Recent surveys of pharmacy owners and operators have found that finding qualified pharmacy team members is one of their top challenges. Each and every company invests a considerable amount of time and money in the recruiting and training of their pharmacy department employees. Research has uncovered the cost of pharmacist turnover to be between $20,387 and $88,807. This cost may seem inaccurate; however, the costs are inclusive of general separation of lost employee and onboarding of new employee paperwork, cost to cover vacancy at premium pay, advertising, signing bonus, interview time, and training time (additional overlap of pharmacists and loss productivity). So, you must now decide how to ensure that each of these employees are turned into productive employees and will hopefully remain with your company for many years. The fundamentals of employee retention and satisfaction are closely tied with strong leadership and management processes. If your company already has retention programs in place, continue reading for some additional ideas.
1) Ensure that your compensation, benefit program, and recognition programs are as good, if not better than your closest competitors.
- Most employees today are salary/benefits driven and will not hesitate to jump to different pharmacy practice setting.
- Be prepared to justify possible shortfalls of salary/benefits with eligible candidates.
- Ensure that your company is completing salary surveys from multiple sources on an annual basis.
- Although money is important, it is not the only type of reward. Explain to potential candidates about recognition programs that will promote their achievements and accomplishments.
- Share the programs you have planned for the fiscal year in terms of contests and prizes for your teams. Just remember, a $20 Starbucks® gift card can go a long way.
2) Provide your team with the opportunity to advance as your company grows.
- If your company has a tradition of promoting from within, make sure to share this with your current employees and prospective candidates.
- Be sure not to guarantee a plan for promotion, but focus on the employee’s participation and development to enable them to be eligible for upward movement.
3) Continually enforce your company's culture and its positive work environment.
- Consider creating a forum or feedback box that will enable communication on process improvements and changes in the work place from pharmacy team members to management.
- Your team’s ability to participate in directing change can be a strong source of empowerment, leading to team member loyalty and commitment.
4) Stress the importance for finding a work/life balance.
- Although growing prescription counts may create the need for long hours from pharmacy team members occasionally, be sensitive to the strains that this may create in their home lives.
- Never make it an expectation, but an option, for the team to pitch in during these times and work more hours. Fostering a team environment that cares for each of the members will make it that much harder for them to consider leaving your business.
5) Consider a program that will reimburse your team, perhaps $200-$500 per fiscal year, for qualified expenditures in the following areas:
- Continuing Educational programs.
- Management classes at a local University.
- Membership fees for pharmacy associations.
- Advanced training programs like an Ambulatory Pharmaceutical Care Certificate Program or Certification as a Certified Diabetes Educator (CDE ®).
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