Auto insurance • Discount programs (primarily for services) pattersonvet.com


• Financial counseling • Homeowners insurance • Home warranty coverage • Legal assistance


• Long-term care insurance • Wellness programs


Born between 1965 and 1979, the workers of Generation X have historically sought a “work hard, play hard” balance between life and career, preferring to accumulate skills not through doing a single task, but by tackling a variety of projects. The keys to their retention in the workplace are salary, autonomy, independence and significant opportunities for promotion.


At 33 percent of the current workforce, according to the BLS, the workers of Generation X fall between the ages of 35 and 49 and represent the majority of veterinary practice employees. Factors that affect the benefits they seek include the financial stresses of raising children, preparing to care for aging parents and saving for retirement. In addition, this generation is more likely to maintain significant credit card debt and struggle to meet household expenses.


When it comes to non-standard employee benefits, the members of Generation X look for:


• Child care


• Discount programs (primarily for goods) • Employee assistance programs • Employee purchase programs • Financial counseling • Flexible spending accounts • Homeowners insurance • Identity theft protection • Long-term care insurance • Wellness programs


In addition, voluntary benefits tend to appeal to them most. Within the workplace, Generation X workers are perhaps most concerned about Millennials overrunning them in both skill development and advancement.


Millennials, or those workers born between 1980 and 2000, represent about 38 percent of all workers nationally and differ from their predecessors in a number of ways. Perhaps most of all, they seek and value professional fulfillment, even in entry-level positions. As these workers progress, they tend to expect rapid promotions and meaningful work, and they’re not afraid to pursue other opportunities in their absence.


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