{"id":3068,"date":"2019-03-27T20:09:27","date_gmt":"2019-03-27T20:09:27","guid":{"rendered":"https:\/\/www.pharmamanage.gr\/2019\/03\/27\/poor-leadership-is-expensive\/"},"modified":"2024-02-02T09:50:24","modified_gmt":"2024-02-02T07:50:24","slug":"poor-leadership-is-expensive","status":"publish","type":"post","link":"https:\/\/www.staging.pharmamanage.gr\/en\/poor-leadership-is-expensive\/","title":{"rendered":"Poor Leadership Is Expensive"},"content":{"rendered":"

How Expensive is Poor Leadership?<\/strong><\/p>\n

More than you think…<\/strong><\/p>\n

Retaining talented employees should be a major focus for pharmacies these days.<\/p>\n

You have heard over the years, that “anyone is replaceable.” When I was a young graduate fresh out college, I believed it myself.<\/p>\n

There were over 25 pharmacists in my graduating class and I was competing for jobs like they were.<\/p>\n

We had very similar skills and backgrounds and I knew I had to separate myself from them so an employer would hire me and not them.<\/p>\n

Even a couple years after college, I still believed that I could be replaced at any moment by fresh new talent.<\/p>\n

It has been drilled into our heads over the years that we are replaceable and we have to conduct ourselves in a way that borders on humiliation.<\/p>\n

I took my first leadership role over a year ago after working for a few pharmacies that really did not value the contributions of their people.<\/p>\n

Overtime and chaos was name of their games. Fortunately, those experiences allowed me to create my own leadership philosophy that centers on the fact that my people are not replaceable.<\/p>\n

\n

Employee turnover is very expensive. I recently was invited to speak at a Management Conference on motivation in order to retain good talent.<\/p>\n

My emphasis was on the importance of creating a pleasant work environment where leaders and employees respect each other.<\/p>\n

People will generally stay with a company if they are treated fairly, are given legitimate challenges, and feel their contributions are recognized.<\/strong><\/p>\n

The best way to illustrate the cost of poor leadership is give an example of what it takes today to hire a mid-level pharmacist.<\/p>\n

First, the pharmacist’s resume would cost the company around $5,000 provided it is coming from a recruiter.<\/p>\n

Today, many professionals move around the country, so the company would offer a full relocation package that would include moving of household items, vehicles, and pets. This would cost around $8,000.<\/p>\n

Then the employer would cover travel expenses including airfare, temporary housing, rental cars, and maybe thirty days of living expenses during the transition. I will be modest here and say that would cost around $5,000.<\/p>\n

Many employers also cover closing costs on both selling and buying of a home that could run as high as $8,000 total.<\/p>\n

Finally the pharmacist may be offered a starting bonus of $2,000.<\/p>\n

So, before the employer even starts paying the pharmacist his or her salary and before the new employee steps in the door they have already paid out around $28,000.<\/strong><\/p>\n

This is a very large investment and I have seen many people in these positions quit after ten months to a year from poor leadership in a hostile work environment.<\/p>\n

Now the company has to do this routine all over again.<\/p>\n

Good leadership is the key to retaining good employees and bad managers will only drive them away.<\/p>\n

As a leader, you cannot afford high turnover.<\/p>\n

You invest time and money into enhancing your people to be better employees.<\/p>\n

It becomes expensive to keep hiring people and training them to be productive and successful employees.<\/p>\n

You have to realize that employees leave companies for a variety of other reasons.<\/p>\n

However, you can still do your part to make their work life a pleasant and productive one.<\/strong><\/p>\n

www.PharmaManage.gr\/en<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

How Expensive is Poor Leadership? More than you think… Retaining talented employees should be a major focus for pharmacies these days. 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