Government officials have said that without a bailout of the troubled financial institutions, people will lose their jobs. Regardless of the current situation on Wall Street, unemployment is on the rise. The number of out-of-work Americans filing new claims for unemployment insurance is at a seven-year high, according to a recent government report. Experts attribute some of the lost jobs to Hurricanes Ike and Gustav, as well as the poor economy.
This gloomy picture has average Americans, including veterinary team members, worried about their job security. But Dr. Karen Felsted, CPA, CVPM, CEO of the National Commission on Veterinary Economic Issues, says those in the veterinary profession shouldn't panic.
"I don't think anyone really knows what the immediate future is going to look like," she says. "Certainly, if a practice is seeing a big decline in revenue, jobs could be on the line. But we don't seem to be seeing that now. People will still spend money on the things that have value to them, and their pets are in that category."
There's no denying that some veterinary practices are feeling the pinch of the current economic situation. And times may get even tougher for some practices. There are steps you can take to help your practice survive. "Do the best job you can, whatever your position in the practice," Felsted says. "Clients need to feel they are getting great service and good value for their money."
In all, Felsted thinks the veterinary profession will weather the storm reasonably well. "It's definitely the time, however, to make intelligent personal financial choices, work hard, and be efficient," she says.