Incentive calculations for a Sales Biomedical Engineer

Incentive is not anything but a payment or allowance to excite the greater output or investment or we can say as a thing that stimulates or cheer somebody to do somewhat. All the job scope of the biomedical will receive their incentive according to their work nature, here we have to discuss the incentive calculation of the sales biomedical engineer.

Sales Biomedical Engineer

The incentives are calculated according to the terms and conditions of the organization, it may vary in different companies but generally, most of the companies follow the incentive on the basis of two categories

1. Performance-based incentive

2. Box based incentive

Performance-based incentive

This is nothing but the candidate can generate the revenue of the company by their performance, for example, the management fixed a target to the sales engineer as to generate the revenue around Rs 300000 by selling an ECG machine in one month (cost of one ECG machine is around Rs 25000, so the candidate needs to sell 12 machines, then only the total revenue will equal to the candidate target Rs 300000) if the sales engineer achieved their target or at least achieve 80 % of the target, then the company will give 5% to 10 % of the cost of the product as an incentive.

Box based incentive

The management team will fix the target according to the number of machines sold out, it is not based on the revenue generated, and this box based incentive is suitable for the major equipment like CT scan machine or MRI scan machine, etc. They fix the target as the need to sell one machine in one month, if the candidate achieves their target then the incentive will be based on the coast of one product. (MRI machine price is around 4 Crore, once the sales engineer sold one machine in the required time, then 5% to 10% of the 4 Crore will give as an incentive)

Incentives may be given to the candidate according to the terms and conditions of the company, if the terms and conditions got satisfied, then the incentive will be given as

1. Monthly based incentive or

2. Quarterly based incentive or

3. Half-yearly based incentive or

4. Yearly based incentive

Apart from this incentive, the sales

engineer can claim their travel, food, and hospitality allowance every month by submitting the required documents like hospitality bills, travel tickets, etc.