The secret to a great job offer just got more complicated. It's not all about a great salary. It’s now apparent that while money can buy employees’ happiness, it can’t buy their loyalty.
Our 2016 Best Places to Work Survey asked 1,400 medical sales professionals what they valued most about their employer and how satisfied they are at their current jobs. It’s not a huge surprise that there was a correlation between higher compensation and job satisfaction.
What’s interesting, however, is that compensation was not what reps loved most about their job. In fact, only six percent of surveyed medical sales reps listed money as the thing that kept them with their current job. That means competitive salaries aren’t preventing high turnover rates. The survey also found that 47 percent of respondents might leave their job this year.
Something besides money is driving sales reps’ decisions to either stay or leave their current company. Here are three factors they are looking for in new career opportunities:
One of the reasons we traditionally think that a well-paid employee is a happy, engaged employee is that we also assume that our employees know that they are well-paid. Often, that is not the case.
A 2016 survey of 71,000 employees by PayScale found that while 73 percent of employers think their workforce is well-compensated, only 36 percent of employees agree. Part of the reason behind this discrepancy is a lack of open and honest discussion about pay. But transparency is something employees value and want from an employer. In fact, 82 percent of employees would be satisfied with a lower salary as long as the organization was honest about the reason why.
Know that the desire for openness extends beyond money; employees want honesty when it comes to every aspect of their job and the organization. In fact, a 2015 15Five survey found that 81 percent of employees would rather join a company that values open communication than one offering trendy benefits like free food and gym memberships.
Be open and honest with candidates from the earliest opportunity. Give accurate, up-to-date job descriptions and expectations for the position. Don’t just list a position’s salary range in the job description, but also be clear about what determines where a candidate might fall in that range. As the hiring process continues, show candidates that you not only welcome, but encourage their questions and concerns.
Leadership can have a profound impact on employees. Data released by Virgin Pulse found that nearly 60 percent of the more than 1,000 full-time employees surveyed said their boss positively affected their focus and productivity at work. Furthermore, 44 percent said their relationship with their employer helped their stress levels.
But when there’s a bad captain at the helm of an organization, sales reps will be quick to jump ship. Our survey found that leadership was the number one thing they hated about their job.
Focus on building strong leadership in your organization. Then showcase that to candidates. A 2015 LinkedIn survey found that the most important part of the interview process for 53 percent of candidates was to talk to their future manager. Make sure that continues throughout the hiring process so that potential sales reps can learn about the managerial style and what it would be like to work under those leaders.
Providing a sense of purpose through sales reps’ work is one of the best ways to attract and keep them around. Our MedReps survey found two of the top three things respondents loved most involved finding meaning in their job. Number one was their relationships with providers and patients, and number three was the ability to make an impact.
Unfortunately, for employers, that sense of purpose is connected to the job, not necessarily the company where the work is performed. For 57 percent of employees surveyed by Achievers, there was little motivation to be found in their company’s mission statement. If you truly want engaged and happy sales reps, your company must complement the meaning they find in their daily work.
Do that by showing clear ties between your organization’s values and mission and how that would be reflected in a candidate’s work. Be clear in explaining how the company supports and helps them make an impact. That way a connection will begin to form between the joy they get from the job and the organization as a whole.
When it comes to attracting and hiring the best medical sales reps, offering a competitive salary is just a small part. You have to also understand the unique needs and desires of the candidates, even if those things are more abstract benefits. Once you highlight your organization’s openness, leadership, and purpose, the talent will follow.
What are some other aspects of a job offer that matter to sales reps more than money? Share in the comments below!
About the author:
Robyn Melhuish is the Communications Manager at MedReps.com, a job board which gives members access to the most sought after medical sales jobs and pharmaceutical sales jobs on the Web. Connect with Robyn and MedReps.com on Facebook, Twitter, and LinkedIn.