You’ve been in sales for a few years, have found your footing, and are ready for a new and exciting career change. As you journey into entry-level medical sales, you’ll find there is an overwhelming number of possibilities.
Mixed in is one major decision you’ll need to make: do you want to work for a large or small company?
Many entry-level medical sales job seekers immediately think the bigger the company, the higher the paycheck. However, our 2018 8th Annual Medical Sales Salary Report revealed companies of all sizes are offering impressive total compensation, including both salaries and commissions/bonuses.
Beyond the potential income, it’s also crucial to consider the varying perks and benefits that companies of all sizes can offer you. While each one is unique, no matter the size, there are a few things you need to consider before making an informed decision between large and small medical sales companies.
The salary gap isn’t that wide
It’s true, large medical sales companies (1,000+ full-time employees) offer the highest total income potential. According to our report, in fact, they earn an average total compensation of $155,249.
That’s undoubtedly an impressive number.
However, small companies are holding their own in the salary war at $137,232 average total compensation. Additionally, our data shows smaller companies offer just only approximately $2,000 less, on average, in base salary pay than larger companies.
With the numbers being so close, it’s important to not base your decision solely on the fact that larger companies offer a higher income potential. Instead, dig deeper into how well your passions align with the company’s, if their benefits meet your needs, and if their perks and culture match your personality.
Once you have all this down, start fine-tuning your negotiation skills to reach the salary and commission structure you deserve.
Money isn’t everything
Medical sales reps are a determined group of people. But according to our previously mentioned report, work isn’t the only driving force behind their passions. In fact, 60 percent of our medical sales respondents said work-life balance is more important than money.
In fact, work-life balance is becoming more and more popular in workplaces of all sizes. However, you must understand what type of work-life balance will allow you to live the best life possible.
For example, a larger company may not have ample room for every single sales rep. This could mean working from home a few days a week or only coming into the office for team meetings.
A smaller company, on the other hand, might allow for deeper personal connections. So, if you need to leave early to pick up the kids, or need an altered schedule to deal with an emergency, this family-like atmosphere will be more likely to cater to those needs.
Find your part in the action
As an entry-level medical sales job seeker, you’ll find excitement anywhere you go in this field. Before jumping into a role, though, take time to decide what type of role you want to play in a company.
Larger companies have many different options, but because they have a systematic structure, you’ll have a very specific role. This allows you to perfect one skill set, especially if you’re looking to focus solely on the sales aspect of the role.
At a smaller company, however, you may end up wearing various hats. In this type of environment, you have the opportunity to let your entrepreneurial spirit shine and be even closer to the action and end results.
Regardless of what you decide, remember the most important part of your job search is finding your passion. Being an entry-level medical sales job seeker isn’t easy, but once you find your spot, the results are endlessly rewarding.
What differences have you noticed between large and small medical sales companies? Let us know!