Pharmacist Salary Trends – What Pharmacists Are Getting Paid the Most?



Are pharmacist salaries going down?   What kind of pharmacist is getting paid the most in this current pharmacy job market?

Based on comparing pharmacist salary surveys (compiled by Mercer) taken between the spring 2010 and fall 2011 survey edition, pharmacist salaries have increased.  Pharmacy managers who manage the day-to-day operations of hospital pharmacies make the most, even compared to retail pharmacy managers.

Hospital staff pharmacists experienced the smallest increase compared to the other pharmacy positions surveyed.  Retail pharmacists and hospital retail/outpatient pharmacists seem to have the highest % increase in salary from the previous year, compared to pharmacists in other positions.

A few things to note when interpreting the survey results:  salaries are based on 77 organizations participating in the survey and the # of organizations participating in the survey seemed to have decreased from spring 2010’s pharmacist salary survey.  The # of organizations participating in the survey who reported hospital staff pharmacist salary surveys decreased in half.  Keep in mind that the results were compiled in middle of the year in 2011 for the fall survey publication.

Without doing research on statistical significance and a more detailed analytical comparison from year-to-year, my observations are that the salaries are increasing.

As far as what I’m observing in pharmacist salary trends right now, salaries appear to stay in a similar trend.  My projections are that until we make ourselves more valuable (aka make more money for the pharmacy or demonstrate in a hospital setting for example that we save healthcare costs) to warrant an increase in salary, the salaries will stay similar for now.

What about temp pharmacist jobs? Look out for the update on that in an article coming soon.

How do the salary trends affect you, even if you have a job? Use the information to get a raise. Make yourself valuable.  It goes back to the basics of any business.  The more value you provide to the business (aka pharmacy), the greater asset you will be and you may ask for a raise.  Not sure what the best way is to ask for a raise, or to ask for the fairest compensation when you are looking for a new job?  Stay tuned in an upcoming article on tips to ask for a raise/fair compensation and get it.  You will also find out what pharmacist jobs have more negotiating power.

If you qualify for a recruiter to network on your behalf, use your recruiter to help you negotiate a fair compensation for you.  Remember, it’s not all about the salary—it’s the whole package.

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 2010 Spring 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.


2011 Pharmacy Compensation Survey – Fall Edition

National Results

Pos Code(s)

Pos Title(s)

# Orgs # Obs $ Hourly Base Pay Wgtd Mean $ Annualized Base Pay Wgtd Mean*
100 Pharmacy Team Mgr 63 28,953 61.89 128.7
200 Staff Pharmacist – Retail 18 57,374 57.08 118.7
205 Staff Pharmacist – Hospital 45 3,823 53.83 112.0
210 Staff Pharmacist (Healthcare Retail/Satellite) 12 381 54.78 113.9
220 Staff Pharmacist (Mail-order/Online) 9 2,141 53.92 112.2
250 Clinical Pharmacist 43 898 55.41 115.3
270 Nuclear Pharmacist 5 375 55.54 115.5
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 77 64,992 54.84 114.1
300 Lead Pharmacy Tech 52 25,231 18.60 38.7
310 Pharmacy Tech 75 122,454 15.39 32.0
300
310
Lead Pharmacy Tech, Pharmacy Tech 76 147,685 15.76 32.8

*Annualized Weighted Mean reported in thousands.

This data provides reasonable estimates of market rates in the Pharmacy industry. However, many factors contribute to the final determination of pay rates, including company philosophy and the influences of each individual incumbent. For that reason, Mercer, Pharmacy OneSource, and PharmacyWeek suggest that you use multiple resources in the development of a total compensation program.

Pharmacists: 10 Questions You Must Ask Before Accepting a Job

It’s a popular time of the year for pharmacists to look for jobs, with many new grads and pharmacy residents finishing up between now and June. Curious about when the best times are to apply for jobs?  Click here to read a previous article about this.

Some pharmacists are concerned about not finding the right job in this market and are open to positions outside of what they would normally consider. But being “open to everything” can hurt you when you apply for positions.

Even when the pharmacy job market is tough, having a clear idea about the position you want will help you attract what you want.  This will help you target your search and make a positive impression.  At the same time, you want to be flexible during the decision-making process, because it is a tough job market, especially if you want to get into a position that leads to your desired career.

A common mistake for new pharmacy grads is primarily considering salary and becoming jaded after a few years. The decisions you make may be influences by the fact that it’s “just your first pharmacist job,” but the decisions you make in the first few years can shape your career path, so it’s worth spending time to pinpoint what’s important to you aside from setting or salary.

Before you say “Yes,” to your next position, think about the long-term implications of accepting a position.  Here are  10 questions to ask yourself before accepting a position:

  • How does the pharmacy/company’s values align with my values?
  • Does the geographic area offer me what I enjoy doing in my spare time?
  • How is my fit with the management and the pharmacy staff?
  • Can I see myself here in 3-5 years?

Here are some insightful questions to ask a pharmacist in the position you will be working in to help you make your decision:

  • What’s a typical workday like?
  • What do you like best about what you do?
  • What do you like least about what you do?
  • How independently do you get to make decisions?
  • What do you think the pharmacy will be like in one year & five years?
  • Does this position set me up for growth in my career the way I want to?BONUS Question to Ask:
    What changes would you make about the pharmacy if you could?

Want to find out the best way to approach getting the inside scoop to positions? Learn how to tap into the hidden job market and hear about positions before they come out.
And when you hear about a position, learn how to stand out from other pharmacists with similar background as you.

Listen to the FREE Teleseminar (Instant Access):
“How to Tap into the Hidden Job Market to Beat Your Competition to the Interview”
to tap into the hidden job market.  This is a prerequisite to the Advanced Hidden Job Market Bootcamp.
NOTE:  Even though the live Advanced “Hidden Job Market Bootcamp” dates are over, you may get instant access at the special tuition.

Pharmacist Retention Starts From Day One

In the last article of this series, you recognized how important it is to set mutual expectations with your new hire, and to check in with them frequently, especially during the training period. This can save you from misunderstandings down the road, both in how you expect someone to perform actual functions and in the attitude or the pharmacy/clinic/hospital’s culture you’d like them to imbibe.  It will ultimately lead to retention of happy employees.  Studies show that one main reason why pharmacists leave their positions is because of management.  Setting the tone for a strong relationship with your staff from the beginning is key to preventing that.  Read on for more tips on setting expectations, how frequently to meet with your new hire, and questions to ask your new hire during the training period to set the stage for their retention.

How frequently to meet with your new pharmacist hire:
Read more

How to Train for Retention so Pharmacists Don’t Leave

The potential government shut down last week made many people affected sweat. With steep federal budget cuts, the issue of having money to hire becomes one to be concerned about. Even if you are not affected by federal funding, budgets is the name of the game in this economy. Having to hire someone new can be costly, so retention is always the first place to look for a solution. Retaining good pharmacists starts from the very beginning-hiring and training.

One of the most common phrases I hear from pharmacy directors/managers is “I don’t want to spend a long time training a new employee.” As a result, training becomes something many pharmacy managers fly through quickly to get a new pharmacist up to speed. Yet it is the most crucial element to your new employee’s long-term success and ultimately the retention of your new hire.

Here are a few tips to implement when you train someone new:

  1. Set expectations – between both you and your new hire. This means not only you setting expectations for them, but them expressing their expectations and how they prefer to be managed. Determine together what the definition of success in their role would look like.
  2. Discuss the pharmacy’s values, vision, and mission. This is a step many pharmacy directors skip. But it is an important step for key reasons. One of the main reasons why an employer feels compelled to stay at a job is if values, vision, and mission are in alignment. Things may not be perfect, but an employee is more likely to put up with things they are dissatisfied with if they feel they are aligned with your pharmacy’s values & are empowered by your vision/mission.
  3. Conduct a personality assessment such as the Insights Model, so you recognize not only how they may tend to relate with others, but also their natural strengths. For example, an introvert may not openly share their successes with you, but they may be just as outstanding as an extrovert counterpart. Insights into how your pharmacy staff thinks, acts, and works can give you an edge to managing them smoothly.
  4. Find a way to communicate regularly with your new hire. Set expectations for how they can maintain channels of communication, including as a team (ie, staff meetings) and individually. Include when, how frequently, what can be brought up. For example, you may set the stage early on that when someone brings a problem, they will always come with three potential solutions. This way you don’t get constant complainers.

In an upcoming blog article, you will learn some of the best questions to ask a new hire to see how they are doing during the training period….and how to use that valuable information to retain your pharmacists.

If you have temporary coverage needs between finding out when someone is leaving and training a new hire, explore your options for IHS/tribal-experienced pharmacists to cover in the interim. Don’t waste your money on inconsistent levels of pharmacists who take more than necessary effort to train and manage.

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 2010 Spring 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.

2010 Pharmacy Compensation Survey – Spring Edition

National Results

Pos Code(s) Pos Title(s) # Orgs # Obs $ Hourly Base Pay Wgtd Mean $ Annualized Base Pay Wgtd Mean*
100 Pharmacy Team Mgr 99 27,079 60.20 125.2
200 Staff Pharmacist – Retail 28 52,730 54.59 113.6
205 Staff Pharmacist – Hospital 99 3,919 53.73 111.7
210 Staff Pharmacist (Healthcare Retail/Satellite) 17 448 51.66 107.4
220 Staff Pharmacist (Mail-order/Online) 9 2,336 52.55 109.3
250 Clinical Pharmacist 71 1,194 54.55 113.4
270 Nuclear Pharmacist 2 226 —— ——
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 147 60,853 54.07 112.5
300 Lead Pharmacy Tech 83 24,742 17.39 36.2
310 Pharmacy Tech 113 98,140 15.44 32.1
300
310
Lead Pharmacy Tech, Pharmacy Tech 144 122,882 15.81 32.9

*Annualized Weighted Mean reported in thousands.
“This data provides reasonable estimates of market rates in the Pharmacy industry. However, many factors contribute to the final determination of pay rates, including company philosophy and the influences of each individual incumbent. For that reason, Mercer, Pharmacy OneSource, and PharmacyWeek suggest that you use multiple resources in the development of a total compensation program.” -PharmacyWeek.com