What is the Average Salary of Medical Representative in India (Pharmaceutical Marketing)?
Also in the survey 66 percent of medical representatives disagree to the fact that the salary increment per year should be based on increase in sale of a specific territory because this concept has a assumption that for every sales fluctuations medical representative is responsible considering other constrains aside. Indirectly on the other side performance based incentives can provide additional benefits that motivate them to work better and earn more.
Furthermore it is also interesting to note that survey found that beside the considerable salary structure for medical representative, around 60 percent of them always feel hard pressed for money and 30 percent feels sometimes. It indicates that overall expense for medical representative is more as compare to any other employee working.
Therefore researcher suggest that beside fixed salary and increment Pharmaceutical Companies. Should implement performance based incentive policy so as to increase the work efficacy and moral of medical representative.
Also there are various factors that have a due importance and needed as a strategic approach towards motivating employee through remuneration are as,
Table No. 6.3:
2Performance based incentives
5Leave travel assistance
7Yearly free medical check up
The Table No. 6.3 is the abstract of the question that has been asked during survey, as to arrange the seven factors as per to their preferential order with respect to their individual experience. Therefore the analysis of the table reveals that retirement benefits has rated with high score, the reason could be that increasing competition results into job insecurity, and also performance based incentive scheme stands at second position because of money motive works better in this pharmaceutical field.
Therefore retirements benefits and performance-based incentives can find the best strategies to increase the sales force effectiveness. Hence it is suggested that Pharmaceutical Companies, should provide performance-linked incentives to increase sale force effectiveness.