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Biotechnology, Pharmaceutical, and Life Sciences Compensation
In the fast-paced biotechnology, pharmaceutical, and life sciences industries, it is crucial to employ staff members who are passionate about their research and are devoted to innovations in medicine and technology. Given significant investments in developing new drugs, attracting and retaining key talent is critical.
As compensation consultants, Compensation Resources understands the need for biotechnology, pharmaceutical, and life sciences companies to recruit and retain their high-performance individuals. Periodic benchmark analyses ensure that pay is competitive. Effective compensation structures that recognize key performance indicators are essential for driving research, development, and go-to market strategies, often through long-term compensation strategies. We have experience in assisting organizations to avoid the costs of employer turnover.
The services we provide include, but are not limited to:
- Executive Compensation Studies
- Board of Directors’ Compensation Studies and Advisory Services
- Staff Compensation Studies
- Salary Structure Design
- Base Salary Administration
- Incentive Plan Design
- Performance Management Programs
- Sales Compensation Programs
Case Study #1: Executive Compensation
- Board of Directors wanted to align total compensation package for senior management with the competitive market.
- Board wished to implement formal annual and long-term incentive awards.
- Board wanted to tie incentive awards to results around key performance indicators.
- Provided client with empirical market data to serve as a foundation for assessing competitiveness and defining plan designs.
- Developed appropriate salary grades and ranges for senior management.
- Defined annual incentive and long-term incentives plans, and supported the Board in defining metrics under both plans to drive performance tied to the organization’s strategic plan.
- Designed the plan documentation covering the annual and long-term incentive programs, and assisted with each program’s ongoing implementation.
Case Study #2: Competitive Market Study
- Job descriptions were outdated and inaccurate.
- Employee turnover was believed to be caused by below-market salaries.
- Employee morale was low.
- As a pre-revenue company, there was a desire to implement long-term incentives in order to conserve cash.
- Facilitated the development of new job descriptions to ensure proper communication of duties and accountabilities.
- Increased salaries where necessary to reflect competitive market levels.
- Designed and implemented a long-term incentive program for key staff to focus attention on longer-term performance metrics and tied to future product launches.
We are available to answer any questions you may have and to provide the necessary compensation consulting support to your organization. For more information, please contact:
Mary Rizzuti, CCP, PHR, SHRM-CP
Diana Neelman, CCP, SHRM-CP
Sara Schmidt, CCP, PHR, SHRM-CP