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Sales and Marketing » Sales Management » Managing Sales Force » Rewards and Recognition
Metrics, Graphics, Summary Matrix
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"Incentive Compensation in Pharma Sales: Aligning People, Performance and Pay"
An effective incentive compensation plan for sales people is crucial for motivating and maintaining a successful sales force. This 44-slide presentation focuses on how leading pharmaceutical and biotech company leaders such as Pfizer and GlaxoSmithKline structure and implement incentive programs. It is designed to assist other pharma and biotech executives in designing their own programs with the right mix of metrics, monetary and non-monetary rewards, fairness, timing and motivational power. It can also provide a framework and incentive areas to consider to those outside the pharma industry.
Key Topic Areas
· Monetary and Non-Monetary Rewards: Examples from Pfizer and GlaxoSmithKline
· Mentor Programs
· Flexible Work Schedules
· Incentive Pay for Specialist Physicians
· Uncapped Incentives
· Territory Optimization: Balancing Relationship Depth with Market Change
· Enhancing Perceptions of Fairness
· Quota Setting Process
· Product Weighting and Detail Order
· Portfolio Kicker for Reaching Quota on all Portfolio Products
· Incentives and Performance Metrics
· Promoting Teamwork
Sample Key Findings
· Companies are moving away from “entitlement” cultures including across-the-board pay increases to more individual, pay-for-performance merit pay raises.
· Higher level, more experienced reps hit their bonus targets at much higher rates than entry-level reps – showing the value of experience in performing above expectations.
· An increasing percentage of companies reset quotas more than annually to offset their inability to forecast market and sales performance with high degrees of accuracy.
· Bonus percentages above targets segmented by experience levels
· Percent of companies using prescription and sales data as quota-setting factors
· Percent of companies using multi-variable Incentives
· Percentage of performance targets reps must hit to receive a bonus
· Frequency of distributing rewards
· Percent of companies using teamwork in incentive pay
· Percent of incentive plans focusing on specialist physicians
· Percentage of companies with uncapped incentive plans
This research was conducted on behalf of a client and studies mirrored sales organizations in nine pharma and biotech companies in 2000. Additional data was based on a 1999 survey by the Hay Group involving 75 pharma, biotech and oncology companies.
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