“…the company goes
above and beyond to make sure each employee has the resources they need in
order to succeed.” — CONMED employee
This is a common sentiment from medical sales reps in this year’s Best Places to Work report. These passionate pros aren’t just satisfied with high pay and
opportunities for growth. Their satisfaction and love for their companies goes
much deeper — and it shows.
In fact, our research revealed an almost 50 percent decrease in reps who
are looking for a new job this year. So, what’s the catch?
Here’s how medical sales employees say their companies are going above and
beyond to make them stay happy and dedicated:
Going beyond the paycheck
An impressive 76 percent of sales reps are very or somewhat satisfied with
their jobs. That’s an incredible 50 percent jump since 2003. So, even though
high pay remains a lively source for job satisfaction, the best medical sales
companies are diving further into employees’ needs and passions.
In fact, 76 percent said work-life balance is the most important value in
an employer and 44 percent said a strong product line is most important.
Companies focusing on improving product lines and employees’ overall lives are
equipping their sales teams with even more passion and drive to be successful
in the field.
Strong relationships are motivation
Medical sales reps spend long hours alone on the road, but that doesn’t
stop them from wanting to be part of a solid team. In fact, 54 percent said
team building and collaboration is the most important value in an employer.
Additionally, 31 percent said coaching and mentorship opportunities are a
reason for high job satisfaction.
In a high-stress job, like medical sales, employees want to know they have
a strong support system.
Teleflex, one of the number one overall best places to work, encourages
employees to work together.
One employee said, “Everybody truly works as a team. It shows in the
quality and character of all.”
Going above and beyond to help
Many reps started their journey in this field to help others. Working for a
company without that same passion won’t leave these pros satisfied at work.
Coming in third for most important values in an employer, 22 percent of
employees said they need a company that’s socially responsible.
Johnson and Johnson, topping the Best Places to Work charts yet again,
practices what they preach — and employees are noticing.
“J&J operates under its famous Credo which puts the lives of patients,
employees, and community first,” one Johnson and Johnson employee said.
Perks keep them driven
It isn’t all about passion and drive. Employees need to know their company
values them, and they’re looking to perks and benefits for proof. In both their
professional and personal lives, perks have increased in popularity with
employees, according to our 2017 Medical Sales Salary report.
Topping the charts is health benefits with 87 percent of employees saying
they’re an important perk. Close behind is a 401k with matching (80 percent)
and an expense account (74 percent).
Areas for improvement
The majority of reps are satisfied in their roles but there’s still work to
do. Underlying issues shine through in our Medical Sales Salary report.
Diversity and pay gaps still suffer
Minorities still lack representation and equal pay in medical sales. The
majority of total respondents in the Medical Sales Salary report identified as
White/Caucasian (87 percent). Hispanic and African American professionals made
up just 4.4 percent and 3.9 percent of respondents, respectively.
This astoundingly low diversity isn’t just hurting company morale, it’s
affecting how well reps connect with customers. Increased diversity makes room
for customers from different races, ethnicities, and backgrounds to build
deeper, more meaningful relationships.
Women aren’t only outnumbered — only 30 percent of respondents identified
as women — they also earn significantly less than men. They make just 83
percent of men’s average total compensation.
There’s no room for a pay gap anymore. Companies are losing quality
candidates and employees to unequal base pay and commission. Some women are
satisfied in their roles, but the looming issue of pay causes them to leave for
a position where they feel valued and equal to their peers.
Medical sales salary satisfaction
The impact of a high salary on medical sales reps can’t be argued. In fact,
81 percent of respondents feel competitive compensation is the reason they have
high job satisfaction. Our report found, on average, reps earn $147,424, with
an average base of $95,791, and an average bonus of $53,405.
After breaking it down by category, we found it isn’t just about how
talented a rep is, but also the product they’re selling. Reps selling health
IT/software are the top earners, making an average of $176,012 in total
compensation. And those selling biotechnology and medical or surgical devices
are a close second and third, earning an average of $162,544 and $159,130,
respectively, in total compensation.
These six-digit salaries clearly correlated with the highest number of
respondents who are satisfied due to competitive compensation.
But satisfaction tied to compensation can only go so far. Most medical
sales companies understand the importance of impressive salaries and commission
packages, so the competition in this area is high.
Companies focusing solely on compensation as the only factor motivating
employees to come on board and stay with their companies will lose out. It’s
those that can develop strong ties to employees’ passions and add value to
their work and home life that find and keep top quality reps.
With job satisfaction at a high and the number of medical sales reps
looking for new jobs dropping, now is the time to ramp up your recruiting
efforts. Having a team of established reps who are happy in their careers
creates a positive company culture and opens up a world of opportunity for new,
impressionable reps.
