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Products & Services Sales and Marketing Sales Management Managing Sales Force Rewards and Recognition

Incentive Compensation in Pharma Sales: Aligning People, Performance and Pay

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ID: 4890


Features:

Metrics, Graphics, Summary Matrix


Pages/Slides: 44


Published: Pre-2014


Delivery Format: Online PDF Document


 

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"Incentive Compensation in Pharma Sales: Aligning People, Performance and Pay"


Study Overview
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.

Sample Metrics
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

Methodology
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.


Industries Profiled:
Pharmaceutical; Biotech; Health Care


Companies Profiled:
Pfizer; Sanofi-aventis; Merck; Novartis; AstraZeneca; GlaxoSmithKline; Bristol-Myers Squibb; Pharmacia (now Pfizer); Janssen

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