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Veterinary Leadership Conference 2016

This article explores the impact of millennials on the veterinary workforce, examining their unique outlook and expectations, as well as the challenges and opportunities they present. It also discusses strategies for understanding and working with millennials in the veterinary field.

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Veterinary Leadership Conference 2016

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  1. Veterinary Leadership Conference2016

  2. Millennials: Impact on the Veterinary Workforce Dr. Michael R. Dicks Director, Veterinary Economics

  3. History of the Future William Straus and Neil Howe, “Generations” • History least favored course on college campus • What we do today of equal irrelevance to our own lives tomorrow • Preference for consumption over savings, debt over taxes, needs of elders over needs of children • History defined through generational cycles

  4. Five Current Generations • Seniors “Greatest Generation” 1900-1928 • Builders “Silent Generation” 1929- 1945 • Boomers “Pig in the Python” 1946-1964 • Busters “Generation Xers” 1965 – 1983 • Generation Y & iY “Millennials” 1984-2002

  5. Generational Diagonal • Each generation has a unique outlook and attitude • The next wave of veterinarians will not have the same expectations of their jobs

  6. Generational formation • outlook and attitude are generalizations • come mostly from popular parenting and education strategies during the generation’s youth, and from any major formative world events during their youth and coming of age period (18-30 years old) • Your life experience vastly different (and therefore rest of life expectation) than a 30 year old vet in 2015

  7. The “Civic” Type Generation • Millennials fall under the “Civic” type generation, last seen with the Greatest Generation • Members tend to favor institution building, civic involvement, and relative (to the time) secularism • “I will invest in my community and shape it to fit my needs

  8. Portrait of Millennials • Overwhlemed • 94% of students overwhelmed by lifestyles • 44% so depressed its difficult to function • 10% considered suicide in past year • Overconnected • Online to perform or escape reality • Under-developed face-to-face people skills • Overprotected • Under-developed resilience/risk taking • Overserved • Every need met Tim Elmore “Generation iY, Our Last Chance to Save Their Future”

  9. So what’s the point? • Workforce • Cross-generational stress arises when people of different ages expect others to behave in ways their peer personalities won’t allow. • Demand is affected by tastes and preferences • “Services” may need to be redefined

  10. New Leadership In just 15 years • 75% of Veterinarians will be Millennials • Only 12% of Boomers remain

  11. A Peek at the Future

  12. Veterinary Markets Education Veterinarians Veterinary Services

  13. Where are Applicants From? Source: AAVMC

  14. Career Path Interest Source: AAVMC

  15. New Veterinarians 17,033 US Graduates, 2011-2015

  16. Projected Applicants per Seat Actual Projected Applicants Applicants:Seats Ratio Seats

  17. Number and Starting Salaries for New Graduates

  18. Debt and Income: US College Graduates

  19. Mean Income by Years of Experience

  20. Satisfaction Older veterinarians happier than younger veterinarians?

  21. Work Preference by Gender

  22. Work Preference by Gender

  23. Blue lines represent range of two standard deviations Standardized Scores Low                        ≤ 22   Average 23-41 High ≥ 42

  24. Debt and Income's Effect on NPV, Females Strong, Positive Return on Investment

  25. Loan Repayment $150,000 in Debt at 6.7% Interest Rate

  26. 15 Years 5 Years

  27. EC N Satisfaction Veterinary Economics • Expectations and Performance • Lifestyle, profession, current employment

  28. Summary • Need to understand millennials • work with them • market veterinary services to them • Expectations out of line with reality • Overwhelmed with resulting illnesses • Look for answers on internet • First generation required to validate information • Represent Change in Tastes and Preferences • Returning to Cities

  29. “Millennials value social networking and aren't shy about sharing opinions; • refuse to remain passive consumers - they expect to participate in product development and marketing; • demand authenticity and transparency; are highly influential - swaying parents and peers; are not all alike-understanding key segments is invaluable.” Marketing to Millennials: Reach the Largest and Most Influential Generation of Consumers Ever  Jeff Fromm  and Christie Garton

  30. Thank You

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