Are You Paid Enough?
In our 2016 Life Science Salary Survey, we have discovered that a staggering 51% of UK Regulatory Affairs respondents believe that their salary does not reflect their current career level. Although the majority believed otherwise, it still shows significant discord and lack of confidence in salaries within the Life Science industry.
Whatever the change in career, it is always best to consider your motivations, such as progression or gaining more experience. As many of our consultants say money is quite often a “make or break” factor within a job but is often overlooked when the salary allows the employee to live within their means. Which begs the question “Are you paid enough?”
Recognising the need to compare salaries within the Life Sciences industry, we began creating a salary survey guide back in 2011 as a way for candidates to assess current pay and benefits, by comparing several different factors to determine if the salary and benefits package is appropriate for experience levels, location and position within the sector.
For instance, 46% of UK QA/QC respondents believed their salary accurately reflected their pay grade and there was nearly a 20% drop in the number of QA/QC respondents who received a bonus in the benefits package, compared to last year’s 87%.
The salary survey also looks at the SBSP for each individual sector and the life sciences industry as a whole. For those unaware the SBSP (salary banding switch point) is the ideal salary for career satisfaction.
This year the overall SBSP was £52k, a £3k rise compared to last year, although this is reflective of the rises in SBSP’s across all the sectors within our survey. This is likely to be an indication of a healthy industry paying more to roles on average, causing the amount to increase due to inflation as opposed to a decrease in the industry’s satisfaction levels.
We also found the majority of Life Science professionals across all sectors are expecting a pay rise next year including 91% in the Regulatory Affairs sector.
Despite the lack of confidence in salaries, it is clear that many in the Life Science sector believe they will get a pay rise in the next 12 months. Thereby leading to a need of negotiating, which is where our 2016 Life Science Salary Survey can provide assistance by acting as evidence for any claims relating to appropriate pay or benefits.
If you would like to assess your value within your company and how you compare to the industry as a whole, please click the link below to fill in your details for a complimentary copy of our latest salary guide:
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