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Best Buyer Practices: How To Promote Yourself

Best Buyer Practices: How To Promote Yourself. 12 th Pharmacy Purchasing Networking Conference August 12, 2008. Richard Ponder, CPhT. Inventory Coordinator East Jefferson General Hospital Metairie, Louisiana. Objective.

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Best Buyer Practices: How To Promote Yourself

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  1. 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

  2. Objective • Promoting your accomplishments to achieve recognition and advancement within your profession.

  3. Do You Feel Like This? Backorders New Products Drawer Failures Allocations Factor 797 Recalls Contract Compliance

  4. 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.

  5. Essential Functions • Inventory Management • Project Management • Quality Assurance • Contract Management • Supply Chain Management • Procurement

  6. Are you under compensated?

  7. YES!

  8. Your Response Your Manager’s Response Reality Important Factor YES!!! No. Maybe. What Can You Prove? Are you really under compensated?

  9. 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

  10. 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.

  11. 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.

  12. Benchmarks • Contract Compliance • Cost Savings • Automation Initiatives • Formulary Compliance • Inventory Turns • Stock Out Percentages • Budget Variances • Professional Development

  13. Professional Development

  14. 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.

  15. According to Pharmacy Purchasing Outlook’s 2008 Buyer Wage and Task Survey, the average annual salary for a Pharmacy Buyer is… $39,296.00

  16. ISM 2007 Buyer Salary Survey

  17. 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.

  18. 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

  19. 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.

  20. 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.

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