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It's Bonus Szn
March 1st, 2024
Hello there,
Are you ready for your annual review? Keep reading to find out how bonuses from different areas of pharmacy compare to each other.
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.
Chart generated using 2023 data from Pharmacist Compensation.
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.
Chart generated using 2023 data from Pharmacist Compensation.
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.
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