1. Veterinary Leadership Conference 2016

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

3. History of the Future History least favored course on college campus
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”
Builders “Silent Generation”
Boomers “Pig in the Python”
Busters “Generation Xers” 1965 – 1983
Generation Y & iY “Millennials”
The cycle is 4 generations long, which would imply that millennials will follow a similar life outlook to the “Greatest Generation”
This “Heroic” cycle favors civic involvement, building institutions, and a strong belief in (relative to the era) secularism over spiritualism
They are also supposed to coincide with a stricter separation of gender roles than in the two preceding generations

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
The outlook and attitude are generalizations, but they 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)
The main idea of the diagonal is that a 30 year old vet in 1985 would have had a wildly different life experience and therefore rest of life expectation than a 30 year old vet in 2015

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
1938
1958
1978
1998
2018
2028
Total New Veterinary Entrants
469
873
1626
2388
4222
4272
average increase per year
4.30%
4.54%
2.28%
3.70%
0.12%
US. Population (1,000,000)
129
175
223
270
320
340
1.78%
1.37%
1.05%
1.14%
0.73%
Total Veterinarians
19000
32507
58133
78876
102364
100506
3.55%
3.94%
1.49%
-0.09%
Veterinary Grads/100,000
0.36
0.50
0.73
0.88
1.32
1.26
1.86%
2.31%
1.07%
2.46%
-0.24%
Veterinarians/100,000
14.73
18.58
26.07
29.21
31.99
29.54
1.31%
2.02%
0.60%
0.48%
-0.38%
Veterinary Grads/Veterinarians
0.025
0.027
0.028
0.030
0.041
0.043

12. Veterinary Markets
Education
Veterinarians
Veterinary Services

13. Where are Applicants From?
Source: AAVMC

15. Career Path Interest
Source: AAVMC

16. New Veterinarians
17,033 US Graduates,

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

18. Number and Starting Salaries for New Graduates

19. Debt and Income: US College Graduates

21. Mean Income by Years of Experience

23. Older veterinarians happier than younger veterinarians?
Satisfaction
Older veterinarians happier
than younger veterinarians?

25. Work Preference by Gender

26. Work Preference by Gender

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

28. Debt and Income's Effect on NPV, Females
The question is do we work on reducing debt or increasing income. This chart shows the affect of debt and income on NPV. Debt is on the left axis and income is across the top. On the right side is the breakeven income or the starting salary that would be required for the corresponding debt so that the NPV is zero. At $100,000 debt a salary of $53,192 is needed for women to be just as well with a DVM as they would be with a general BS. Note however, that just $2000 increase in income (from $53192 to 55,154) would allow them to have $50,000 more in debt and still be just as well off as with a general BS. That means that each increase in starting salary of $1000 would offset $25,000 in debt or each additional $1000 in starting salary would improve the NPV of a DVM by $25,000. This would indicate that focusing on improving income might be easier than focusing on reducing education costs by $25,000.
Strong, Positive Return on Investment

30. Loan Repayment $150,000 in Debt at 6.7% Interest Rate 25 Years
Monthly Payment: $1,032
Total: $309,491
8 Years
Monthly Payment: $2,032
Total: $193,910
5 Years
Monthly Payment: $3,032
Total: $176,043

31. 15
Years 5
Years

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

33. 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

34. “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

35. Thank You