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Biotechnology Compensation



Overview:


In the fast-paced environment of the biotechnology industry, it is crucial to employ staff members who are passionate about their research and are devoted to keeping up with the latest advances in medicine, technology, and recent breakthroughs.  The biotechnology industry is ever-changing and keeping up with its twists and turns requires smart staffing.  Avoiding the high cost of employee turnover is one of the many ways in which Compensation Resources, Inc. can help you and your employees prosper.  Periodic benchmark analyses ensure that pay is competitive.

For position data, please contact Harry Schum, Senior Consultant, at (877) 934-0505 x170, hjs@compensationresources.com.


Case Studies:
Case Study #1: Executive Compensation Analysis
Issues:
  • Board of Directors wanted to align total compensation package for Senior Management with competitive market
  • Board wished to implement formal incentive compensation program, including short- and long-term incentive awards
  • Wanted to tie incentive awards to demonstrable results
Solutions:

  • Interviewed Board members in order to understand the organization's culture, and confirm their position on compensation
  • Interviewed executives to fully understand their duties and responsibilities
  • Conducted a market analysis to determine the competitive market utilizing published survey and peer proxy data
  • Developed appropriate salary grades and ranges for Senior Management
  • Provided recommendations to the Board of Directors regarding base salary, annual incentive, and long-term incentives
  • Designed the plan documents covering the short- and long-term incentive programs, and assisted with each program's on-going implementation
Case Study #2: Sales Compensation Program
Issues:
  • Current group sales incentive had so many variables that there was a questionable relationship between goal achievement and appropriate payout
  • Desired to streamline sales compensation process
  • Needed to focus sales incentives on definitive results
  • Compensation levels not aligned with competitive market

Solutions:

  • Adopted a Sales Compensation Philosophy that integrated sales compensation with the business objectives and marketing direction of the company
  • Evaluated competitive market to determine base salary and commission levels
  • Designed sales incentives based on desired mix of fixed and variable compensation
  • Determined appropriate commission levels based on size and complexity of sales responsibilities
  • Developed sales compensation guidelines and procedures to ensure consistency
Case Study #3: Competitive Market Study
Issues:
  • Job descriptions were out-of-date and not accurate
  • Salaries were not in line with competitive market
  • Employee morale was low
Solutions:
  • Utilized Position Description Questionnaire to determine appropriate duties and responsibilities of positions
  • Market priced all positions utilizing comparable published surveys
  • Conducted analysis of individual salaries compared to competitive market
  • Increased salaries where necessary to reflect competitive market levels

We are available to answer any questions you may have, and to provide the necessary support to your organization.  Please contact us or call us directly to speak with our compensation consultants at 877-934-0505.

 

 

 
 

Copyright © 2014 Compensation Resources®

This information is not intended for use without professional advice.

310 Route 17 North, Upper Saddle River, NJ 07458
T: 877-934-0505 or 201-934-0505 F:201-934-0737
e: inquiries@compensationresources.com
 
 


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