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CNICollege.edu/PharmTech
One solution for employee salary, stock and variable pay.
www.workstreaminc.com
Use Monster's Salary Calculator to Compare Local & Regional Salaries
www.Monster.com
Pharmalink Consulting - The Regulatory Affairs Specialists
www.PharmalinkConsulting.com
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MakanaSolutions.com
Become a Certified Pharmacy Tech! Day & Evening Classes. Accredited.
TopPharmacyTechnicianschools.com
Mercer has the data you need. Visit us and learn more today!
www.imercer.com
Servicing Professionals Nationwide Upgrade Your Pharmacy Career Today!
www.WholeStaff.com
Measure The Effectiveness Of Your Compensation Programs
Lawson.com/Compensation_Mgmt
Knowledge of regulatory environment Helps guide you through procedures
www.baxterbiopharmasolutions.com
Federal and State Minimum Wages Federal Workplace Compliance Poster
www.MarkKnuckles.com
Get industry overviews, financials, exec bios, news and competitor info
www.Hoovers.com
Guide to Pharmaceutical Industry Salary Tools
Get solutions for determining salaries in the pharmaceutical industry
Pharma salary should first coincide with your business objectives as it impacts recruitment, retention and performance. Creating an effective compensation policy will help strengthen your sale force with the hopes of sending your company to new profit heights. Especially in the sales arena, a compensation package should include motivating factors.
While a sales rep in pharmaceuticals in the US can expect to make, on average, $56,425 annually, there are many factors to consider when setting salary, including:
1. Salary for pharmaceutical sales is usually incentive based and includes performance bonuses, commissions or other perks.
2. A good benefits package can add much worth to pharmaceutical salary.
3. Experience counts when setting a pharmaceutics salary.
Action Steps
The best contacts and resources to help you get it done
Research pharmaceutical industry salaries
A number of companies are in the salary survey business with reports available for purchase online. By using salary survey tools to help you factor in location, size of the firm and other considerations, you can come up with an average salary which will help you set base pay.
I recommend:
Browse through salary surveys offered by Vault.com. View the kinds of surveys available from Pearl Meyer & Associates.
Add software to your pharmaceutical industry salary tools
Technology provides solutions to a variety of business-related issues, and salary is no exception. Software can help you set up salary policies, benchmarks for pay raises and other strategies. Most software options are easy to use, but you can usually demo potential software before purchasing.
I recommend:
Incentive compensation management is the key function of a user interface software system offered by Varicent. Request a live demo or free trial of eCompensation software from Halogen Software.
Keep up on news and trends as they relate to pharmaceutical salaries
The pharmaceutical industry is in constant motion. It's important to stay up to date on trends and other information as it relates to finances, thus impacting your capabilities to offer salaries and bonuses.
I recommend:
Sign up for a subscription to BioWorld Today to keep up to date on the financial aspects of the industry and how they can affect your bottom line. Download a demo showing how Lawson Compensation Management can help you award merit pay increases, and download the Aberdeen Report on compensation.
Tips & Tactics
Helpful advice for making the most of this Guide- Bonus structures in pharmaceutical pay vary from company to company. Some companies apply an annual cap to their bonus payouts. Others have unlimited bonuses. In either case, bonuses of usually paid on a quarterly basis and are contingent on the expectation that reps attain or exceed all of their targets or goals.
