Publisher’s Letter
Compensation. And Beyond.
CARI KRAFT
As usual, I’m very proud to present the Jacobs Management Group’s Annual Compensation Survey in this issue. In very uncertain times (and these are more uncertain than most), we all like to measure our performance, and this is done on several levels. How are we doing compared to the colleagues immediately around us? How is our advancement based on the expectations we have had? And, finally, what does our career look like in the general context of the industry? We hope the snapshots in our charts help provide some answers, at least for that last question.
As we mention in the article, there are many influences pulling in different directions: policy changes, transformative technologies, value-based pricing and how companies are instituting patient-centric approaches. Still, we see growth both on the company and the compensation level. Questions remain about the “why” of various vectors. Both sales and marketing position turnover was even greater in 2017 than in 2016. Medical device reps are more highly rewarded than those in pharma and bio. Sales and marketing force sizes continue to grow at a healthy pace. Why? The answers are complex, due to many influences. Perhaps the most concerning data are those around poor hiring decisions. There are many unfilled positions, and even where seats are occupied there are numerous mis-hires. This represents a major cost to companies, both in direct financial terms and in lost opportunities and wasted time. The industry needs to improve its reliance on the wisdom of recruitment experts. An equally important factor is the “beyond” aspect of compensation. As you can see from another article in our ongoing series, “Why I Work in Healthcare,” there is a lot that drives us beyond salary, bonuses and benefits. The messages in these photos tell a powerful story. This is the area that continues to inspire us, as we engage with people all over healthcare who truly devote a lot of passion and care to the work we do. And always, please keep the feedback coming. It all goes to making the magazine better for all of us.
Cari Kraft, Publisher
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HS&M FEBRUARY/MARCH 2018| 4
