5 Minute Veterinary Consultant Chapter 3

Question 1

What 2 components of compensation do employees have in the US?

Answer 1

States has two components: W-2 earnings (salaries/ wages) and benefits.

Ackerman, Lowell. Blackwell’s Five-Minute Veterinary Practice Management Consult (Blackwell’s Five-Minute Veterinary Consult) (Kindle Locations 10549-10550). Wiley. Kindle Edition.

Question 2

What is the objective of a compensation system?

Answer 2

The objectives of a compensation system are to: attract, retain, and motivate high performers, maintain internal consistency in how people are paid, recognize and reward performance.

Ackerman, Lowell. Blackwell’s Five-Minute Veterinary Practice Management Consult (Blackwell’s Five-Minute Veterinary Consult) (Kindle Locations 10586-10588). Wiley. Kindle Edition.

Question 3

What are the steps to creating a compensation system?

Answer 3

-Identifying Positions in the Practice and Critical Skills and Attributes for Each Position
-Identify community pay scale
-Communicating Expectations to employees
-Evaluate employees based on expectation
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Ackerman, Lowell. Blackwell’s Five-Minute Veterinary Practice Management Consult (Blackwell’s Five-Minute Veterinary Consult) (Kindle Location 10596). Wiley. Kindle Edition.