Salary cap

[drjjohn1]

Can anyone speak to what (if any) salary cap there is at the two big retail chains. Also what are the yearly raises like (1,2,3%?). I am moving into my fourth year APPEs, and would like to know if it would be financially beneficial to apply for a retail job. I have some friends that just graduated and are working so I know how much they are getting paid, just looking for salary cap and raise information.

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[Dred Pirate]

I cannot comment on chains - but to get a very rough idea - look at local hospital job postings - at the end of the add, most will have a min and max (or min and mid point) and that will give you an idea of what a pharmacist with 20+ years of experience will get you. If a Rph is "doing good" and "on the right path" they should hit midpoint with 10 years experience and max out around 20 or so (obviously have to factor in average raises as well) - over the past 10 years our average raises have been ~2.5-4% or so - with the lower end recently.

 

[ChalupaBatman86]

As a new grad I would ask about starting pay, not the amount where it maxes out.

 

[Lnsean]

As a new grad I would ask about starting pay, not the amount where it maxes out.

Kids these days...

 

[Amicable Angora]

I would argue knowing both the starting and the max pay are equally important.

 

[ChalupaBatman86]

It will take at least 5 years to hit the max and during that time it will change. Not relevant to a new grad. And the people who know the max are not going to post it here.

 

[Dred Pirate]

It will take at least 5 years to hit the max and during that time it will change. Not relevant to a new grad. And the people who know the max are not going to post it here.

5 years is awful generous - unless you sure don't have much spread

 

[Amicable Angora]

What if the person wants to know what the cap is because he may change specialties or fields? What if he starts planning on going back to school for an MBA after hitting the cap (then you need to know) to get into management?

 

[Dred Pirate]

What if the person wants to know what the cap is because he may change specialties or fields? What if he starts planning on going back to school for an MBA after hitting the cap (then you need to know) to get into management?

if you asked about the cap when I was interviewing you - you would take major negative points - just sounds tacky - you should be smart enough to get a rough estimate by looking at what they offer you

 

[Amicable Angora]

if you asked about the cap when I was interviewing you - you would take major negative points - just sounds tacky - you should be smart enough to get a rough estimate by looking at what they offer you

The op is asking on a forum I'm not talking about asking during an interview.

 

[Dred Pirate]

The op is asking on a forum I'm not talking about asking during an interview.

ya - but your original statment just makes zero sense in the real world scheme of things

 

[Amicable Angora]

ya - but your original statment just makes zero sense in the real world scheme of things

Not true, people don't jump into medical school, for example, because they are hoping to make the starting salary. Everyone asks for min and max ranges for all professions.

 

[ldiot]

Is the cap chain-wide or does it vary region to region I wonder? I've heard of over 70 dollars... I've even seen people claiming close to 80... starting at 55 I don't see how anyone could be at 70 in 5 years unless they are one of those PICs who is relocated every year to rebuild problem stores

As far as raises it depends mostly on your evaluation. If you get a 3/5 which is average you can expect to at least match inflation. I believe if you get a 2/5 or worse 2 consecutive years you are fired, and 4/5 and 5/5 will be pretty nice raises.

 

[drjjohn1]

You are fired if you receive two consecutive 2/5 evaluations? Can anyone confirm this?
I was just curious with the salary cap, because as a previous poster had mentioned, if a person is hired at 55/hr and works 15-20 years, and just gets 2% raises a year, will be at 75$ in 15 years and >80/hr at 20 years. After 25 years, with regular yearly 2% raises you would be making 90/hr. If someone plans to make retail their career, then working for the same company for 20-30 years is not unreasonable. I was reading somewhere that it does cap, and every year after the cap in lieu of a raise you would get a 2-3% salary bonus paid as a lump sum? So any actual insight as to what the salary cap is?

 

[txpharmguy]

My raise last year was 0.5%

 

[Dred Pirate]

You are fired if you receive two consecutive 2/5 evaluations? Can anyone confirm this?
I was just curious with the salary cap, because as a previous poster had mentioned, if a person is hired at 55/hr and works 15-20 years, and just gets 2% raises a year, will be at 75$ in 15 years and >80/hr at 20 years. After 25 years, with regular yearly 2% raises you would be making 90/hr. If someone plans to make retail their career, then working for the same company for 20-30 years is not unreasonable. I was reading somewhere that it does cap, and every year after the cap in lieu of a raise you would get a 2-3% salary bonus paid as a lump sum? So any actual insight as to what the salary cap is?

the cap rises - but not every year (I can only speak of my hospital) - our cap is around 70 for a staff Rph - higher for managers, etc.

 

[PumpkinSmasher]

I am in ambulatiry care. Our cap for staff and clinical pharmacists is ~68 right now I believe.

 

[Rukn]

Is the cap chain-wide or does it vary region to region I wonder? I've heard of over 70 dollars... I've even seen people claiming close to 80... starting at 55 I don't see how anyone could be at 70 in 5 years unless they are one of those PICs who is relocated every year to rebuild problem stores

As far as raises it depends mostly on your evaluation. If you get a 3/5 which is average you can expect to at least match inflation. I believe if you get a 2/5 or worse 2 consecutive years you are fired, and 4/5 and 5/5 will be pretty nice raises.

I think those rates above 70 are top CVS PICs or pharmacists out in Cali

 

[6GodPharm]

I think those rates above 70 are top CVS PICs or pharmacists out in Cali

Yeah, I don't think many outside of Cali are pulling in over $70. When I went from staff to RX manager I got a raise into the $70's. I'm in Cali.

 

[Old Timer]

At least at CVS, the cap varies from market to market and changes yearly. I was capped in 2013 and have not been capped since. I got raises in 2o14 (1.25%) , 2015 (3%) and 2016 (2.5%). And my performance for the 2016 raise was better than the 2015 raise and yet the increase was lower as a percentage. So it varies from year to year.

 

[doublehh03]

I was capped this past eval at CVS. Let's hope that changes this year.

 

[ericn2k3]

At least at CVS, the cap varies from market to market and changes yearly. I was capped in 2013 and have not been capped since. I got raises in 2o14 (1.25%) , 2015 (3%) and 2016 (2.5%). And my performance for the 2016 raise was better than the 2015 raise and yet the increase was lower as a percentage. So it varies from year to year.

CVS annual review are happening. Just curious what the actual cap was even for 2013 in your area.

 

[BidingMyTime]

Who knows? It changes every year. Certainly caps are going to vary by area. Figure out what the average in your area is, then subtract 25% for the starting pay and add 25% for the cap, and you probably won't be too far off.

 

[Chodronfan]

8 years chain pharmacy haven't had a cap yet

 

[doublehh03]

Who knows? It changes every year. Certainly caps are going to vary by area. Figure out what the average in your area is, then subtract 25% for the starting pay and add 25% for the cap, and you probably won't be too far off.

Caps vary not only by areas and regions, but also store volumes. The cap for a 24 hour volume (and there are different volumes) would be higher than a non-24 hour volume for instance.