A survey of 35,000 life science, medical device, diagnostic, and pharmaceutical sales reps, and managers was conducted by Connexis Search Group to learn how COVID-19 impacts their careers.
Respondents service physicians, hospitals, academia, biotech/pharma, and industrial industries. 70% of those surveyed said that they would consider changing jobs in this current job climate brought on by the virus. Here are the main reasons sales professionals may soon be looking for work elsewhere and why 61% are actively involved in a job search.
Limited Access to Customers
89% said that COVID-19 had affected their ability to perform their jobs. 28% suffer from an overall lack of business opportunities, while 34% reported that they don't expect to be able to call on customers for at least another six weeks. While not making in-person sales calls, 37% participate in company conference calls, 29% prospecting by telephone, 19% are involved in training, and 15% are enjoying some time off. These activities are beneficial for staying in the game, but this amount of downtime is making sales could be long-term detrimental. And many are beginning to feel it.
Most of the businesses that sales reps might call on have now increased scrutiny on visitors. Hospitals and other customers are using gatekeepers with coronavirus as an excuse-making it harder for reps to get on floors. When they are allowed in, it's at the customer's request, so cold-calling is out of the question. Social distancing and the need to wear a mask make in-person selling difficult. The handshake, so important to sales, absolutely cannot happen.
Market Uncertainties
32% reported feeling uncertain about the market they currently work in. Not knowing the future of COVID-19 outbreaks, companies might be wary of having a full-time sales force only to either lay them off or have them contact customers strictly by phone.
Some anticipate their clients will be busier with patients and have less time to meet with sales professionals. They may also be uncomfortable seeing reps regularly when interacting with patients. Some institutions are closing their doors to vendors, so changing to a different market may be the safest option.
79% expect lasting changes in how they sell products due to the corona virus. With that in mind, a different market may be more receptive to this new reality. When asked which industries might be more stable, responses varied. Some said it's more about the company itself being stable rather than the industry. Others thought healthcare and technology would continue to be solid.
Inability to Effectively Handle a Crisis
The inability of companies to maneuver calmly through this crisis has many considering leaving those employers behind. Of those surveyed, 21% said the businesses they worked in lacked company-wide initiatives to combat the changes brought on by the coronavirus. 18% wish that their respective companies would have focused more on taking care of their employees during this time and not been so heavily concerned with the bottom line. Another 18% would have liked to see better planning for the future on the part of their employers.
14% long for better communication from higher-ups, and 12% desire better leadership. The lack of ability to adjust during changing times has many wanting more security.
Financial Instability
21% are concerned that their companies are not financially secure. 41% said companies are laying-off employees with no plans to rehire. 38% reported that salaries are unfortunately being reduced for existing employees. Budget cuts are a worry all across the board. Some feel that uncertainty about COVID-19 outbreaks will cause wariness on businesses' part to retain full sales staff. Loss of sales will probably require organizational changes causing companies to run leaner shortly.
For those who call on small businesses and individuals, there is mounting concern that those clients will struggle financially. With limited capital available, customers may not be able to buy as many products or pay associated costs. When doctors see fewer patients, they have less to spend on new products.
Job stability and income are the most important things for most of the employees we surveyed. Only 23% expect an income greater than $180 000 for 2020. 70% reported that they would make less in 2020 than they did in 2019. What industry they work in only matters to 4%, so changing jobs is the best way to handle things.
See the full survey to learn more.