Biotech & Pharmaceutical Sales Compensation Survey
How does your sales compensation program compare to the industry?
The biotech and pharmaceutical sector is poised for significant growth, with a forecasted expansion of 14% in 2024, propelled by continuous innovation, robust R&D initiatives, breakthrough therapies and a growing demand for healthcare solutions.
Alexander Group Sales Compensation Trends Survey, which collected data from over 25 biotech and pharmaceutical companies, offers critical insights that could impact your sales compensation plans for the coming year.
Key takeaways
Employee Retention
Employee turnover is expected to fall to 10% in 2024, from 14% in 2022
Compensation Cost
Total compensation cost is expected to increase 4.5% in 2024, rising at a faster pace than previous years
Plan Effectiveness
Only 19% of companies rate their plans as highly effective, and 89% are making changes to their plans in 2024
Sales Effectiveness
Over half of sellers achieved their quota and target incentive in 2023, and more are predicted to do so in 2024
Plan Changes
The most common plan changes include measures, measure weights, ramps, accelerators, payout curves and crediting rules
AI Uptake
More than a quarter of companies are adopting AI solutions to transform sales compensation processes, drive efficiencies and deliver insights
Maximize Profitability with Proven Sales Comp Strategies
By understanding and acting on these trends, you can reevaluate your sales compensation plan, design and manage effective and efficient sales compensation programs that support your growth and profitability goals.
Schedule a complimentary readout today to learn more about these trends and how they can help you improve your sales performance and profitability.
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