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Golden Handcuffs: Learn What Keeps Your Key Pharmacy Employees Awake

Posted by Benjamin Coakley on Wed, Aug 20, 2014 @ 09:17 AM

Pharmacy golden handcuffs planning is a process.  It is important that you understand the processpharmacy golden handcuffs plan and do not skip any steps (this will be the subject of our last blog on this topic).  One of the crucial steps of the process is to understand what keeps your key pharmacy employees awake at night.

Understanding what keeps your key pharmacy employees awake is the foundation of a successful golden handcuffs plan.  The foundation has to be laid (think of your house) before you can successfully build anything.  This is why it is important that this step be completed in a timely manner and thoroughly. So, how do you get this completed?

Like almost everything we do, this involves asking the right questions.  Many owners will try to set up golden handcuffs benefits based on their understanding of the key employees.  This can lead to the employees not understanding how the benefit works because the owner makes a wrong assumption. This means, more times than not, the owner doesn't accomplish what he or she wants.

The following are 3 great examples of questions that you can ask your employees to determine what they truly value:

  1. If you die tonight, what would be your biggest fear? - this should help you understand if your key employee has spent time thinking about how his or her family will survive after his or her death.

  2. What does an ideal day look like for you? - this is designed to determine what is truly important to your key employee.  They typically will tell you how they would spend their time, which is what they value the most.

  3. If the next three years were the best of your life, what would have had to happen? - This will help you understand their goals for the future.

All of these questions can help you determine how to structure the golden handcuffs plan for each key employee.  This is important because the better the benefit meets his or her needs, the more effective it is.  The whole purpose of these types of benefits is to keep your most valuable employees with you for the time frame you determine.  And, as we mentioned in an earlier blog, it is much more cost effective to keep your key employees than to replace them.

Click Here for the  Golden Handcuffs 3 Question Planner

Why do we do what we do?

Our mission is to help independent community pharmacy owners achieve all their goals and dreams, inside, outside and after their life in pharmacy. In doing so, we are helping independent community pharmacies remain independent and thrive for many years to come.

When a pharmacist reaches out to us for information and help, we give them as much free value as possible. In addition to providing educational, self-assessment and strategic planning tools, we invite qualified pharmacists into our formal discovery process.

The first step of the process is completing The Inspired Goals Workshop. This complimentary and private 90-minute session enables us to deliver a free, detailed and personal Inspired Independence Blueprint. The blueprint provides a roadmap for achieving your goals and enables you to fully understand the value of joining The Inspired Independence Program.

If you wish to learn more about any aspect of our work, the free value we offer, or to be considered for The Inspired Goals Workshop, visit our web site at or call 843.873.4420 and ask for Ben or Matt Coakley.

At Waypoint Pharmacist Advisors, we take care of you!

Topics: golden handcuffs planning, key pharmacy employees, employee benefits planning