Hi its Jackie here, today I am filming this video to brief you all at the same time on a new approach to pay review this year.
This is a briefing about market based pay.
Why am I filming it as a video?
Well as a business we recognise it’s a huge variation it’s [in] the amounts we pay our pharmacists’ for essentially doing the same role and secondly I really wanted you to hear it from me as your leader and not to hear it as Chinese whispers through the business.
So what will be happening? In 2015 when we do the pay review for our people, we will be looking at each of your individual salaries and comparing this to a market median rate. This is an external market median rate for a pharmacist role. So how do we come up with this figure? We input along with many other external retailers into an external company who tell us what is the average rate for a pharmacist role across these businesses, the external business have been like [companies such as] Lloyds, Superdrug, Tesco’, Morrison’s and the Co-op so we get a really good idea of what the pharmacist should get paid in the open market.
So depending on where your salary sits against this median rate, will determine the salary percentage increase that you will receive at year end subject to you being performing or legendary. If you are low in the range, say the low 80% of that market median, your salary increase this year will be higher. If you are higher in the range, say between 100-120% of the median your salary increase would be potentially lower maybe and of course if you’re not performing at year [end] you will not get a salary increase.
So let me give you an example based on last year. We gave all our pharmacists a blanket 2% across the board pay rise if they were performing, so this year if you are performing and you sit below 80% your pay rise could be if it was 2% between 3-5% if you sit between 80-100% your pay rise could be 2-4% and again subject to being performing if you’re sat between 100-120% of the market median your pay rise could be between 0-2%
There maybe some of you who are in a situation where you at 100-120% of the band and if you are, we will need to have a career conversation to allow you to increase your pay potential. I recognise that pay is an emotive subject, so if you have any questions after watching this video please give me a call to discuss them, alternatively pick up with me as an individual when we get together at ‘lets connect’ coming up very soon.
I’m really looking forward to seeing you all again at ‘lets connect’ and ask that you go to the website and book yourself onto an event. I’ll see you there and thank you for watching this video.