Biotechnology Salary Tools
Tips & Advice to help you make your decision on Biotechnology Salary Tools
Employers in the biotechnology industry need to stay current when it comes to the salary paid to their employees. Biotechnology salary tools are available to make this process easier. Online resources compile information from companies all over the world to create a database. Resources providers normally keep salary information current, but employers should look at the date the information is posted.
Employers can utilize salary tools to ensure they are paying their biotechnology employees a wage that equals their education and experience. Competitive wages can reduce employee turnover. Retaining good employees reduces the need for training new workers. Employees with advanced degrees should receive a higher salary than entry-level workers.
Hiring managers can use these tools when interviewing new candidates. Supervisors may want to refer to the information available when they conduct performance evaluations and recommend raises. Employees may also benefit from understanding average industry salaries. The information provides them with an opportunity to see where additional education can improve their financial picture.
Variables should be taken into account when using biotechnology salary tools. Variables may include the amount of education an employee has received as well as work location. Experience and any potential job hazards should also be considered. Business.com has links available to help you navigate the salary determination process.
Biotechnology Salary Tools
How to establish appropriate salaries in the biotechnology industryBy Kim Hunt-Lowrance, Content Project Editor, Cengage Gale, a part of Cengage Learning 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.
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.
Try:
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.
Try:
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.
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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.
Try:
The Biotechnology Institute is an excellent source of information and links to various professional industry organizations. WorldatWork is a useful association for compensation professionals.
- 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.
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