Biotechnology salary comparisons, and keeping abreast of trends in biotechnology pay, allows job seekers to get critical information necessary to make educated career decisions. With this knowledge, those in the industry, or who wish to get into the industry, are in the best position possible when negotiating biotech salary and benefit information.

Similar to other industries, the biotechnology business, and consequently salaries in biotechnology, are not immune to economic trends. During tough economic times the trend is toward corporate restructuring and downsizing. Understanding the following three trends will help you gather biotechnology salary information that is informative and accurate:

1. Entry-level scientists and sales associates generally receive equal pay.

2. The biotech pay scale will be impacted by a renewed effort on the part of pharmaceutical companies to narrow the focus of development efforts on biotechnology products.

3. More and more people are turning to biotechnology blogs to get a read on trends happening in the biotech industry.

Action Steps
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Compare information for various biotechnology salaries according to position

The general consensus is that the pay scale for entry-level scientists is similar to that of entry-level sales associates. With more experience, however, the trend changes with senior scientists receiving higher pay than sales reps. Sales associates can look to increase their paychecks by striving to get promoted to director level positions.

I recommend: Glassdoor lists salary ranges for various biotechnology positions organized according to the company that hires them. Indeed's website corroborates the current trend on the biotechnology salary scale of paying scientists approximately the same as sales reps.

Understand the impact on biotech salaries from pharmaceutical company development focus changes

Pharmaceutical giants like Wyeth, Bristol-Myers Squibb and Pfizer have made headlines in the past few years by announcing their intentions to narrow the focus of their development efforts to focus more on biotechnology products. Depending on which company you work for, this trend will impact any future salary negotiations. It could also affect the stability of your current position if you work for a pharmaceutical company.

I recommend: MDRNA's website includes the late 2007 announcement that Nastech Pharmaceutical initiated a plan to restructure and focus on Phase 2 Clinical Programs. Advanstar's Pharmtech website includes an article on the potential boon to contract marketing organizations (CMOs) and contract research organizations (CROs) as a result of Pfizer's restructuring plan.

Read biotechnology blogs and industry forums to get an bearing on where biotech salaries are heading

More and more people who want to be in the know rely on industry insider blogs and websites to get their news and trends. Keeping abreast of what is happening in the industry, particularly during today's turbulent economic times, will help keep you in the loop on what is going on in the biotechnology industry.

I recommend: BioJobBlog is full of up-to-date news articles, job and salary trends, and general buzz about the biotechnology industry. Biotech 360, which contains some articles from The Scientist Magazine, included an article on the five best biotech blogs on the industry.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Keep abreast of biotechnology salary tools news and trends by joining a professional networking association or website. Keeping in contact with industry peers and mentors can also be invaluable when it comes to a job hunt.

The biotechnology industry incorporates hundreds of different job titles; biotechnology pay rates have to cover positions from IT and facility management services to research assistants and clinical scientists. To avoid confusion and maximize your ability to create appropriate biotechnology salaries for different skills and experience levels, there are a number of different resources you can access.

To determine biotech salaries:

1. Use salary sites on the web to review general salary information

2. Review biotech salary surveys

3. Review established laws for biotechnology pay and overtime

4. Keep abreast of recent trends in biotechnology pay scales by belonging to a professional biotechnology association or organization, as well as a compensation professionals organization.

Action Steps
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Use online sites to establish average biotech compensation rates

Salary sites, readily available online, offer a wealth of information for researching salaries in biotechnology, particularly for different job titles.

I recommend: Use the Compensation Market Study tool on Salary.com (there is a fee) or search specific job titles using their Salary Wizard, which will give you free salary statistics. Check the Occupational Outlook Handbook at the U.S. Department of Labor Statistics for biotechnology pay rates by job title; this is updated annually.

Review biotechnology salary surveys

Salary surveys can be useful in determining a range of biotech salaries by job title, as well as cost-of-living factors for different regions.

I recommend: Use SalaryExpert.com to find general salary ranges and links to salary surveys and reports (note that most reports require a fee). PayScale offers free ranges for biotechnology salaries. The Economic Research Institute (ERI) offers an array of software and reports for salary surveys and cost-of-living data (most for a fee). You can download free demos of ERI's salary survey software to evaluate the effectiveness of the survey databases before subscribing. JobStar offers good links to biotechnology salary information, including links to related organizations and magazines.

Know governmental and state laws concerning the biotechnology industry

Biotechnology is highly regulated by the U.S. government, so knowing these laws will inform you of any factors that may influence your biotech pay scale.

I recommend: The U.S. Department of Labor contains documentation on salaried vs. hourly wage determination. Also see the United States Regulatory Agencies Unified Biotechnology website for detailed laws.

Join professional organizations to gain the edge in biotech compensation

Membership in a professional organization will provide numerous other tools such as conferences, members-only information, and networking opportunities that will allow you to successfully compensate your employees.

I recommend: The Biotechnology Institute is an excellent source of information and links to various professional industry organizations. WorldatWork is a useful association for compensation professionals.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The biotechnology industry is growing and changing rapidly; stay current by regularly reviewing new biotechnology salary information from industry organizations and web sites.
• •  Benefits such as flexible schedules, ongoing employee education and telecommuting arrangements can be useful when negotiating salaries in biotechnology.

When considering a different job or even when determining appropriate salaries for employees, biotechnology salary tools education and training gives you a keen grasp of the current market. Biotechnology pay differs according to location, and it's important to factor in cost of living when looking at a salary.

With training and education, it's easier to evaluate all the factors to determine optimal salary. Some ways to obtain biotechnology salary tools education and training include the following choices:

1. Understand key terms when analyzing salaries in biotech to correctly determine biotech compensation and other factors.

2. Get biotechnology salary tools education and training by studying reports and surveys.

3. Research the way cost of living in a particular area affects biotech salaries.

Action Steps
The best contacts and resources to help you get it done

Determine key terminology for biotechnology pay to ensure accurate biotechnology salary information

When evaluating salaries in biotechnology, it's important to understand the lingo used in salary tools like reports and surveys. This gives you a clear depiction of the job market and the current rates for biotechnology pay.

I recommend: Advertising Age offers a basic list of terms used in salary tools. It clearly defines terms such as deferred compensation and pension values, as well as stock options and awards. Quintessential Careers has a detailed glossary of terms used when job seeking. The list includes terms for salary evaluation and links to examples and detailed explanations of the terms.

Research biotech salaries by analyzing surveys and reports

Look at the different fields and the range of biotechnology salaries. Use salary tools like a biotech salary guide to determine the going rates in your area compared to other parts of the country. Look for detailed salary calculators, if you want a salary determination based on your unique working criteria.

I recommend: Vault.com offers detailed surveys that include the outlook for business in your particular field, as well as salary offerings. For a small fee, you can obtain more detailed information on biotechnology salary offerings. Job Star Central offers a detailed survey of biotechnology salaries. It includes job information for scientists in the academic field, in biotech and in pharmaceuticals.

See how biotechnology pay factors in to the cost of living in a specified area

As you compare biotechnology salaries around the country, factor in the cost of living. A salary that seems adequate might not be enough once you subtract rent, insurance, food and other living expenses.

I recommend: CBsalary.com offers a tool where you type in your current income and location, then add in the zip code of another location you are interested in. It tells how much you will need to make in that particular area to maintain your current standard of living. Fast Forward allows you to compare the cost of living in three separate locations as you type in the income where you currently live and fill in two other locations to get your comparison. It compares utilities, food, housing, transportation and health, among other criteria.

Tapping biotechnology salary tools basics is a good way to stay abreast of industry pay trends and biotech salaries. Start by pinpointing essential resources related to biotechnology pay. For instance, you can invest in biotech publications including newsletters to receive articles about biotech compensation and industry developments. In addition, you can join forums or associations to network with other professionals about career advancement opportunities, salaries in biotech and other information related to job management.

Keeping up with salaries in biotechnology also helps you manage your own pay as an industry professional. Learn about biotechnology salary tools basics to give you the opportunity to follow trends related to hiring, mergers and acquisitions, training and development, and other issues related to employment. Consider the following ways to track biotechnology salaries.

1. Compare average biotech salaries.

2. Subscribe to publications about biotech compensation and the biotech industry.

3. Connect with other professionals in the field to discuss salaries in biotech.

Action Steps
The best contacts and resources to help you get it done

Determine biotech compensation based on pay data from national career listings

Find out how much compensation you should earn based on your job title, years of experience, location by city, education level and other factors. Salary tools and calculators offer up-to-date and user-friendly information pertaining to biotech salary.

I recommend: Contact PayScale to an idea of how much you are worth in comparison to other industry professionals. Read biotechnology salary information sorted by years of experience, company size and employer type. Additionally, you can visit their career planning section to read articles about changing careers and financial planning. Get in touch with Simply Hired to see dozens of jobs posted by various biotech companies. Gain biotechnology salary information and track job trends in their employment trends section.

Invest in publications with articles about biotech salary

Reading industry publications is a good way to follow salaries in biotech careers. For instance, you can sign up for newsletters that cover career management issues, including salary. In addition, you can read about updates that affect the biotech field.

I recommend: Study the Guide to Biotechnology for information about biotech tools, industry fact, and other news about the biotech field. Read the BT Catalyst Newsletter and other localized publications to keep up with biotech news, events and career management issues.

Join groups that discuss biotechnology salary information and other related topics

Connect with industry professionals and others to gain information about salaries in biotech and other issues affecting the biotechnology field. Consider joining networking forums, associations and other groups to complement your efforts.

I recommend: Contact the Council for Entrepreneurial Development to learn more about their biotech forum that connects executives, research leaders, service providers and industry entrepreneurs. Review the comprehensive collection of biotech societies and associations at Network Science Corporation. Consider joining a local, national or international biotechnology industry organization.