Medical Sales Jobs: Salary and Commission Packages
Here’s an interesting article from The Ladders on Negotiating a Bigger Sales Package. It includes definitions of eight types of sales and/or commission packages, discussions of the pros and cons of each, and negotiating tips for improving your deal:
Straight commission – just like it sounds…you get paid for what you sell
Variable commission – commission varies according to size of sale, new accounts, or other circumstances
Draw against commission – sort of a loan that you might utilize in the beginning of your position or sales cycle
Advance against commission – like a draw, but more of an occasional event
Base plus commission – base salary that doesn’t change, plus commissions off your sales
Salary – straight pay, no matter how much you sell
Salary plus bonus - salary plus one-time bonuses, as you meet certain requirements or at the company’s discretion
Residual commission – keeps paying even after you move on
Sales jobs include as wide a variety of pay structures as there are things to sell, and knowing how to navigate and negotiate your way through will benefit you in the long run. Medical sales (including laboratory sales, biotechnology sales, clinical diagnostics sales, imaging sales, pathology sales, medical device sales, hospital equipment sales, and pharmaceutical sales), however, don’t have a lot of wiggle room in pay structure. Base plus commission is standard, and desirable. Straight commission is not as good (I think) because that means that the company isn’t investing in you–it’s more of a sink-or-swim situation. There are never residual commissions. Base pay plus bonuses are more often found in marketing arenas.
You can’t negotiate commissions in medical sales. More common areas to maneuver in would be in company cars, trips, and other extras, sometimes in one-off deals. Your recruiter can help smooth those kinds of discussions with the hiring company, giving you advice, feedback, and a realistic idea of what you can expect. If you’re not working with one, I hope you take time to learn how to be a top-level candidate–both to attract the best jobs and work with the hiring company to get the best deal possible.
Written by Peggy McKee - the medical sales recruiter
Get top medical sales candidates at PHC Consulting
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