October 31, 2013
Show Me the Money: What to Expect and When to Accept
By BioSpace.com
How do you respond when an interviewer asks: “What are your salary expectations?”
“It’s alright to ask for a little more money,” says a Director of Recruiting at a big corporation who prefers to remain anonymous. “But in my opinion don’t veer too far off from the original offer.”
The most important thing is to understand the corporate culture. Research the company and its reputation in the biopharmaceuticals industry. Is the company competitive with salaries and wages? Do current employees have good things to say? If it’s all smooth sailing, then question whether you want to rock the boat with a bid to increase your pay.
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Why may you negotiate?
People negotiate salary, benefits, bonuses and compensation to ensure financial stability and job satisfaction. The negotiation process is tricky and time-consuming. Self-confidence is a prerequisite. Negotiations involve researching, strategizing, goal-setting, communicating and decision-making. But don’t fret. Hard work pays off.
Who may negotiate?
Never make demands unless you are in the position to do so. Most positions are fixed, whereas management positions offer more room for negotiations.
When may you negotiate?
Most interviewers are going to bring up salary early on in the interview process. This means you should have already done your research, comparing pay and work conditions for similar positions in the biopharmaceutical industry. Find out what the salary range is, or suggest a range.
How may you negotiate?
Candidates may also want to reiterate their relevant education and experience before quoting a salary. It may help to offer a range, or to say that you are flexible and will consider a fair offer for the right opportunity.
What can you negotiate?
1) Salary/Wage
-The subject of money
Money is one of the reasons you take a job. Are you satisfied with the proposed offer? What is the length of your contract and probation period? How long until a pay raise? How content are the other employees?
2) Benefits
- Medical, life and disability insurance
- Vacation days and pay
- Sick days
- Personal days
- Vehicle mileage, gas and insurance
- Continuing education and professional training
- Professional or club memberships
Benefits will depend of course on your terms of employment. Whether you are fulltime, part-time, casual or contract makes a difference.
3) Other Benefits
- Stock options
- Signing bonus
- Performance review bonus
- Incentives
- Discounts on hospitality services
- Severance package
Such benefits are usually more applicable to higher paid management positions.
4) Moving Compensation
- Flights
- Moving van fees and shipping
- Hotels or temporary accommodation
- Closing costs of buying or selling a home
Relocation costs are not always covered, but if you or your position is in demand then take advantage. Companies understand that it’s pricey and time-consuming to move. They just might need to be reminded of it.
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