Pharmacist Retention: Employers Role in Keeping Top Talent

Retaining top pharmacy talent is a significant workforce challenge. More than simply keeping people happy, strategic retention efforts build better outcomes for patients, staff, the organization itself and the communities they serve.
Organizations that prioritize employee retention reap compounding rewards through a more stable workforce and report up to 30% higher productivity and 21% greater profitability.

Retention vs Recruiting

Often thought of as proof of loyalty, retention is more accurately described as an organization’s ability to foster employee loyalty.
While specialist pharmacy recruiters play an essential role in identifying and attracting top talent, retention is the responsibility of pharmacy employers. Specialist recruiters are experts in sourcing and vetting highly qualified candidates in the pharmacy sector.
Finding candidates with the necessary qualifications is only one aspect of a specialty recruiters’ role. Assessing a candidate’s compatibility with an employer’s culture and values is often overlooked. This careful matching process ensures that candidates presented to an employer are not just skilled but also a good fit for the organization and likely to become a long-term employee.

Organizational Benefits

Comprehensive employee retention programs build more stable and productive workforce resulting in more efficient, effective and profitable operations. Here are some key advantages:

• Reduced Turnover Costs:  The cost of replacing an employee can range from 50% to 200% of their annual salary. By focusing on retention, organizations can significantly reduce these costs. This includes:
  
• Improved Employee Morale and Engagement:  A stable workforce tends to be more engaged and motivated. When employees see that their colleagues are staying with the organization, it fosters a sense of stability and trust. High retention rates contribute to enhanced team cohesion, increased job satisfaction and higher engagement.
  
• Increased Organizational Knowledge and Expertise: Long-term employees accumulate valuable knowledge and expertise. Retaining these employees helps maintain institutional knowledge and enhance problem-solving efficiency.
  
• Better Organizational Performance:  Retention directly impacts an organization's overall performance. A stable and experienced workforce boosts productivity through more consistent quality and performance efficiency.
  
• Enhanced Employer Brand and Recruiting:  Organizations known for high employee retention often enjoy a stronger employer brand. Top talent is attracted through positive reputation and word-of-mouth referrals that reduce recruiting headwinds.
  
• Improved Financial Performance:  Combined, these benefits contribute to lower operational costs, increased revenue and higher profit margins.

Patient Benefits

Pharmacy employee retention programs benefit patients and the community in several significant ways, contributing to improved healthcare outcomes, enhanced service quality, and overall community well-being. Here are the key benefits:

• More Consistent Care:  Patients who see the same pharmacist regularly are more likely to trust their advice and feel comfortable discussing their health concerns. Patients are 19% more likely to adhere to their medication regimens when they have a consistent relationship with their pharmacist
• Enhanced Patient Education and Counseling:  Pharmacists who know their patients well can offer tailored advice that considers the patient's unique health needs and lifestyle. Patients who have a regular pharmacist are 31% more likely to seek advice on medications and health issues resulting in an increase of a patients' understanding of their medications by up to 25%
  
• Higher Quality of Service:  Pharmacies with low turnover rates have a 20% higher average customer satisfaction score compared to those with higher turnover rates. Experienced pharmacists often manage their workload more efficiently, ensuring that patients receive timely care and more accurate dispensing. In fact, pharmacists with longer tenure are associated with a 50% reduction in dispensing errors.
• Stronger Community Health Outcomes:  Consistent pharmacist-patient interactions can lead to a 13% improvement in chronic disease management metrics in the community. Pharmacies with established staff are better equipped to lead and participate in public health initiatives, such as vaccination drives, health screenings, and disease prevention programs which foster a more health-conscious population.
• Economic Stability and Growth:  Pharmacies with low turnover rates are more likely to invest in community health programs and partnerships, furthering their positive impact on local health and economy.
  

How to Improve Pharmacy Staff Retention

While recruiters excel at finding talented candidates, retaining these professionals is a different challenge that falls to the employers. Improving pharmacy staff retention is essential for maintaining a stable, productive, and high-quality workforce. Here are some tips to help achieve this that hospital and local pharmacies have used to retain and attract top talent:

Create a Positive Pharmacy Environment

• Supportive Leadership: Train managers and supervisors to be supportive, approachable, and communicative.
• Team Building: Foster a collaborative and inclusive culture through regular team-building activities and open communication channels.
• Recognition and Appreciation: Implement programs to regularly acknowledge and reward employees for their hard work and contributions.
  

Provide Professional Development Opportunities

• Continuing Education: Support ongoing education and training opportunities to help pharmacists stay updated with industry developments and enhance their skills.
• Career Advancement: Establish clear pathways for career advancement within the organization, allowing pharmacists to see long-term growth potential.
• Mentorship Programs: Implement mentorship programs that pair less experienced pharmacists with seasoned professionals for guidance and support.
  

Ensure Work-Life Balance

• Flexible Scheduling: Offer flexible work schedules to accommodate personal needs and reduce burnout.
• Paid Time Off: Provide generous paid time off policies to ensure employees can take breaks and recharge.
• Remote Work Options: Where feasible, allow for remote work or telepharmacy opportunities to increase flexibility.
  

Enhance Job Security and Stability

• Transparent Communication: Maintain open and honest communication about the organization’s stability and future plans.
• Long-Term Contracts: Consider offering long-term contracts or agreements to provide job security and stability.
• Consistent Hours: Ensure consistent and predictable work hours to help employees plan their personal lives.
  

Foster a Culture of Feedback and Improvement

• Regular Check-Ins: Conduct regular one-on-one meetings to check in on employees’ well-being and job satisfaction.
• Employee Surveys:** Use surveys to gather feedback on workplace issues and areas for improvement.
• Act on Feedback: Demonstrate a commitment to making changes based on employee feedback to show that their voices are heard and valued.
  

Invest in Technology and Resources

• Modern Equipment: Provide up-to-date technology and equipment to help pharmacists perform their duties efficiently and effectively.
• Adequate Staffing: Ensure adequate staffing levels to prevent overwork and burnout.
• Resource Availability: Make sure that all necessary resources, such as reference materials and tools, are readily available to support pharmacists in their roles.
  

Promote a Healthy Workplace

• Wellness Programs: Implement wellness programs that focus on physical, mental, and emotional health.
• Healthy Work Environment: Ensure a safe and healthy work environment, including ergonomic workstations and regular health and safety checks.
• Stress Management: Provide resources and support for stress management, such as access to counseling services and stress reduction workshops.
  

Encourage Work Autonomy and Responsibility

• Empower Employees: Give pharmacists the autonomy to make decisions within their scope of practice.
• Clear Responsibilities: Clearly define roles and responsibilities to avoid confusion and ensure accountability.
• Trust and Respect: Foster a culture of trust and respect where employees feel valued for their expertise and judgment.
  

Promote Team and Community Engagement

• Community Involvement: Encourage and support pharmacists' involvement in community health initiatives and professional organizations.
• Team Activities: Organize social events and activities to build camaraderie and a sense of belonging among staff.
• Employee Recognition Programs: Implement recognition programs that highlight individual and team achievements within the community and the organization.

By implementing these strategies, pharmacy employers can create a supportive and engaging work environment that promotes retention, job satisfaction, and overall employee well-being.

The Takeaway

Investing in pharmacy employee retention is not only a smart business decision but also a vital contribution to public health and community vitality. Benefits that extend well beyond the immediate workplace.
Retention programs build a loyal, skilled, and motivated workforce that contribute significantly to long-term success through improved operational efficiency while simultaneously enhancing patient care, improving health outcomes, and helping community health initiatives all flourish under the stability provided by effective retention strategies.