Pharmaceutical sales salary varies as widely as the list of different pharmaceutical products on the market. So how do you set appropriate salaries? There are a number of resources you can access to help you with the task of setting competitive salaries but also sticking to your bottom line.
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.
Research pharmaceutical industry salariesA 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.
Add software to your pharmaceutical industry salary toolsTechnology 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.
Keep up on news and trends as they relate to pharmaceutical salariesThe 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.
- 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.