Pharmacy Headlines

Today’s Insights

It’s Bonus Szn

TL;DR - In 2023, 70.7% of pharmacists indicated they received a raise but only 55.5% received a bonus.

Spring is right around the corner. It’s time for many companies and managers to perform annual reviews for employees. In theory, the process is simple. The company evaluates the business growth/profitability and rewards outstanding individuals who contributed meaningfully. However, not all companies or areas of pharmacy are created equal.

Competitive companies tend to reward outstanding employees with a raise, a bonus, or both. In 2023, Pharmacist Compensation data indicates ~70.7% of the 2,900 pharmacist participants received a raise. Let's use this percentage as our standard.

The good news - there are multiple areas of pharmacy that are above the standard. The bad news - some areas below the standard are some of the largest employers of pharmacists. Looking at you companies in the retail pharmacy sector.

Pharmacist Compensation data suggests the standard for pharmacists receiving a bonus is an even lower percentage. The data indicates ~55.5% employees will receive a bonus. For those that will receive a bonus, the amount will vary widely depending on the area of pharmacy.

Use the above data to temper your expectations during the annual review process. Pharmacist Compensation hopes you’re in the 70.7% receiving a raise and also in ~55.5% receiving a bonus. Best of luck!

_{Pharmacist Compensation provided the data displayed in the above charts. Join thousands of pharmacists and take the anonymous survey. All participants receive access to an interactive dashboard that can be filtered by Job Title, Company, Area of Pharmacy, and more.}

Testimonial

Want to share how Pharmacist Compensation helped in your Success Story?

Write or record a short testimonial HERE.

Additional Resources: