The Challenge of Rising Payroll Costs and a Tight Labor Market in Pharmacy
Pharmacies across the country are facing a significant challenge: rising payroll expenses and a tight labor market. According to recent data, the average hourly wage for pharmacy technicians has increased by 19% over the past five years, with some regions seeing even larger increases. Meanwhile, the unemployment rate for pharmacists and pharmacy technicians is at historic lows, making it increasingly difficult for pharmacies to find and retain qualified staff members.
These trends are putting significant pressure on pharmacies' bottom lines. For example, a recent survey found that nearly 60% of pharmacies reported an increase in payroll expenses over the past year, with nearly a third reporting an increase of 10% or more.
The challenges of rising payroll costs and a tight labor market are being driven by a number of factors. One key factor is the increasing demand for healthcare services, which is driving demand for pharmacy services as well. In addition, many pharmacy workers are aging out of the workforce, creating a talent gap that is difficult to fill.
At the same time, the cost of living is rising in many parts of the country, putting pressure on employers to increase wages to attract and retain talent. According to one analysis, the cost of living in some areas has risen by more than 30% over the past decade, while wages for pharmacy technicians have only increased by about 20%.
These challenges are not going away anytime soon. In fact, many experts predict that the labor market will remain tight for the foreseeable future, with the demand for healthcare services continuing to grow. This means that pharmacies will need to find creative solutions to navigate these challenges and ensure that they have the staff they need to provide high-quality care to their patients.
Some strategies that pharmacies may consider include reevaluating compensation and benefits packages, investing in training and development programs, expanding hiring pools to include part-time and temporary staff, and leveraging technology to automate routine tasks and reduce labor costs.
In conclusion, the challenges of rising payroll costs and a tight labor market are significant, but they are not insurmountable. By understanding the trends driving these challenges and taking proactive steps to address them, pharmacies can position themselves for long-term success.
About Healthcare Consultants Pharmacy Staffing
If you are a pharmacy owner or manager, HCC Pharmacy Staffing can find you the best qualified talent (both pharmacists and technicians) available to meet your needs in almost every situation. With over three decades of experience in pharmacy staffing, HCC is known nationally for being able to match the right candidate to the right job, and for well over three decades now, HCC has been providing temporary staffing for pharmacies in all 50 states, as well as providing relief pharmacy staffing during emergency situations. We work with owners, HR departments, and pharmacy managers of every type and size of pharmacy business and operation, from the small independent retail community pharmacies to the large national pharmacy groups. We are therefore able to meet almost every individual pharmacy's specific needs when it comes to finding the right staffing talent, including specialty pharmacies. If you're interested in finding out how HCC can help your pharmacy business meet your specific staffing needs, then call us today at (800) 642-1652, or simply fill out our easy-to-use online form now, and an experienced, in-house HCC staffing expert will get back to you as soon as possible.
The same is true if you are a pharmacist or pharmacy technician who's interested in changing your current job position and exploring new professional opportunities and settings to practice in. With current job openings and exciting opportunities available throughout the US, HCC Pharmacy Staffing can help you to find the best possible jobs available to match your specific individual lifestyle needs and work requirements. Whatever market segment that a pharmacist or tech is looking to work in, we can help! If you are a pharmacist looking to switch jobs or relocate, we urge you to talk with us. With positions immediately available, contact us today online or call us at 800-642-1652 now to get started.