Loyalty bonus

Re: Loyalty bonus

An On MRCVS — Tue, 20 Jan 2015 11:54:00 GMT

Thanks all. The situation is q simple. There are three bosses and they refuse to let anyone buy in as they do not want to complicate their "exit strategy". The same reason has been give for not wanting to set up our/my own branch surgery. I'm q happy but would like extra holiday as a reward after a long service and it seems that this not unheard of so will put this to them! Many thanks

Re: Loyalty bonus

Andrew Mellor — Tue, 20 Jan 2015 09:42:06 GMT

After about 8 years I negotiated a bonus scheme with my then boss as I was lead vet by that time and was on fix basic plus 22% of anything over and above that level of takings , gave me something to work for and obviously the harder I worked the more money he made. I since buying the practice have given my colleague - now employee the same and it does focus minds slightly as if you know you are going to get a certain wage no matter what work you do( within reason) why would you keep giving 110%.

I certainly had the ability to earn more in that way than I now do ask practice owner. being a partner does not necessarily mean you will earn more. and you will certainly have more responsibilities.

Having said that I wouldn't change a thing I love being the boss, hate it too some days when staffing issues rear their heads!

Re: Loyalty bonus

Hannah Wynne Richards — Tue, 20 Jan 2015 09:40:17 GMT

I'd second making sure you never undercharge or fail to recomend gold standard treatment because it's above your comfort range before you start negotiating.

Wynne

Re: Loyalty bonus

Braden Collins — Tue, 20 Jan 2015 03:16:45 GMT

At the end of the day do you want to be a partner, or just get more perks/pay/days off? If partnership is your ambition, move on. If after 15 years they won't consider making you a partner it's time to hit the road or set up in opposition. If you want to be a partner, make sure you ask yourself why. Is it just for a bigger pay packet or do you have a desire to run a business?

Are they considering other vets as partners? Is there something in the way you work that has them excluding you as a partner? For example, do you undercharge constantly, allow credit when it shouldn't be done, etc? Is the option of partnership a straight out no, a no because, or a not until.....

If you get paid a percentage of turnover, can you improve your pay that way? If you were to get a week extra holiday that would be a week less turnover so your pay could drop if you're on a percentage basis.

It's a tough one to give too much advice on without knowing the exact situation, but I would start by looking at how you work and see if there are reasons they won't take you on as a partner, or if your turnover is lower than they would expect. If you can't find fault in yourself, then I would consider moving on if partnership is an ambition.

Re: Loyalty bonus

Stephen Courtney — Mon, 19 Jan 2015 23:27:26 GMT

I started with 4 week's holiday per year, and for every year worked an extra day off was added onto the leave. It maxed at 6 week's leave which is very generous as far as I can tell.

It certainly is one of the reasons why I have stayed on but there are many others too!

Re: Loyalty bonus

Laurence Webb — Mon, 19 Jan 2015 21:20:34 GMT

After 10 years at the same practice I negotiated a week's extra holiday. I don't think I ever got round to taking it though and now I own the practice so more fool me!

What you can negotiate probably depends on how integral you are to the practice. If you have no intention of leaving or wouldn't be missed your leverage will be a lot less that you would hope for.

Re: Loyalty bonus

Gareth C. — Mon, 19 Jan 2015 17:28:51 GMT

That's a tough one, and 15yrs from now one that all the big corporates will have to answer. Radical suggestion: offer to open up a branch and be a branch partner- ie you own half and they own half.