CareVet — a network of veterinary hospitals operating in 27 states, with over 1,100 team members, 223,000 patients and 141,000 clients — today announced its Revenue Share Bonus Program which will reward hospital team members with up to $2080 bonuses per year. Bonuses will be paid out monthly and cost an estimated $3.5 million companywide in 2021. The program is available to all veterinary Team Members and the bonus amount is based on tenure with the hospital
According to Greg Siwak, CareVet CEO, “This incentive bonus program aligns the goals of all members of the CareVet family and rewards Team Members for the integral part they play in their hospital’s success. Goals are based on revenue and mutually agreed upon by hospital leadership each month. By growing our hospitals together, we are able to invest back into our teams and facilities.”
This wage increase impacts more than 50% of CareVet’s hospital or non-DVM Team Members. CareVet’s average wage for a Team Member in its hospitals is now $17.08/hour. Combined, The Living Wage and The Revenue Share program provide an average annual wage increase of $6,6000 per Team Member.
This Revenue Share Bonus Program is an investment in the individuals that make up the CareVet network for their unwavering commitment to serve pets in their communities and provide unparalleled care. This program allows team members to share in the growth that they are instrumental in driving and provides them with the business literacy building blocks to make decisions that help their hospital be successful long-term. CareVet has an industry leading 91% retention rate of team members, demonstrating they are an employer of choice.
“We recognize that without our Team Members we would not be able to provide exceptional service to our patients and clients,” said Siwak. “We see the incredible effort this takes from our Team-Members day in and day out, which is why we’re dedicated to giving back to them. By investing back into our teams and sharing our successes, we give our teams the capacity to serve more pets in our communities, increase compliance, and deliver unparalleled care. At CareVet, we all win together.”
Kelly Farmer, Medical Director at Amity Woods Animal Hospital, expressed how meaningful this program is for her and her team, “I feel very excited to be able to offer this to our Team Members and to be able to know that we are moving forward with more than just annual compensation for our teams.”
This Revenue Share Bonus Program is one component of CareVet’s Whole Person Approach and incremental to the Living Wage Program which CareVet announced on April 1, 2021, providing a minimum of $15 per hour to all veterinary Team Members.