For what its worth, there's something else your'e missing:
Repute.
Medals are awarded for bravery under fire, courageous action and all that, and while a mercs motivations aren't the same as a regular soldier as Kaladorn has pointed out, he has seriously missed the mark on one respect - niether are they accountants. They are professional soldiers.
The only movies - an easy reference for all- that I have seen that really reflects this ( in my experience, there are likely others out there, but these are the merc movies I have seen)are Dogs of War, Proof of Life and The Wild Geese.
Niether of the lead soldiers in those units have medals, papers of merit or such, but they all had within their community reputations that were the key to their interactions.
Repute would be the merc version of the side effect of medals, which when all is said and done are really no more than a tangible way of marking accomplishment. Mercs don't use this; their resumes don't say " and earned the croi de guerre" but their "street cred" is another matter entirely. A merc who is known for success, stands by his teammates, pulls it out of the fire to gets his people home - all the sort of things that medals are awarded for( here I think Kaladorn was dead on, cynically speaking medals are a function of bad situations pulled off gracefully, though thats too simplistic) and which build reputations, these are the things to consider instead of medals..
Perhaps enumerating reputation within the community...reputation IS word of mouth, and in an action where a merc displays that special somthing that would elsewhere get a medal, his mates who saw would talk about it...
" yeah, I was with that guy on Algol
VI, in glimmerdrift...badbad bush, and the brutes were bustin us hard with 7mm, tracers everyhwere, gauss needles like damn flies!
His buddy nods..." yep, we were pinned by a really ugly VRF sump, bunkered in..we were boned, but Saunders got up there, blew it with a satchel, and then all you hear is pills poppin ( gunfire, or expending caseless ammo [pill]) and he pops his head out and yells " who's buyin the beer?" we'd a been farmers (dead) for sure if he hadn't got that thing knocked out!"
The first nods at this.
" aye...I'll serve wi' him anytime!"
What entirely too many people tend to miss is that mercs are niether souless money grubbing grunts, nor are they regular soldiers. They are motivated differently, but history has shown thenm to be both effective as well as just awful, depending on who and what unit- they are as diverse as any military unit. But, and again, Dave Drake has hit the mark, The Slammers rely onrepute for their real operational tender, as it were.
Imagine...who would you hire...a regular guy with a megacorp security resume? a list of medals from the Imp Marines ( a brave man to be sure) with sterling fitness reposrts and a resume of recommendations? Just great if you wanted a garrison commander, or a body guard...but say you wanted a team of real hardasses to retrieve an item, or grab the kidnapped daughter of one of your execs being held for ransom...and the man in front of your desk pulls himself up in that certain way, drops a card on your desk and says " nossir...I don't have medals. I'm Dorsai"?
I know who I'd want...and thats what repute brings. Thats a currency no medal can compare to in the merc world.