You’ve probably heard a lot about what certain industries are doing wrong these days. From failing to hire the right employees to bad management techniques, unemployment can stem more from what an industry does wrong, as opposed to solely blaming it on a bad economy. With a national unemployment rate of 7.2 percent, many industries still have a long way to go before high unemployment rates are a thing of the past.
But what about industries that are doing it right? What about those niches that have beaten the odds and are still seeing areas of growth — especially in a time when all you hear about is the opposite? It may sound out of the ordinary, but there are industries that are doing well. After suffering through the recession, and more recently, weathering concerns about the Affordable Care Act, unemployment in medical sales appears to be decreasing — overall job growth in healthcare is trending upward.
Across the country, overall job growth for medical sales is trending upward. So, what is medical sales doing right in terms of keeping employees on board and reducing that unemployment number — and what lessons can other industries take away from it?
First things first: A career in medical sales offers competitive compensation. With an average total income of $133,654, medical sales professionals are some of the highest earners in the healthcare industry. Plus, a career in medical sales typically comes with incentives like commissions, another added bonus to the industry.
How this reduces unemployment: Money talks! It’s hard to walk away from a profession that not only takes care of its employees financially, but also offers a playing field where they can make more based on performance.
Room for growth
If you want to be a competitive employer, you have to offer your employees more than just attractive offers for today. You have to make them want to stay for tomorrow, too. A career in medical sales does just that: Income steadily rises as the years of experience increase and you don’t have to be in the game for years to make money. In fact, income increases significantly between the 20 to 30 and 31 to 40 age groups.
How this reduces unemployment: Professionals want to be in a career that can offer them more down the road, especially as their cost of living increases or for when they start a family. Being in an industry which offers them room for growth, both monetarily and professionally, are great reasons to stick around.
Varying job duties
It’s never a dull moment in the medical sales industry. You may have a firm grasp at selling biotech products, you could be leading C-suite meetings, or you may even be in the operating room with a doctor talking about products. At any given time, you may be asked to travel across country to meet with a new client or check out a new commodity that just came on the market. Medical sales is a whirlwind of job duties, keeping you on your toes and making you want to be in the field.
How this reduces unemployment: Varying duties means there’s more to do than an average job, increasing engagement and room for growth. Plus, with more chances for advancement comes less chances your employee will bail due to lack of fulfillment.
The medical sales profession is filled with innovation and advancement. There’s always something new going on, whether it’s a breakthrough medical device or a test which can help save lives. So, if healthcare innovation is always occurring, companies can expand their operations, have higher than average revenue streams, and are more attractive to current and future employees.
How this reduces unemployment: More growth means more jobs. More jobs means bigger opportunities for your current workers and open spots for newcomers. The combination of these keeps the unemployment rate for medical sales low because there’s always favorable circumstances for your employees.
If you’re looking to improve the current employment rate in your niche, take a look at what medical sales can teach you. Competitive salaries, room for growth, varying job duties, and innovation are all ways you can improve the current state of your organization, as well as reduce employee turnover and unemployment in the long-run.
What do you think? Do you think the lessons from the medical sales industry can help you to reduce unemployment?