Are Pharmacist Salaries Going Down?
Q: Chen, are pharmacist salaries going down?
A: In any kind of job market, salaries are based on the value you provide and the market supply/demand. Because the economy has led to a tighter pharmacist job market, it is a reality that 1) companies are experiencing budget cuts, 2) pharmacist layoffs lead to increased supply of pharmacists.
I have been waiting to respond to this question because I wanted to observe for a longer period what the pharmacist job market is experiencing and give you my first-hand perspective. I have noticed that pharmacies may be less generous with relocation or sign-on bonuses, but I haven’t necessarily seen salaries decrease significantly. There are hospitals that aren’t paying for pharmacists to travel to interview, because they are on smaller budgets than before.
Pharmacist salaries are stabilizing and don’t seem to be increasing as in previous years. Don’t expect that you have as much negotiating room for salaries as previous years, because the competition is tough out there and there may be someone equally as qualified who will work for a salary that you may think it’s not enough. I know an inpatient pharmacist who took a hiatus in her work for almost a year & is wanting to get back into hospital or home infusion. She had an opportunity that she could get back into but she was out of touch with how the pharmacist job market has shifted, and felt that the salary was not competitive enough. She is still out of a job months later because of this.
If you are a relief pharmacist, you may have noticed that temporary staffing needs have decreased in certain areas (partly because they are being filled by full-time pharmacists more readily in this job market). The pharmacist staffing companies are experiencing a cut in what pharmacies are paying and I have seen some agencies decrease the amount they are paying pharmacists because expenses of the services & costs of doing business of an agency don’t decrease just because it’s a tighter job market.
Comment below (you can keep it anonymous if you wish) about what you’ve seen with salaries at your workplace.
I’ve included the National Results from the 2009 Fall Edition Pharmacist Salary Survey from Mercer Human Resource Consulting. *Keep in mind that there are absolutely variations geographically & you may be compensated differently due to the depth of role that you have.
2009 Pharmacy Compensation Survey – Fall Edition
Source: Mercer Human Resource Consulting: 2009 Pharmacy Compensation Survey – Fall Edition
National Results
|
Organizations Participating in Survey
|
88
|
|
Observations Represented
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253,629
|
|
Metropolitan Statistical Areas Represented
|
389
|
|
Number of Positions Surveyed
|
23
|
|
Data Effective Date
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July 1, 2009
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| Pos Code(s) | Pos Title(s) | # Orgs | # Obs | $ Hourly Base Pay Wgtd Mean | $ Annualized Base Pay Wgtd Mean* |
| 100 | Pharmacy Team Mgr | 84 | 26,009 | 59.62 | 124.0 |
| 200 | Staff Pharmacist – Retail | 17 | 52,407 | 52.05 | 112.4 |
| 205 | Staff Pharmacist – Hospital | 56 | 5,371 | 52.75 | 109.7 |
| 210 | Staff Pharmacist (Healthcare Retail/Satellite) | 24 | 1,051 | 52.79 | 109.8 |
| 220 | Staff Pharmacist (Mail-order/Online) | 8 | 1,737 | 51.04 | 106.2 |
| 250 | Clinical Pharmacist | 53 | 1,131 | 53.52 | 111.3 |
| 270 | Nuclear Pharmacist | 7 | 299 | 55.76 | 116.0 |
| 200 205 210 220 250 270 |
Staff Pharmacist – Retail, Staff Pharmacist – Hospital, Staff Pharmacist (Healthcare Retail/Satellite), Staff Pharmacist (Mail-order/Online), Clinical Pharmacist, Nuclear Pharmacist | 88 | 61,996 | 52.79 | 109.8 |
| 300 | Lead Pharmacy Tech | 45 | 22,120 | 18.30 | 38.1 |
| 310 | Pharmacy Tech | 86 | 98,251 | 15.08 | 31.4 |
| 300 310 |
Lead Pharmacy Tech, Pharmacy Tech | 86 | 120,371 | 15.32 | 31.9 |
“Manages the day-to-day operations of the pharmacy. Responsible for implementing and/or supervising the development of specific pharmacy services and new programs. Plans, coordinates, and directs all activities related to the compounding, dispensing, delivery, receipt, and handling of medications and associated products within regulatory guidelines. Assists with maintenance of schedules within the pharmacy. Responsible for interviewing, hiring, and conducting performance reviews of the Staff Pharmacists and Pharmacy Technicians.”
Are cover letters good for online applying?
Q: Chen, are cover letters good for online applying?
A: Even if the online site just asks for your resume, if you are able effectively to capture a pharmacy hiring manager’s attention with a cover letter, by all means write one. Just make sure that the formatting will come thru properly with your resume underneath it.
Cover letters are good for online & offline applying only if they are truly targeted towards the specific job you are applying for, and ties in nicely to highlight your experience that makes you different from any other pharmacist. It is an introduction to you and is essentially a compelling statement marketing yourself and why you should be considered. It is also an opportunity for your personality to shine through that cannot necessarily be captured in a resume.
If it doesn’t convey anything special or extra from what you put in a resume, then it is a waste of space. This is a common mistake pharmacists make. I frequently see generic cover letters and it is such a turnoff to pharmacy employers. It may be interpreted that you don’t really care about the opportunity enough to put attention to it. Read more
What is Considered Job Hopping in Pharmacy?
Question: Chen, what is considered job hopping in the pharmacy profession? Does it really matter if I leave a job within a year?
Answer: In our parents’ generation, it was common for people to stay in their jobs until they retired. In this generation, people move around jobs more frequently. However, if you leave jobs within 2 years, it is typically considered job hopping, unless you are a relief pharmacist.
Leaving positions frequently before sticking it out for at least 2 years is what you need to be concerned about. This says to a pharmacy employer that you may not be a good investment to them, even if you are great at what you do. It takes time, money, and resources to train someone fully, not to mention the costs of screening & hiring a pharmacist.
What is considered unacceptable? Read more
Did Not Get Official Job Offer After Receiving Offer Verbally. What Can I Do Differently?
Chen, What can I do differently? I did not get the job offer after what was supposed to be the last interview and was assured verbally that an offer will be coming. Happened three times at different interviews.
Answer: There are a few possibilities that you can evaluate, especially if you are well qualified for the position.
1) They did not offer you the opportunity officially because of reasons you cannot control. Maybe they changed their mind on what they had originally decided was important to them. Or maybe they decided that instead of hiring someone, they would just maintain their current staff. Or, perhaps they decided to fill the position internally.
2) You did not “close the job offer” during and after the interview. This is something that pharmacists are not used to doing. It may not come naturally to you, but it is an important step to convincing a potential employer that you are the one for the job. I will share with you a couple of tips.
One tip you can use during the interview: Finish the conversation by sharing how interested you are in the position, why it is a good fit (mention the benefits to them), & that you are looking forward to receiving the offer letter. Ask them what the next step is (including the process they need to go thru before the offer letter is written) and when you will expect to receive the official offer letter. There are additional things that you can do during the interview to “ask for the job” or “close the job offer”. This will make you stand out from the rest of your competition. Read more
Can’t Work on Saturdays. Employer Turned Off-Any Suggestion
Chen, I cannot work on Saturdays for religious reasons. I offer to work every Sunday and every legal holiday. As soon as the employer hears this they are no longer interested in offering me the job. I do not want to mislead the employer by not saying anything about the scheduling issue. For this reason I am forced to think about retraining in a different profession. I would much rather stay in pharmacy. Have you any suggestions how I can handle the scheduling issue?
Answer: Two things come to mind.
I Had Management Experience 5 yrs Ago- How to Convey Experience to Get an Interview?
Chen, Should a resume have an objective or just start with job experience? A recruiter told me that employers scan resumes, looking mostly at the past 5 years experience. I have had management experience about 5 years ago, but purposely stepped down to a staff position to accomodate school work. Now that I have my PharmD degree, I would like a management position, but the last 2 jobs do not reflect management experience…what is the best way to convey this information so I can at least get an initial interview? Thank you.
A: Definitely have an objective in your resume. It is a place where you can boldy express that you want to get back into management. Example, “Seeking to re-engage in a management role in XXX setting after completing my external PharmD cum laude.” This can be refined more, depending on your specific talents & skill sets, but this is a start.
Also, convey your management experience in the body of your resume, even though it was over 5 yrs ago. It is useful to have a concise resume; at the same time, in your specific situation, I would recommend that you include the management experience you had 5 years ago in your resume and to elaborate on it.
Love My Job, But Concerned About Stability. What to Do?
Question: Chen, I was wondering if you can give me some advice…I am currently working for Rite Aid and I love my store. I work with great people, and the schedule is 8-8 compared to most retail. Only problem is the stability of the company. CVS in the area just contacted me, I’m conflicted. I used to work for them before I moved to North Carolina, would have stayed with them but at the time they didn’t have an opening at the area…most CVS I have worked had been high stress, bad schedule 8-10pm, but the company is doing a lot better than Rite Aid financially…what would you do?
Answer: It sounds like you like a good schedule, and CVS doesn’t typically have the environment of supporting its pharmacists well since it’s high stress. Knowing that Rite Aid is in financial trouble, here are a few things to think about: Read more