Pharmacy manger is necessary for better health pharmacy as the role of the pharmacy manager is to manage and lead the members of the pharmacy by allocating tasks, monitoring, and evaluating the work of the employees. They are also responsible for hiring, training and making schedules for all the working employees. However, since the pharmacy is facing a challenge due to the rapid growth, the company needs to make proper political ad economical decisions for managing their companies (Lester et al., 2014). This decisions can be taken with the help of the pharmacy manager who is responsible for managing the working operations of the pharmacy.
The pharmacist within the company has an essential role to play whose primary duty is to handle patient oriented services that are generally committed towards fulfilling the care requirements of the patients. in this context, since the company is running at an challenging situation, these position is not adequate. The company in order to sustain this position needs to have an proper set of compensation strategy that is essential for the business (Mensah, 2015). This will help in enhancing the morale of the employees and to offer them with proper rewards for the services they provide.
The major role of the pharmacist technician is to work under supervision of the pharmacist for dispending the prescription and to check the medication provided to the customer and the health practitioners. They are also accountable for assembling medicine prescriptions and for providing information about the medication. However, following the salary structure and provisions within Better health pharmacy this role is also not adequate, as they do not provide any bonus, they do not have any savings plans and they do not have training course needed for the employees (Mellahi, Frynas & Collings, 2016).
The main role of the pharmacy assistance is managing the cash register, handling the transactions of money, answering to phone calls, and manging clerical work within the pharmacy. The pharmacy assistant is also responsible for managing licenced pharmacist wit selling and producing medication for the patient within the retail pharmacy store (Nabitz et al., 2016). Therefore, it is evident from the role, that pharmacy assistant is necessary for Better health pharmacy for supporting and helping the manager of the company in managing the financial tasks.
Pharmacy manager, and pharmacy assistant can be included in the company whereas pharmacist and registered pharmacist technician can be eliminated as they do not provide any extra wages, or over time bonus for the employees. Moreover, the company do not have any proper educational course for the individual employees for training them in their work. The voluntary turnover for the organisation is almost ay a percentage of 4% each of the year and the termination rate is 2%, following this it is evident that they do not have any proper policy of compensation to manage so many employees (Peng et al., 2016). For sustaining these employees and position, the company is required to provide monetary advantages for the employees for encouraging their knowledge , skills for the job.
Job evaluation analysis
A Patterson plan can be used utilising the system of T.A.S.K that uses a point system with a number of factors of sub grading consisting of level of skills, knowledge and complicacy, influence for the addressing the issues of sub grading (Catano & Morrow Hines, 2016). In this the theory aims to manage that an organisation’s structure of pay must reflect the organisation’s level of responsibility in comparison to the decisions making that is common for all the job.
|
Job |
Skills |
Requirement |
Physical necessities |
Duties necessities |
Conditions of working |
|
Pharmacy Manager |
1 |
1 |
4 |
1 |
4 |
|
Pharmacist |
2 |
2 |
3 |
2 |
3 |
|
Registered pharmacy technician |
3 |
3 |
2 |
3 |
2 |
|
Pharmacy assistant |
4 |
4 |
1 |
4 |
1 |
As the organisation develops consistently and new operations emerge, there will growing challenges standing on the principles of job analysis. In girder to manage this, an official point system can be used by the organisation by sticking to the existing scheme that might be helpful for imposing barriers to alter (Tong, Tak & Wong, 2015). In order to regularly upgrade the jobs and developing new jobs with passage of time can be used for administering those job analysing schemes.
Grade pay
Salary range for the position:
Compensation analysis
The organisation is required to hire and train the appropriate people in their appropriate position for achieving success. An attractive rate of compensation strategies and package is required to attract and sustain for employees within the organisation. In case if the organisation fails to maintain the level of compensation that are external competitive this may be risky for the employment. Therefore, along with the rapidly changing market, organisation is needed to find a base salary that may attract the employee with the changing market in order to avoid the challenging issues while sustaining the competition in the market (Fabi, Lacoursière & Raymond, 2015).
A competitive package
Along with shared Human resource compensate the compensation set up will help infrastructure that it aligns with organisation and strategic employment plan supporting upcoming growth. Therefore, as an part of compensation analysis, the following is required to be done:
However, the compensation data needs to be easily accessible online, along with their problems and accuracy. Employees needs to get their starts in their eyes while examining the competitive salaries on their own. In this context, the appropriate initiative would be well reproached compensation strategy that is appropriate for the organisation and which make the employees feels value and admired (Tompa et al., 2016). Therefore, by offering transparency within the total plan of compensation, the company will be able to properly position, attract and retain appropriate employees. By doing so, the company will also be able to understand the competitive landscape provided with the knowledge that is needed to make decisions for the individual organisation structure and growth of plans.
Compensation Mix:
Estimations:
Model: $80,000 in variable compensation is required to bring in almost $800,000 across 20 deals with an average contract value of $25,000.
Linear model: 800,000 deals vs 85,000 in compensation = 8.5% of every sale each month, effective for business at an pace of 2-3 deals each month with the use of 2 stage based on sales organisation.
Accelerated model: drives behaviour to close over towards the end of the season
Business model:
Size of the deal: very effective to attract and motivate the team to provide service and sell more medicinal product items to expand the price:
Market: it is effective to start up emerging markets:
Product: effective for driving the sales of the clinical products:
Compensation strategy
The compensation strategy of the company needs to be based on the opportunities, hierarchy and flexible environment of the workplace.
Salary and wages:
The salary needs to be based on the amount of exchange for the services provided by the employees. In this context, the wages and salaries of the employees needs to be based on the Ontario standards of employment regulation that allows most of the employees to receive a minimum amount of wage in exchange of the work they complete for the organisation (McGinnis Johnson & Ng, 2016).
However, for the full time employees such as the manager, the salary needs to a described in annual, month, or weekly amounts. Therefore, for determining the appropriate salary range for the company the company needs to:
Incentives:
Compensation salary as well can be classified in the various prats such as salary, benefits, in this context, the salary and benefits may be competitive, but the incentives are the major drivers for attracting and retaining the employees for the company (Wang, Zhao & Thornhill, 2015). In this there are three major types of incentives that better health pharmacy can use: bonuses, profit sharing and options of stocks.
Bonuses:
Individual bonuses are rewarded to the employees based on their performance and accomplishment of goal within the company (Mamdani & Minhaj, 2016). In this context, the objectives are required to be realistic and closely suitable for the business. Bonuses can be set up directly and ca be supported as per the needs of the company.
Stock options
An individual employee receives an options for stocks for buying the shares of the company for a price set during a particular time. However, the options of stock are often managed by the manager and compensator executives in lieu of high salary.
Commissions:
Commissions are normal way of providing renumeration to the employees for securing the sale of the product. In this the intention is to create a strong amount of incentive for the individual to invest a maximin effort in their task (Coulmont, Berthelot & Gagné, 2018). Commission are generally calculated in the form of base percentage for the sale of the product and services, in this the payment can be either straight or the ,mixture of the base start based on the accomplishment of targets and quotas set by the management and the employee. These quotas are related to the sales revenue, unit of sales and other volumes metrics.
|
Duties |
Minimum |
Medium |
Maximum |
|
Pharmacy manager |
$45,000 |
$65,000 |
$85,000 |
|
Pharmacy assistant |
$25,000 |
$35,000 |
$45,000 |
Reference list
Catano, V. M., & Morrow Hines, H. (2016). The influence of corporate social responsibility, psychologically healthy workplaces, and individual values in attracting millennial job applicants. Canadian Journal of Behavioural Science/Revue canadienne des sciences du comportement, 48(2), 142.
Coulmont, M., Berthelot, S., & Gagné, C. (2018). Executive Compensation and Corporate Income Tax: A Question of Societal Equity. International Journal, 6(1), 42-51.
Fabi, B., Lacoursière, R., & Raymond, L. (2015). Impact of high-performance work systems on job satisfaction, organizational commitment, and intention to quit in Canadian organizations. International Journal of Manpower, 36(5), 772-790.
Lester, N. P., Shuter, B. J., Venturelli, P., & Nadeau, D. (2014). Life?history plasticity and sustainable exploitation: a theory of growth compensation applied to walleye management. Ecological Applications, 24(1), 38-54.
Mamdani, K. F., & Minhaj, S. (2016). Effects of motivational incentives on employees’ performance: A case study of banks of Karachi, Pakistan. South East Asia Journal of Contemporary Business, Economics and Law, 9(2), 32-39.
McGinnis Johnson, J., & Ng, E. S. (2016). Money talks or millennials walk: The effect of compensation on nonprofit millennial workers sector-switching intentions. Review of Public Personnel Administration, 36(3), 283-305.
Mellahi, K., Frynas, J. G., & Collings, D. G. (2016). Performance management practices within emerging market multinational enterprises: the case of Brazilian multinationals. The International Journal of Human Resource Management, 27(8), 876-905.
Mensah, J. K. (2015). A “coalesced framework” of talent management and employee performance: For further research and practice. International Journal of Productivity and Performance Management, 64(4), 544-566.
Nabitz, L., Hirzel, S., Rohde, C., Wohlfarth, K., Behling, I., & Turner, R. (2016). How can energy audits and energy management be promoted amongst SMEs? A review of policy instruments in the EU-28 and beyond. Proceedings of the ECEEE Industrial Summer Study, 401-415.
Peng, J., Li, D., Zhang, Z., Tian, Y., Miao, D., Xiao, W., & Zhang, J. (2016). How can core self-evaluations influence job burnout? The key roles of organizational commitment and job satisfaction. Journal of health psychology, 21(1), 50-59.
Plamondon, K., Walters, D., Campbell, S., & Hatfield, J. (2017). Promoting equitable global health research: a policy analysis of the Canadian funding landscape. Health research policy and systems, 15(1), 72.
Tompa, E., Dolinschi, R., Alamgir, H., Sarnocinska-Hart, A., & Guzman, J. (2016). A cost-benefit analysis of peer coaching for overhead lift use in the long-term care sector in Canada. Occup Environ Med, 73(5), 308-314.
Tong, C., Tak, W. I. W., & Wong, A. (2015). The impact of knowledge sharing on the relationship between organizational culture and job satisfaction: The perception of information communication and technology (ICT) practitioners in Hong Kong. International Journal of Human Resource Studies, 5(1), 19-47.
Wang, T., Zhao, B., & Thornhill, S. (2015). Pay dispersion and organizational innovation: The mediation effects of employee participation and voluntary turnover. Human Relations, 68(7), 1155-1181.
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