Best Buyer Practices: How To Promote Yourself
12th Pharmacy Purchasing Networking Conference August 12, 2008
Richard Ponder, CPhT. Inventory Coordinator East Jefferson General Hospital Metairie, Louisiana
Objective
Promoting your accomplishments to achieve recognition and advancement within your profession.
Do You Feel Like This?
Backorders New Products
Allocations
Drawer Failures
Factor
797 Recalls Contract Compliance
Our Image Problem
Lack of Understanding: “We just order stuff.” Lack of Training: No formal training or real guidance, historically Buyers are placed in this position because no one wanted the position or because they have been here the longest, or I’m the Supervisor/Buyer. Lack of Support: Top down as well as bottom up. Lack of Recognition: Continuously performs above expectations with independent judgment that decreases pharmacy expenditures while increases profitability.
Essential Functions
Value
Purchasing
Profit Contribution
Expertise
Inventory Management Project Management Quality Assurance Contract Management Supply Chain Management Procurement
Are you under compensated?
YES!
Are you really under compensated?
Your Response Your Manager’s Response Reality Important Factor
YES!!! No. Maybe. What Can You Prove?
How To Get What You Want
Right Attitude Do More Than What is Expected Continuously Expand Your Knowledge Define Your Goals And Set Out to Accomplish Them. Assess Your Accomplishments Network Be Proactive
Gather Evidence
Demonstrate a compelling business reason for additional compensation. Document all of your responsibilities and accomplishments to date, focusing specifically on how your efforts have helped the company achieve its goals, cut costs or increase productivity. Gathering concrete evidence of your contributions, and being able to present this information in an organized manner, is critical to positioning yourself as a valuable asset to your employer.
Build Your Case Over Time
Despite his or her best intentions, your boss may not be aware of all the projects you've been involved with lately. To prevent your achievements from being overlooked, consider providing your manager with a monthly status report that summarizes the assignments you're working on or have recently completed. A record of consistent performance can bolster your case for a raise.
Benchmarks
Contract Compliance Cost Savings Automation Initiatives Formulary Compliance Inventory Turns Stock Out Percentages Budget Variances Professional Development
Professional Development
Organization
Institute for Supply Management
Certification
Certified Professional in Supply Management, CPSM
Web Site
www.ism.ws
Cost
$1350
American Certified Purchasing Purchasing Society Professional, CPP The Association for Operations Management Universities; Louisiana State University Certified Supply Chain Professional, CSCP Purchasing and Supply Management Certificate
www.americanpurchasing.com www.apics.org
$1025 $1395
www.lsu.edu
$1136
Research the Going Rate
Another important step is to investigate how much others in your area and with similar qualifications are being paid. Online services, such as Salary.com and the U.S. Department of Labor's Occupational Outlook Handbook (http://stats.bls.gov/oco/) are excellent resources. Estimating your worth on the open market will ensure you don't undersell or oversell your services.
According to Pharmacy Purchasing Outlook’s 2008 Buyer Wage and Task Survey, the average annual salary for a Pharmacy Buyer is…
$39,296.00
ISM 2007 Buyer Salary Survey
Education: Bachelor Education: Master Certification: CPSM Certification: Other Industry: Healthcare Title and Commodity: Buyer / Healthcare Title and Dollar Spend: Buyer / 11-39.9 million Total Employees: 2001-5000 Average of the above range: $85,372 $76,623 $84,516 $90,302 $101,475 $89,714 $69,600 $62,600 $87,041
Be Tactful
While the most logical time to discuss a raise is during your performance review, it could be advantageous to speak with your supervisor about the issue before your next evaluation. You might consider initiating a conversation upon the successful completion of a major project. You will want to wait a while if the company has just announced a quarterly loss in revenue or layoffs.
Negotiations Begin
Be Persuasive Aim High, and Be Realistic Start Off with the Right Tone Clarify Your Interests Anticipate Your Boss's Interests Create Several Options Focus on Objective Criteria Think Through Your Alternatives Prepare Thoughtfully to Achieve Your Goals
Prepare a Fallback Plan
If a pay raise is not in your employer's budget, consider negotiating other benefits such as more vacation time, a flexible schedule, and/or a larger performance-based bonus or increased stock options. If these requests are denied, ask your boss how to best position yourself for a future raise and arrange a date for a follow-up review to discuss your progress toward this goal.
Conclusion
Like any negotiation, securing a raise requires preparation and finesse. But taking the time and effort to craft a compelling case and make your value to the company clear will increase your chances of getting paid what you feel you are worth.