The EMployee Benefits Spectrum

The Employee Benefits Spectrum is a strategic tool developed by WaypointRx to assist independent community pharmacy owners in evaluating, selecting, and implementing employee benefits. By balancing cost considerations with perceived employee value, this tool empowers pharmacy owners to build competitive, sustainable benefits packages tailored to their business lifecycle.

1. Introduction

Offering employee benefits can impact a pharmacy’s bottom line, but it is essential for attracting and retaining high-quality team members. This section underscores the importance of:

• Selecting the most impactful benefits for your team.
   
• Surveying employees to understand their preferences.
   
• Providing an annual benefits statement to clearly communicate total compensation.
   

2. The Community Pharmacist Lifecycle™

This model helps owners identify their position on the pharmacy business lifecycle—whether they are in a growth phase or planning an exit. This context informs which benefits are appropriate based on business objectives and capacity.

3. Cost Analysis of Benefits

Benefits are categorized by cost, allowing for informed financial planning:

• Low-Cost Options
  (e.g., Paid Time Off, Financial Planning, Team Bonding, Wellness Programs)
   
• High-Cost Options
  (e.g., Group Health Insurance, Childcare, Student Loan Assistance, Parental Leave)
   
• Moderate-Cost Options
  (e.g., Profit Sharing, Dental/Vision, Disability Insurance, Cafeteria Plans)
   

4. Value Analysis of Benefits.

This section evaluates how employees perceive the value of each benefit, helping owners prioritize offerings that yield the highest engagement and satisfaction.

• High-Value Benefits
  (e.g., Group Health Insurance, 401(k), Profit Sharing, Paid Time Off, Financial Planning)
   
• Moderate-to-Low Value Benefits
  (e.g., Team Bonding, Wellness Programs, Childcare)
   

Note: Group health insurance is the most expensive to provide, averaging $6,435 per employee for individual coverage and $18,142 for family coverage, but it ranks among the highest in perceived value.
 

5. Tailored Recommendations

The final section is reserved for a Waypoint Advisor to document personalized benefit recommendations based on:

• Pharmacy lifecycle stage
   
• Staffing structure
   
• Budget capacity
   
• Strategic objectives