On several occasions, we addressed topics related to biotech careers, from securing that first job to crafting the ideal resume and mastering LinkedIn. Now, let’s say you followed the advice experts shared with Labiotech, aced the interview, and finally received a job offer! First of all, well done, whether you’re a recent grad or an experienced professional exploring new opportunities, you’re at a pivotal moment. Is it possible to negotiate for a better job offer in the biotech industry?

Regardless of where you are in your career, a junior who struggled to land this offer or someone with a bit more experience who had an opportunity to jump ships, the process isn’t over yet. It’s time to negotiate. We’ve all been in a situation where the excitement of landing a role eclipses the careful judgment needed to decide if the offer is right – or if it could be improved through negotiation.

Negotiation room may be tight, and in some cases, limited. But when opportunities arise – whether in salary, benefits, or other perks – it’s best to come prepared. That’s what this article is all about.

What are the challenges to negotiate a job offer in the biotech industry?

According to Kyle Elliott, tech career coach, one unique aspect of job offer negotiations in biotech is the tendency for salaries to be fairly standardized, particularly in established companies, making it difficult to negotiate a significant increase in base salary alone. Indeed, larger companies tend to have established salary ranges, making it essential for candidates to be open to exploring non-salary benefits to enhance overall compensation.

“There may be opportunities to increase your non-salary compensation. Additionally, as you evaluate a job offer and the compensation, it’s important to reflect on what’s important to you when choosing your next position. While salary is a driving factor for many individuals, you’ll also want to consider why you were drawn to the biotech industry in the first place. Perhaps it was the mission and values, or maybe it was better work-life balance, so you’ll have to consider what those are worth to you when evaluating the job offer,” said Elliot.

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

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

This is the reason why before even thinking about negotiation, Elliott advises taking a moment to reflect on your career motivations. Reflecting on your own goals in this way ensures you’re not only choosing a job that meets your financial needs but also aligns with your deeper career motivations, setting the foundation for long-term job satisfaction and growth.

Research and benchmark biotech salary ranges before the job offer negotiation

Now that you looked into your inner self and found the reason why you get out of bed (maybe you’ve always known), let’s focus on something a bit more practical. When preparing to negotiate a biotech job offer, it’s crucial to establish a well-informed salary range.

When it comes to salary and negotiation benchmarks, Elliott advises, “While you always want to refer to the original job posting to see if a salary range was posted, as this can provide you with a starting point for your negotiation, online salary databases and community forums like Levels.fyi, Team Blind, and even Reddit can be helpful for learning the initial offers fellow job seekers have received and how much they were able to negotiate.” Indeed, community forums allow you to have the perspective of people who went through the exact same process as you instead of leaving you with the job offer for only reference.

Glassdoor, Payscale, or more specifically BioPharmGuy (to look through a large variety of job offers similar to yours) are also solid options to gain insight into what the market looks like for the role you were offered. Additionally, reaching out to current or former employees of the company can provide firsthand information on the matter. 

“If you have a contact who currently or previously worked for the employer, don’t hesitate to reach out to them to learn more about typical compensation bands and how the company tends to approach salary negotiations,” said Elliott. 

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

“While there can be some stigma around discussing pay, it tends to be less pervasive in biotech, in part due to the government funding the industry receives,” said Elliott. So, without being unreasonable, it might be worth your while to do your research and negotiate if the data shows you might get a bit more.

Assess and articulate your value

To effectively negotiate a biotech job offer or any job offer for that matter, it’s essential to evaluate how your skills and experience align with the job requirements. “When negotiating your salary, you’ll want to compare how your experience aligns with the job duties. If you meet or exceed most of the requirements, it’s likely worth trying to negotiate at the higher end of the salary scale.”

It can also happen that you are overqualified for the position you applied for. In this case, Elliott notes, “If you significantly exceed all the requirements in the job posting, you might be able to negotiate a higher-level title, which can support a higher salary range or additional ancillary benefits.” 

However, be aware that some companies have policies requiring formal postings and multiple interviews for executive roles, which could limit negotiations. In any situation, being as informed as possible about the processes of the company you either were offered a position in or trying to evolve within, is good practice. 

By thoroughly assessing your qualifications and understanding company policies, you can articulate your value effectively during negotiations, aiming for a compensation package that reflects your expertise and contributions.

While Elliott thinks negotiation, particularly regarding non-salary benefits is important, he said there’s a lot of advice online saying you should always negotiate your job offer. According to him, this advice has to be tempered. 

“While this advice is well-meaning, it is broad and doesn’t take into the nuances of your specific situation. Rather than negotiating for negotiation’s sake, you should do so only 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 package.”

It’s also important to leave your feelings out of the negotiation process. “Although it’s far easier said than done, you want to avoid taking the negotiation process personally, because it’s not. Instead, you want to use data to drive your decision,” said Elliott.

To assess if this job offer is right for you, you are entitled to some reasonable time for reflection. “Give yourself time before responding to an offer. Sleep on the decision. The recruiter or hiring manager may pressure you to decide on the phone or on the same day, but it’s more than reasonable to ask for 24 – 48 hours to make a decision. A great line is, ‘This is a decision that will impact my family, and I need to speak with them. I will get back to you tomorrow/Monday with a decision,’” said Elliott.

Time is also of the essence to gather your thoughts and summon the necessary courage to initiate the negotiation if you feel it makes sense. Indeed, it’s fair to say your prospective employer won’t be the one to initiate the conversation about increasing the salary and it makes it your responsibility to bring it up.

“If you feel nervous about negotiating your salary, don’t feel pressured to accept the offer over the phone. Try to move 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 set up a follow-up call to discuss the offer and any salary adjustments, so you’ll want to be prepared. The important thing is to give yourself enough space to gather your thoughts and respond strategically,” said Elliott.

It may have transpired throughout the article, but there is not one singular way of negotiating a biotech job offer, and the precise object of that negotiation will vary depending on your priorities – it’s not always about the money, think about your ikigai!

To put it in a nutshell, set your priorities straight, 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 did acknowledge you were valuable to the company by giving you the job; it’s up to you to assess if you agree with the value they attributed to you working there. Keep in mind that you should negotiate based on data and not for the sake of negotiating – thankfully, some offers are fair.

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