Check out our January edition!
The Profit Vault January 2024
Finding the PTO Strategy for Your Pharmacy It’s a Great Way to Find and Keep Strong Employees
Moving From Buckets of Time to PTO Almost all independent pharmacies offer paid time off in some capacity, whether it’s vacation or holiday pay. That seems straightforward, but in real life, it creates a bunch of fuzziness and unknowns. How much is a week of vacation? Is it 40 hours for full-time employees and 20 hours for part-time employees? What about those who work 32.5 hours a week? How much is holiday pay? Is it 4 hours, 8 hours, or somewhere in between? Does it matter if the employee would have normally been scheduled on that day or not? What about their average hours of daily work? It can get complicated fast. And if you haven’t clearly defined all the parameters, it can lead to upset and misaligned employee expectations. It can turn a great perk into a pain point. Let’s Make It Easy Creating one bucket of paid time off is what I transitioned to years ago, and I have never looked back. Instead of having different buckets with different rules for various employees, I created an all-in-one system for paid time off. Here’s how it works. You determine how much time off you want to give your employees. Think of all the possible buckets — sick, holiday, vacation. I always do my calculations for a “new, full-time employee.” Here’s an example.
While you can change your employee benefits any time, the beginning of the year is a natural and logical time to consider updating them. Since COVID-19, hiring high-quality employees and keeping the good ones has been more difficult. In addition, life has gotten more chaotic every year for pharmacy owners. Who has the extra time to ponder the possibilities to the question of, “How much do I pay my part-time employee for a weekday holiday?” You can pull many employee benefit levers to attract and retain the best talent. Examples are pay rates, hours they work, staffing levels, insurance offerings, retirement benefits, and more. Our focus will be on vacation/sick/holiday/ paid time off. Why I Love Being Generous With PTO I’m generous with the paid time off I give my employees. Over my years of entrepreneurship, I’ve learned that this benefit is one of the best for attracting and keeping employees. It also tends to cost me fewer hard dollars than other benefits such as insurance or retirement matching. Paid time off is also highly valued by all levels of employees, which is very good because it can be tricky to find a perk that satisfies a pharmacist the same as it does a cashier.
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Five sick days
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10 vacation days
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Eight holidays
• This equals 23 days x 8 hours = 184 hours of paid time off in a year.
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Tricks to Find the Savvy Employees Revitalize Your Hiring Process
Welcome to the world of tough hiring. If you’ve used the same old dull job descriptions for years, it’s probably time for a change. Why? Because in the quest for the best candidates, a stand-out job description is your secret weapon. The Era of Boring Is Over Gone are the days when a standard, yawn-inducing job description would cut it. Today’s top candidates are savvy and looking for more than just a job — they want experience. Your job description is the first taste they get of working with you, and let’s be real: Nobody dreams of a boring workplace. In a time when most pharmacy owners are complaining they can’t find warm bodies to apply for open positions. Having an eye-catching job description is the cure for a barren applicant pool.
working for you and becoming a valued part of your pharmacy family.
Our Gift to You: A Stand-Out Job Description Example
To make your life easier, we’ve crafted a stand-out job description outline example that’s as unique as your pharmacy. Check it out by scanning the QR code, and let it inspire you to ditch the dull and embrace the delightful. Our example will give you a blueprint to follow to create your own awesome job description. Culture Starts Here Your pharmacy’s culture begins with the job description. It’s the handshake — the first impression — that sets the tone for the entire relationship. A well-crafted description attracts the best talent and ensures that those who apply are a perfect fit for your team. If you need to hire, your first step is revamping your job descriptions. Infuse them with personality, excitement, and the essence of your pharmacy. After all, a stand-out job description is not just about finding the right candidate; it’s about finding the right team member who will thrive in the vibrant world you’ve created. Happy hiring!
Enter: The Stand-Out Job Description Think of your job description as the trailer to the
blockbuster movie that is your pharmacy. You wouldn’t watch a movie without an exciting preview, right? The same is true for potential employees. Make them excited to be part of your team by showcasing the unique personality of your pharmacy. Show, Don’t Tell A laundry list of duties and requirements won’t cut it anymore. Paint a vivid picture of what makes your pharmacy special. Do you have a quirky tradition? A coffee machine that dispenses motivation along with caffeine? Mention it! Potential candidates should be able to imagine themselves
Scan the QR code to check out our job description blueprint!
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TASK MASTERY MADE EASY Revolutionize Your Management Style With a Controlling Calendar
Nobody likes a micromanager, and we’re sure you don’t enjoy having to do it! If you constantly have to monitor your team and control every task, don’t be surprised if your employee retention rate isn’t where you want it. If you want your employees to thrive, you must give them space to fulfill their roles without your supervision. But how can you still ensure your team is completing their duties? That’s where the controlling calendar comes in.
When managing your pharmacy, thousands of major and tiny tasks need to be done. Even if you delegate these tasks to your staff, you still have to take the time to check on them. The last thing you want to do is play the “Did you” game with your team daily: “Did you do this?” “Did you do that?” Nobody likes it! Fortunately, a controlling calendar does this for you and helps keep everyone accountable for their own duties. What is a controlling calendar? The controlling calendar is a customizable template that can include daily, weekly, monthly, or quarterly tasks and goals. Your employees can check off their assigned tasks and leave notes so you can know exactly what has been completed and even why some things haven’t. For example, if vacuuming is a cashier’s daily task, you can put it on days 1 –30 and have them check a day off whenever they vacuum. The cashier does this all themselves; you just have to check the calendar to see if it was done. You didn’t even have to bother or interrupt them!
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TAKE A BREAK
Boots Candles Carnation Furnace
Garnet Hockey Insulate Janus
Opposite Resolution
Skating Sweater
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HANDY-DANDY HANDBOOKS How an Employee Handbook Can Help Your Pharmacy
Owning a pharmacy is no small feat. The responsibilities can be overwhelming, from managing prescriptions to ensuring a friendly and efficient customer experience. But here’s a recipe for success that can lighten the load: an employee handbook.
Take communication, for example. An employee handbook can outline expectations for communication within the team, ensuring everyone is in sync. Whom do they call if they are sick? How do they request vacation time? From whom do they get approval if they want to swap a shift? Our earlier article addressed PTO (paid time off). Your employee handbook would spell out exactly what your employees earn, how they earn it, and the rules for using it. It’s like having a secret handshake that fosters camaraderie and boosts morale while saving you heaps of time. You no longer need to be bothered with answering simple questions day in and day out when your handbook can do it for you. Ready-Made Example, Just for You We know you’re busy running your pharmacy, so we’ve whipped up a ready-made example of an employee handbook. Grab my old employee handbook and use it as an example by scanning the QR code. Employee handbooks should be tailored to your state. I highly recommend working with an employment law firm to create yours. Many have low-cost packages for handbooks. Retroactive Remedies “But what if I don’t have an employee handbook yet?” Fear not! The beauty of handbooks is that they can be implemented at any time for new or current employees. It’s like realizing you forgot to check the refills on a prescription — it’s never too late to fix it. Share the handbook with your current employees and watch clarity and order unfold. In pharmacy ownership, having an employee handbook isn’t just a best practice; it’s necessary. It’s the difference between a well-oiled machine and a chaotic prescription pick-up line. Consider this a friendly reminder to invest in your pharmacy’s success with a handbook!
Yes, we know, handbooks sound about as exciting as reading a prescription label but trust us, they’re a game-changer.
The Legal Lowdown First and foremost, having an employee handbook is your legal shield. Think of it as your pharmacy’s superhero cape, protecting you from legal pitfalls. Employment laws are as tricky as figuring out insurance claims, and having a well- drafted handbook can be your secret weapon.
Imagine this: An employee comes to you with a complaint. Without a handbook, you could feel like you’re navigating a maze blindfolded. But with one in place, you’ve got clear policies and procedures, ensuring everyone is on the same page. It’s not just about playing defense; a handbook can also be your best offense in the courtroom. Setting the Stage for Success Let’s shift gears from the serious legal talk to the lighter side. A handbook sets the stage for success by creating a unified and positive work culture. It’s like having a script for a blockbuster movie — everyone knows their role, and the show runs smoothly.
Scan the QR code to check out my old employee handbook!
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Check out our awesome topics! We will be focusing on the exact "How To" so you can easily implement in your pharmacy.
EXACTLY HOW TO USE DISPENSING DATA
IMPLEMENTING DIRECT BILLING WORKER'S COMP
THE RIGHT WAY TO DO HOSPICE FOR GROWTH
REDEFINING WHAT IS POSSIBLE FOR YOU
USING TELEHEALTH FOR HIGH PROFIT SERVICES
STARTING AND SCALING RPM & CCM PROGRAMS
GETTING YOUR TEAM EXCITED ABOUT GOALS
TURNKEY CASH PRODUCING OTC TACTICS
THE NEW OPERATING SYSTEM FOR 2024
CASH FLOW IMPROVING SECRETS
SIMPLE FUNCTIONAL MED IMPLEMENTATION
WORKFLOW DRIVEN PROFIT
DEBUNK MYTHS ABOUT R&D TAX CREDITS
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Keep On Trucking For years, many people have wondered if education is vital to achieve business success. You might think education and experience are necessary to succeed in a particular industry, but that’s not always the case. Many entrepreneurs without formal education have left a mark on their respective industries and started businesses such as Apple, Facebook, Google, and Virgin Group. And Kierra Henderson, better known as the Trucking Guru, has recently added her name to the list of prominent successful entrepreneurs who never finished high school. Henderson was born in Dallas, Texas, the oldest of eight children. She faced adversity countless times during her youth, ultimately leading her to drop out of high school. But the odds continued to stack up against Henderson as she became a teen mom and found herself in trouble with the law, earning herself a felony. To give herself and her daughter a chance at a better future, Henderson turned her life around and started working at an AT&T location in Dallas. AT&T proved to be a good fit for Henderson, as she won several awards and regularly earned her management team’s recognition. However, the company outsourced her job overseas, leaving Henderson scrambling to find something new. A friend told her to get into the trucking industry. She knew nothing about trucking but figured it was worth a shot. She did research, found a local trucking company that was hiring, and applied to be a transportation planner. This company wanted someone with experience and a bachelor’s degree, two things Henderson did not possess. So, what did she do to overcome this obstacle? She lied, claiming to have a degree and even making up a former employer to make herself more hireable. This company didn’t look into Henderson’s background and offered her the job. Unfortunately, the work would prove more difficult than Henderson anticipated. She messed up continually but was aware of her mistakes and decided to come in early and stay late to learn the job and improve. This helped her immensely, and before she knew it, she had earned an operations manager position with the same company. Over time, she learned that becoming an owner-operator would net a much higher salary, so she learned how to dispatch and started doing it on her own time. After she HOW KIERRA BUILT HER MULTIMILLION- DOLLAR EMPIRE
raised enough funds, she decided to buy a truck and partner with a trucking company to bring in more money. One truck became two trucks, and two trucks quickly became four. She kept adding to her fleet, obtaining exclusive government and major corporation contracts. Now, Henderson’s fleet consists of 116 trucks and has brought in more than $100 million. Because Henderson’s business has reached new levels of success, she’s branching out to help other entrepreneurs make their mark in the trucking industry. In 2021, she launched The Truckin’ Millionaires Tour, where she offered training and coaching to educate people on self-sufficiency in the trucking industry. She even hosted a huge convention in Dallas in October 2023 called the TTG Fest, featuring over 13 guest speakers who discussed trucking, the transportation industry, and entrepreneurship. Henderson’s story proves your past does not determine your future. Even if you dropped out of school, made mistakes, and found yourself in legal trouble, you can still turn it around, find a new passion, and reach new levels of success. Don’t let any obstacle block your progress!
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Putting This Plan Into Action You can make your equation whatever you want it to be. Your payroll company will take that equation and track everything for you. Employees can see their earned PTO on their paystubs and choose how much to pull and when. In setting up your plan, you can choose to let employees go “negative” in their PTO bank or not. If their PTO rolls over or if you want to require mandatory usage. My rules are to let them go negative up to 40 hours, and they can roll 50% over because I want them to take time off.
A full-time employee would work 8 hours a day, five days a week, 52 weeks a year, totaling 2,080 hours a year. This math means that for every hour they work, this employee would earn 0.088 hours of PTO (184÷2080). Employees earn PTO time for every hour they work. The amount of time they earn depends on the math above. If you want to have them earn one week of vacation or three weeks of vacation, the equation will be different. Part-time employees can be on the same equation and will earn less because they work less. For example, a part-time employee working 20 hours a week instead of 40 would earn 92 hours of PTO instead of 184. I have a tiered PTO system. New employees are at the lowest level, and employees can be moved up based on their title, responsibility, or talent. Your tiers could look like this:
If you have any questions, please post them in our Community Chat.
• 0-2 years of service, 0.088 PTO per worked hour
• 2-5 years of service, 0.108 PTO per worked hour
• 5-plus years of service, 0.123 PTO per worked hour
HAVE A LAUGH
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Build Team Unity With Open Communication How 10 Minutes a Week Can Make a World of Difference
In the fast-paced world of your pharmacy, it can be all too easy to let your team’s well-being fall by the wayside. Unfortunately, taking Maxwell’s DISC assessment alone isn’t enough to lead your staff successfully. You need to create an open line of communication to keep them informed, connected, and ready to overcome any obstacles that come their way. Here’s how: Make Consistent Communication a Requirement Effective communication is the basis of any successful team; independent pharmacies are no exception. In a bustling environment where every team member plays a crucial role, ensuring everyone is on the same page is essential for delivering high-quality patient care and maintaining operational excellence. Consistent communication involves regularly exchanging information, updates, and expectations among team members. This can take various forms, including team meetings, digital communication platforms, and open-door policies. By establishing clear lines of communication, pharmacy owners create an environment where every team member feels heard, valued, and informed.
you take to employ it. These brief, focused meetings provide a dedicated time for the team to come together, share updates, discuss challenges, and strategize for the week ahead. Whether one hour or just 10 minutes, weekly huddles can offer benefits: • Real-Time Problem-Solving: Weekly huddles allow the team to address challenges and roadblocks in real time. By collectively brainstorming solutions, the team can navigate obstacles more effectively and implement timely changes. • Celebrating Successes: Recognizing and celebrating achievements, whether big or small, fosters a positive team culture. Weekly huddles provide a platform for acknowledging individual and collective successes, boosting team morale and motivation. • Team Bonding: In the often-hectic environment of an independent pharmacy, creating moments for team bonding is essential. Weekly huddles, even if brief, allow team members to connect on a personal level, enhancing camaraderie and teamwork. • Alignment With Goals: Regular huddles help ensure every team member is aligned with the pharmacy’s goals and objectives. By providing updates on business targets, performance metrics, and upcoming initiatives, the team remains focused on shared objectives. The importance of consistent communication in independent pharmacies cannot be overstated. These practices nurture a positive and informed team culture and contribute to enhanced patient care and overall operational excellence. When you embrace these strategies, you lay the groundwork for a thriving, united team poised for success.
If you’re still unsure, understand that consistent communication contributes to several essential things:
• Enhanced Collaboration: When team members are well- informed about each other’s tasks, responsibilities, and challenges, collaboration becomes seamless. A collaborative team is better equipped to tackle complex situations and provide comprehensive patient care. • Reduced Errors: Clear communication mitigates the risk of mistakes and misunderstandings. Whether it’s relaying patient information or discussing changes in pharmacy procedures, a well-informed team is less likely to encounter miscommunications that could impact patient safety or satisfaction. • Boosted Morale and Engagement: Feeling involved boosts team morale. It’s as simple as that! When team members understand the bigger picture and their individual contributions, they are more likely to feel engaged and committed to the pharmacy’s success.
All this goes straight to your bottom line and can only bring positive results for your pharmacy.
How Weekly Huddles Create Team Unity Consistent communication forms the foundation for team development, and having a weekly huddle is the direct step
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INSIDE THIS ISSUE
1
Learn the Best Paid Time Off Equation
2 Update Your Hiring to Find the Best Employees 3 How to Break Free From Micromanagement 4 Keep Employee Responsibilities Clear 5 The Remarkable Rise of Kierra Henderson, the Trucking Guru 7 The Crucial Role of Consistent Communication
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Create autonomy and build trust. When you hand over this
Let your team step up. When you hand over the reins, your
employees will have the opportunity to learn and step up. Many business owners have complaints that their staff doesn’t go above and beyond, yet they’re also the “helicopter parents” who always tie their shoes for them! When you continuously micromanage and take control, your team will never know how to do these tasks properly.
controlling calendar, you show that you trust your team to keep themselves accountable. You minimize micromanagement, allowing your employees to grow, learn independently, and have autonomy at your pharmacy. When everyone controls their own duties, you’ll have a more efficient workflow.
The more you use your calendar, the better! It builds consistency quickly and allows you and your team to save time doing things that matter. If you want your own customizable controlling calendar template, scan the QR code below!
Trusting employees is a hard lesson to learn for any employer! But it’s crucial if you want your team to thrive. Whatever concerns you have, put it on the calendar. You can list which tasks are more important than others, detail any specifications, and create space for your team to leave any notes they may have for you. Of course, you can’t fit everything into the controlling calendar, so consider what is most critical to every team member’s role in the pharmacy. What would be noticeable if they didn’t do it daily? These are the tasks you need to include in your calendar.
Scan the QR code to get a controlling calendar template!
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