On several occasions, we have covered topics related to careers in biotechnology, from securing first job to the development of the ideal CV And master LinkedIn. Now, let’s say you followed the expert advice shared with Labiotech, I passed the interviewand I finally received a job offer! First of all, congratulations, whether you are a recent graduate or an experienced professional exploring new opportunities, you are at a pivotal moment. Is it possible to negotiate a better job offer in the biotechnology industry?

No matter where you are in your career, a junior who struggled to land that offer or someone with a little more experience who had the opportunity to jump ship, the process is not yet finished. It’s time to negotiate. We’ve all been in a situation where the excitement of landing a position overshadows the careful judgment needed to decide whether the offer is fair or whether it can be improved through negotiation.

The room for negotiation can be narrow and, in some cases, limited. But when opportunities present themselves – whether it’s salary, benefits or other perks – it’s best to be prepared. This is the subject of this article.

What are the challenges of negotiating a job offer in the biotechnology industry?

According to Kyle Elliotttech career coach, a unique aspect of biotech job offer negotiations is the tendency for salaries to be fairly standardized, especially at established companies, making it difficult to negotiate a significant increase in the salary of base alone. Indeed, large companies tend to have established salary scalestherefore, it is essential that candidates are open to exploring non-salary benefits to improve overall compensation.

“There may be opportunities to increase your non-salary compensation. Additionally, when evaluating a job offer and compensation, it is important to think about what is important to you when choosing your next position. While salary is a deciding factor for many people, you also need to ask yourself why you were attracted to the biotechnology industry in the first place. Maybe it was the mission and valuesor maybe it was a better work-life balance, so you’ll need to consider what that’s worth to you when evaluating the job offer,” Elliot said.

When evaluating a biotechnology job offer, it is essential to consider the entire compensation package beyond just the base salary. “Perks such as health care, paid time off and retirement contributions can equate to tens of thousands of dollars per year in additional compensation,” Elliott said. In the biotechnology industry, unique non-salary benefits may include research opportunities, professional development, flexible schedules, and stock options.

In a recent article, Greg Wyatt, a UK-based recruiter mentioned a Japanese concept that is becoming very popular in career development, ikigai. It basically refers to why you get out of bed and, of course, this is unique to each of us. You may be looking for more money, more flexibility, a better work-life balance, etc. This is why we cannot advise you specifically on what to negotiate as it depends on your priorities.

That’s why before even thinking about negotiation, Elliott advises taking a moment to think about your professional motivations. By thinking about your own goals in this way, you ensure that you not only choose a job that meets your financial needs, but also aligns with your deepest professional motivations, laying the foundation for career satisfaction and growth in the future. long term.

Research and compare biotechnology salary scales before job offer negotiation

Now that you’ve looked within yourself and found the reason you get out of bed (you may have always known it), let’s focus on something a little more practical. When preparing to negotiate a biotechnology job offer, establishing a well-informed salary range is crucial.

When it comes to salary and negotiation criteria, Elliott advises: “Although you will always want to refer to the original job offer to see if a salary range has been published, as this can provide you with a starting point for your negotiation, online salary databases and community forums like Levels.for info, Blind teamand even Reddit can be helpful in finding out what initial offers other job seekers received and how much they were able to negotiate. Indeed, community forums allow you to get the point of view of people who have gone through exactly the same process as you instead of leaving you with the job offer as a guide.

Glassdoor, Salary scaleor more precisely BioPharmGuy (to view a wide variety of job postings similar to yours) are also solid options for getting a glimpse of what the market is like for the position you’ve been offered. Additionally, contacting current or former employees of the company can provide first-hand information on the subject.

“If you have a contact who currently or previously worked for the employer, please feel free to reach out to learn more about typical pay ranges and how the company tends to approach salary negotiations” , Elliott said.

By combining these resources, you can develop a comprehensive understanding of the biotechnology compensation landscape, allowing you to enter negotiations with confidence and clarity.

“While there may be some stigma around discussing compensation, it tends to be less prevalent in the biotechnology sector, in part because of the government funding the industry is receiving,” Elliott said. So, without being unreasonable, it might be worth doing your research and negotiating if the data shows you could get a little more.

Assess and Articulate Your Value

To effectively negotiate a biotechnology job offer or any job offer for that matter, it is essential to assess how your SKILLS and experience match the job requirements. “When negotiating your salary, you will want to compare how your experience matches the job duties. If you meet or exceed most of the requirements, it’s probably worth trying to negotiate at the higher end of the salary range.

It may also happen that you are overqualified for the position you applied for. In this case, Elliott notes, “if you significantly exceed all of the job posting’s requirements, you may be able to negotiate a higher-level title, which may support a higher salary range or additional perquisites.” »

However, be aware that some companies have policies requiring formal postings and multiple interviews for management positions, which could limit negotiations. In all situations, being as informed as possible about the processes of the company you have been offered a position at or are trying to advance within is a good practice.

By carefully evaluating your qualifications and understanding company policies, you can effectively express your value in negotiations, aiming for compensation that reflects your expertise and contributions.

Although Elliott believes negotiation, especially when it comes to non-salary benefits, is important, he said there is plenty of advice online indicating you should always negotiate your job offer. According to him, this advice must be tempered.

“While this advice is well-intentioned, it is general and does not take into account the nuances of your specific situation. Rather than negotiating for the sake of negotiating, you should only do so if it makes sense based on the data you have collected and analyzed, such as the original salary range, the market rate for your experience and skills, and the value of the total compensation. .”

It is also important to leave your feelings out of the negotiation process. “Although it is much easier said than done, we must avoid taking the negotiation process personally, because that is not the case. Instead, you want to use the data to make your decision,” Elliott said.

Take your time, breathe, then negotiate

To assess whether this job offer is suitable for you, you are entitled to a reasonable period of reflection. “Give yourself time before responding to an offer. Sleep on the decision. The recruiter or hiring manager may pressure you to make a decision over the phone or on the day, but it is more than reasonable to ask for 24 to 48 hours to make a decision. A good sentence is: “This is a decision that will impact my family and I need to talk to them.” I will get back to you tomorrow/Monday with a decision,” Elliott said.

Time is also of the essence to gather your thoughts and muster the courage to begin negotiating if you believe it makes sense. Indeed, it is fair to say that it is not your potential employer who will initiate the salary increase conversation and it is your responsibility to bring it up.

“If you feel nervous about negotiating your salary, don’t feel obligated to accept the offer over the phone. Try moving the conversation to email to give yourself time to collect your thoughts, gather data, and intentionally craft a response. In some cases, the recruiter may ask to arrange a follow-up call to discuss the offer and any salary adjustments. So you have to be ready. The important thing is to give yourself enough space to collect your thoughts and respond strategically,” Elliott said.

This may have happened throughout the article, but there is no one way to negotiate a biotech job offer, and the precise purpose of that negotiation will vary depending on your priorities – it’s not always about money, think about your ikigai!

In summary, clearly define your priorities and don’t let the excitement of getting the job or the pressure of having to give an answer to your potential employer quickly cloud your judgment. After all, they recognized that you were valuable to the company by giving you the position; it’s up to you to evaluate whether you agree with the value they place on your work there. Keep in mind that you should negotiate on the basis of data and not for the sake of negotiating – fortunately, some deals are fair.