All employees who work in your independent pharmacy are vital. They help your customers, make sure that all operations go well, and they keep everything running beautifully. Therefore, as good business owner, it’s important to offer strong incentives. Without that, those wonderful employees of yours might start perusing for a new job. Here are some ways to keep them smiling:
- Keep the top talent: When your employees feel valued, they’re more likely to stay long-term. However, don’t forget about the competitive benefits. With those, you can attract skilled professionals and also reduce turnover.
- Open communication: Encourage open dialogue between pharmacists, technicians, and management so you can address any concerns and spot areas for improvement.
- Boost your reputation: When you take care of your team, you will earn a reputation as a wonderful place to work, thus standing out to both potential employees and customers.
Speaking of benefits, have you evaluated your current benefits package recently? If not, it’s time. You want to make sure your benefits are meeting your employees’ needs. Here’s how to get started:
Look at your offerings
Look closely at your current benefits. Are they competitive with other local employers, and do they offer what your employees need most? Evaluate the most common benefits such as:
- Health insurance
- Retirement insurance
- Paid time off
- Professional development opportunities
Remember, too, that offering competitive benefits is a smart business move. Here’s why:
Reducing Turnover Costs: Replacing an employee can be as high as 50-60% of their salary. Keeping the skilled staff you already have saves money in the long run.
Improving Patient Satisfaction: When your employees are happy, they provide much better service. Their happiness creates loyal customers who keep coming to your store. These are also the same people who refer friends and family to your pharmacy.
Increase Productivity: When your employees feel secure in their jobs, they’re much more likely to stay focused and deliver their best work each day.
Get Employee Feedback
Your employees know what they value in a workplace. This is why it’s important to conduct anonymous surveys or hold meetings to find out what their priorities are so you know if you need to make changes.
Compare Costs and ROI
Benefits can be a pricy expense, but they’re also an investment in your business. So, weigh the costs against the value of improved holding and reduced turnover.
Save on employee benefits with these strategies
Do you steer clear from offering hefty benefits due to concerns about costs? With the right strategies, you can provide great perks without spending too much.
- Group Health Insurance Plans: You can pool resources with other small businesses or join pharmacy groups to lower premiums while still offering your employees quality coverage.
- Flexible Spending Accounts (FSAs): These allow your employees to put aside pre-tax dollars for medical expenses and lowering their taxable income and your payroll taxes.
- Retirement Plans with Matching Contributions: Offer 401(k) plans with modest employer matching. Even small contributions show you care about your employees’ futures.
Watch out for the pitfalls
- Don’t overload your budget. If you offer too many perks without planning carefully, you can strain your finances. Start small, and as your pharmacy grows, expand.
- Don’t ignore compliance. Having a benefit program will come with regulations. Therefore, be sure your plans comply with labor laws and tax codes.
- Don’t forget to communicate. If your employees don’t know about their benefits, then it’s useless. So, be sure you educate your team regularly about the benefit perks that are available and how they can access them.
A Member-Owned Company Serving Independent Pharmacies
PBA Health is dedicated to helping independent pharmacies reach their full potential on the buy-side of their business. Founded and run by pharmacists, PBA Health serves independent pharmacies with group purchasing services, wholesaler contract negotiations, proprietary purchasing tools, and more.
An HDA member, PBA Health operates its own NABP-accredited warehouse with more than 6,000 SKUs, including brands, generics, narcotics CII-CV, cold-storage products, and over-the-counter (OTC) products — offering the lowest prices in the secondary market.
