I am so excited to announce the inagural Veterinary Inventory Manager’s Wage & Compensation Survey! One of the more common questions I get asked is “as an inventory manager, how much should I be getting paid?”. Up until now, there wasn’t really any data about compensation for inventory managers or those tasked with managing inventory in their veterinary practice.
The Veterinary Care Logistic’s Inventory Managers Compensation Study was inspired by the lack of data on wages and compensation for inventory managers and veterinary professionals who are tasked with managing inventory for their practice.
Next to patients, inventory management is the most vital operation in a veterinary practice. Without inventory and the professionals who manage it, we do not have the necessary tools, supplies, and medications to treat patients. The goal of this study is to provide a resource for employees and employers alike.
Thank you to all the inventory managers who participated in this study! Without you, this would not be possible.
The survey was distributed to members of the Veterinary Inventory Management Group and the Veterinary Inventory Strategy Network. A total of 236 responses were collected from 46 states and 2 Canadian territories. The survey was open for 1 week.
Within the survey, respondents were asked 13 different questions related to their compensation, benefits, experience, role, and credentials in 2020. The survey was completely anonymous and no identifying information was provided. Throughout the results, the wage and salary information will be compared with different experience levels, roles, and other key demographics. In this survey, I did not ask about responsbilities and tasks related to inventory, but these questions will be included in next year’s study.
The average hourly wage across all professionals who manage inventory is $19.19 and the average annual salary is $52,500.00. In addition, on average, 52% of their job duties are related to inventory and 16 hours per week are spent managing inventory.
Table 1. Mean, median, and 25%/75% percentage wage and annual salary, percentage of job duties related to inventory, and hours per week spent managing inventory for veterinary professionals tasked with inventory management.
Out of the 236 respondents that are tasked with managing inventory, there was a wide variety of job titles that responded. For example, 30.3% of respondents were veterinary technicians and 36.3% of respondents were inventory managers.
Of the subgroups that responded, there are different salaries or wages for veterinary professionals tasked with managing inventory. For example, the median wage for an operations manager is $22.00 and the median wage for a veterinary assistant is $15.38. The tabe below demonstrates the median hourly wage across different job titles.
In this study, the median, average, and 25%/75% percentile of hourly wage and annual salary was compared to different factors: years of experience, the number of locations managed, job title, credentials, practice type, and location. These factors impacted the compensation of veterinary professionals tasked with managing inventory in various ways.
You can download the entire 20 page report (completely complimentary!) in the Veterinary Inventory Strategy Network.