Are You Paid Enough?
In our 2016 Life Science Salary Survey, we have discovered that a staggering 49% of UK Pharmaceutical Physicians 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. Salary is quite often a “make or break” factor within a job but is often overlooked when the overall remuneration 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, Clinical Professionals created its first salary survey guide in 2011 as a way for candidates to assess current pay and benefits. The methodology was to compare several different factors to determine if the salary and benefits package is appropriate for experience levels within specific functional areas.
This year 51% of UK Medical Affairs Physicians respondents believed their salary accurately reflected their pay grade and this year there was nearly a 10% increase in those who received a bonus within their benefits package, 90% of all respondents within Medical Affairs receive an annual bonus from their employer.
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 across all life science functions 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. In Pharmaceutical Physicians the SBSP has increased by only £1k to £82k. 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 functions in the survey are expecting a pay rise next year including 91% in the Regulatory Affairs sector.
Despite the number of Physicians believing that their current salary is not an adequate reflection of their contribution, 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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