ROB’s Reach for Excellence column in 2014 addressed topics such as how much ODs are earning, which geographic region is most profitable for ODs to practice in and if there is a gender pay gap.
The Jobson Optical Research’s 2014 ECP Compensation Survey found the average compensation for an owner optometrist in 2013 was $143,146. The average compensation for an employee optometrist was $107,692. That is a difference of $35,454 for one year. If that difference is maintained over the course of a 40-year career, then $35,454 x 40 years equals $1,418,160. >>READ MORE>>
Geography Pays Off: Where Do ODs Make the Most Money?
Are you in control of your money and your life? To find out, here are three questions you need to answer:
1) How much do you make?
2) How much do you keep?
3) Is your money working effectively for you?
First, let’s ask the question: How much do you make? >>READ MORE>>
Is There a “Gender Pay Gap” Between Male and Female ODs?
Data from Jobson Optical Research’s 2014 ECP Compensation Study shows that male owner ODs make $33,000 more than male employee ODs per year. For females the numbers are even higher. A female owner OD makes $36,000 more than a female employee OD per year. What does that work out to over the course of a 40-year career? For the males, the employer OD will make $1.3 million more than the employee. That’s simply taking the difference times 40 years ($33,269 x 40 = $1,331,840). The female OD employer makes $1,465,400 more than the female employee ($36,635 x 40) over 40 years. >>READ MORE>>