Time & Attendance
By Staff Report
Sep. 16, 2011
Turnover among sales reps in the pharmaceutical and biotech industries rose from 10 percent in 2002 to 14 percent in 2003, according to a new analysis by the Hay Group.
It costs about $89,000 to replace a sales rep. In addition, Hay Group says that the higher turnover rates can hurt companies when sales territories are left vacant and sales-rep/doctor relationships are severed.
Different answers for different folks
Big Pharma may not realize why people leave. Hay Group Vice President Bob Davenport says that “the real reasons why employees left does not tend to jibe with what HR reports.” That’s because “individuals don’t like to burn bridges” by saying negative things about their former companies, he says.
In Hay Group’s study, employers say that their exit interviews show that the main reason sales reps quit is because of a better job somewhere else. But Hay’s surveys of sales reps show that the biggest reason is “issues with an immediate manager.”
Davenport says the companies that are effective in their retention programs are often doing three things effectively:
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