Given the high standards of people employed in medical sales, you might expect that it is challenging for employers to provide them with the best employee benefits.
According to our 2021 Best Places to Work survey, 80% value work-life balance, another 80% require compensation and robust benefits, 60% want promotions to happen from within the company, and 53% demand honesty and trustworthiness in corporate leadership.
But even with that high bar, employers in this industry do not disappoint. The employee satisfaction rate in medical sales is sky-high.
Here’s how the best employee benefits in the business allow companies to become superstar employers:
Medical sales reps trust their employers
The pandemic proved to sales reps that their company had their back. In the Best Places to Work survey, the average rating for how employers handled the COVID-19 crisis was 8.7 out of 10.
Participants from several companies explained that part of what made them feel secure throughout the crisis was that leaders were engaged, had calls with employees almost every day to check in, and made sure they cared for all their people and their families.
Many also remarked that leadership took a pay cut to reduce the impact on employees and keep their income as stable as possible.
In addition, the percentage of recipients increased from last year for all benefits we asked about in our annual Medical Sales Salary survey. Now, more sales reps receive flex-time (22%), unlimited PTO (11%), backup care (10%), and on-site health services (7%).
Without a doubt, the support of leadership and employee benefits prove that medical sales rep employers are trustworthy.
Employers listen to the needs of their staff
The increase in each of the best employee benefits also proves that employers know what medical sales reps want. They especially acknowledge that employees’ needs exist beyond the confines of the workplace and the workday.
For example, employers understand that everyone has a busy life and that using extra PTO to travel for an appointment is a burden. Therefore, 31% in our salary survey said their company offers telehealth services. They’ll even provide healthy living credits (received by 26% of respondents) to reward employees for prioritizing wellness even when it’s challenging to do so.
80% of respondents to the Best Places to Work survey said they value work-life balance most in their company culture. As a result, many employers focus their benefits on family life to help minimize those stressors.
42% of our survey participants received paternity leave, 28% adoption assistance, and 5% on-site daycare. And, because fur babies are always part of the family, 19% got pet insurance through work, and 2% said their in-person workplaces were pet friendly.
Reps feel financially secure
When we surveyed medical sales reps in March of 2020, 81% said they anticipated the pandemic would negatively impact their salary. However, the 2021 data demonstrates that only 22% of respondents earned less in 2020 than in 2019.
The best employee benefits that help sales reps’ finances include investment structures, like a 401(k) (84%) and stock options (45%). Furthermore, most employers provide for their reps with expense accounts (75%) and health insurance (89%). Some even include profit sharing(13%)!
But perhaps most significant are the ways companies cover ample travel time. The highest-earning reps spend half of their time on the road, so it’s no shock that employers recognize that offering a company car (40%), a car allowance (47%), and gas reimbursement (47%) is a must.
The other component to their financial security is the consistent increases in income. Year after year, the average base earnings get a boost. Our most recent data indicates that the average base salary for a medical sales rep is $104,649, and that doesn’t even include commissions!
It’s no wonder as many as 78% are somewhat or very satisfied with their income.
Sales reps plan to continue working for their company
Overall, 82% of salary survey respondents told us they are somewhat or very satisfied with their job. A total of 69% said they’re very unlikely to leave their job in the next year, and another 16% say it is somewhat unlikely. That’s huge. For comparison, Microsoft’s Work Trend Index indicates that over 40% of the global workforce is thinking about leaving their employer this year.
A component that may be inspiring this retention is the advancement opportunity available with current employers. After all, the 2021 Best Places to Work data reveals that 60% of respondents valued employee recognition via promotion within the company.
Benefits like tuition assistance (39%) and mentorship programs (13%) commit to that professional development. In addition, they prove to employees that their company wants them to succeed, is willing to invest in them, and supports their ambitions and growth.
