Build and Sustain an Effective Pharmacy Team in a Tight Labor Market
Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Oval Group as they focus on something so important to PDS – TEAMS. Read on for their sponsored blog post about building and sustaining an effective pharmacy team.
Talent is a scarce commodity. We predict this will continue to be the new normal for pharmacies. Staff turnover is expensive, unproductive, and can deliver a devastating blow to morale. The companies who are winning the war for talent are not only recruiting people who are the best fit for their business but are working hard to develop and engage their current pharmacy team so that they will remain and grow from within.
First, some facts:
- January 2020 US Bureau of Labor Statistics results share that over 2 million new jobs were added in each of 2019, 2018, and 2017. Future indicators based on recent trends and the projected population of available workers predicts a global labor shortage over the next decade.
- A recent study conducted by Korn Ferry Institute, predicts that by 2030, there will be a global human talent shortage of more than 85 million people, which could result in about $8.5 trillion in unrealized annual revenues.
Many of the articles and studies on this topic focus on the need to develop “Knowledge Workers” – people who can keep up with technological developments and be sufficiently agile to develop new skills and talents to keep up with changing business needs. The most successful companies are facing this shortfall head-on and investing in their talent by providing opportunities for continuous training and development.
We offer a simple framework from which to start to develop your own successful talent strategy.
3 Steps to Build Your Dynamic Pharmacy Team
Step 1: Create a compelling message – articulate the Vision, Mission, and Core Values that resonate with like-minded people.
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- Vision – a clear picture of where your business will be at a specific point in the future.
For example: “By 2025 we will be the number one provider of alternative healthcare options in Busyville, USA, generating $5 million in annual revenue.” - Mission – your purpose for being in business.
For example: “We improve the lives of every customer or patient we encounter.” - Core Values – the driving forces you espouse that your employees or customers can expect to experience in your business.
For example: “We find new and creative ways to help others daily. We respect each other’s perspective while fostering an environment of continuous learning to solve the problems and concerns of our constituents.”
- Vision – a clear picture of where your business will be at a specific point in the future.
Our own research and experience have shown that the connection between an employee’s values and the requirements and rewards within a role is the most important predictor of employee engagement and effectiveness. A person, who can’t wait to get out of bed in the morning to get to work, will be more productive and will remain in the role longer than one without passion or purpose.
Provide an employee survey for your pharmacy team
Provide your team members with an opportunity to share their wants and needs. A third party employee engagement survey, where employees can be candid, coupled with feedback and follow up from management can go a long way to improving employee morale. Employees want to feel heard and acknowledged. If you want them to take ownership at work, it’s important to help them feel that they have a say in impacting their work environment.
After conducting an employee engagement survey, there are two important steps you must take. Number one is to share the results. Then ask and respond to input on changes they believe would improve the environment. You don’t have to agree to all employee requests, especially if they don’t make economic sense. But the requests you can accommodate will tell your employees that you care about their opinions and respect their needs. Plus, learning that they can have meaningful impact on their environment will build loyalty and trust.
Does your staff have a clear set of business goals and strategies?
Defining your goals and strategies will naturally help you identify the talent profiles you will need to fulfill those goals. Also, by sharing your goals with your team, you have an opportunity to solicit input on how they can assist with achieving those goals. The ability of your team to achieve results may surprise you. Of course, if your team has values that are aligned, you will be in a much better position to create meaningful incentives that will motivate the behaviors you seek.
You may find that you’ve identified skill gaps within your team needed to achieve your goals. The good news is that skills are trainable and offering developmental opportunities for your team to build the skills required for business success will engage them and help your business.
Step 2: Seek talent who shares your team values, and hire the candidate who best fits the profile of the open role.
Once you’ve established your business culture and core values, don’t compromise those values by hiring skilled talent that does not fit your culture. Skills can be learned and even behaviors can change with effort. Values (the driving forces that get us into action) change very slowly, if at all. Look for candidates who match your business values and have a shared passion around similar drivers.
We recommend developing a role benchmark that clearly spells out the ideal candidate profile, identifying those factors that will lead to success in a specific role. Then use gap assessments for applicants that tell you how close a candidate under consideration matches your ideal profile. The best way to build your new applicant pipeline is to build a strong team and culture of employee development and empowerment. Social media and word of mouth rule the day. Happy employees will post positive comments on social media sites and will talk amongst their friends.
Some of the best sources for new hires can come from your own internal staff. Since they know the jobs and the business culture best, they can recommend others who fit the criteria. Job applicants will scour social media sites looking for comments about what it is like to work in your business. If the comments are negative, the best candidates will not apply.
Step 3. Develop a consistent culture of continuous learning and development for your pharmacy team.
Given the tight labor market we face today in this country, finding good talent will inevitably get much more difficult before it improves. That means for those managing a workforce, the biggest challenge will be to keep the good talent and take action to undermine those who wish to poach your best employees.
Keeping good talent is not simply about erecting barriers (real or virtual) to prevent access. Rather it requires a strategy aimed at making your workplace so attractive that your employees are truly not interested in considering other options. Once you have articulated and shared your business Mission, Vision, and Core Values, plus built a team that is aligned with your direction, you need to foster an environment that lives your promise.
If your team is excited to come to work, charged up by their daily roles, fulfilled in their achievements, and happy in the environment you foster, there is only one thing left to do. You need to provide ongoing opportunities to learn and grow at work through continuous improvement, embracing reasonable change consistent with your plan, and seeking ways to reward and reinforce your company values.
About the Author
The Oval Group LLC (Oval), established in 2003, is a talent management solutions provider specializing in talent assessments and services that enable business owners and corporate executives to make informed strategic decisions about their unique business and the people who hold the keys to its success.
