Pharmacist checking the shelves with a digital tablet at the pharmacy
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Walmart is slashing pharmacist pay while drugstore chains nationwide are adding testing and treatment of minor ailments to their services. According to Reuters, the retail giant has asked pharmacists to reduce the number of hours they work each week voluntarily, and it has instructed hiring managers to offer new pharmacists lower base salaries. So, should your company follow suit?
That would be a hard no.
A new survey released by the National Community Pharmacists Association (NCPA) found that 67% reported difficulty filling open staff positions.
When it comes to employee retention, pay matters, as does employee stress.
Employees are more open to taking on additional tasks when they feel they’re being paid well. However, here’s what they’re not going to do. They will not do their job and the job of another person (or two) for months on end.
The stress of feeling overworked is real. According to a survey conducted by JobSage, 42% of Americans say compensation is the top cause of stress at their job, followed by 39% saying it’s being overworked.
I predict that Walmart will reverse course and will do so quietly. They won’t tarnish their employee brand all that much since expectations about working for Walmart aren’t exceptionally high.
However, should you follow suit and lower entry-pay for your workers, you’ll undoubtedly begin to see your company’s reputation fade. Why risk such a move?
Create your own path. Be the leader and let others follow you. This is how the talent wars are won. Take a stand and go against the grain. And if you’re looking for pharmacists, you may want to consider poaching a few from Walmart!
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