Pay transparency is coming to the biopharma industry. In fact, there’s already some form of law in place in California, Colorado, Connecticut, Maryland, and Washington with new transparency laws enacted in New York on November 1, 2022. LinkedIn’s latest Workforce Confidence Index indicated that Generation Z workers in the US believe pay transparency will lead to more equitable pay. On the other hand, a recent LinkedIn survey of 19,000 professionals found most business owners are reluctant to share salary information.
With the goal of bridging the divide in mind, we surveyed over 500 biopharma and biotech Regulatory Affairs professionals over the week of November 10-November 16, 2022 so that we can share their feedback with senior executives, hiring authorities, and human resources.
The survey consisted of five questions as follows:
- Do you have a good understanding of what fair pay is for your job? The results showed that while 27% of respondents are “very aware” of what fair pay is for their job, 63% of respondents were only “somewhat aware” and 10% of respondents are “not at all aware”
2. Does your company disclose salaries internally among employees? The results showed that only 7% of respondents work at companies where they disclose salaries internally, while 93% of respondents do not.
3. How important is salary transparency for you? 43% of respondents told us that salary transparency is “moderately important” to them while 39% stated it is “very important”. Only 18% of respondents said salary transparency is “not at all” important to them.
4. Would salary ranges in a job ad make you more likely to apply? While 23% of respondents say they are neither likely nor unlikely to apply for a job that lists salary ranges, a whopping 71% state they would be more likely. Just 6% of regulatory affairs say they would be unlikely to apply.
5. Would a lack of salary transparency at your current company make you more likely to look for another position? 53% of respondents say they would be neither likely nor unlikely to look for a new position over a lack of salary transparency, but 20% of respondents would.
In conclusion, while most companies are not yet disclosing salary ranges, the vast majority of Regulatory Affairs people (82%) feel that salary transparency is important to them. The good news for employers looking to retain their staff is that only 20% of Regulatory Affairs professionals would be likely to look for another position due to a lack of pay transparency, but as laws and trends shift we expect this could change. For companies looking to hire Regulatory professionals, listing the salary ranges in the job posting would make prospective candidates much more likely to apply.
To find out more about what employers should be considering at this time read our most recent blog on Pay Transparency here.
Retaining and hiring excellent Regulatory talent is crucial to the success of any biopharma organization. Dennis Partners knows how to identify and attract world-class Regulatory professionals beyond what you see on paper, diving deep into a prospective candidate’s motivations and aspirations, with an innovative approach that focuses on the ideal fit and long-term success of both our clients and candidates. We conduct this research so we can better advise and advocate for our clients and candidates during this ever-evolving time.
Whether you are seeking a career change or deciding your Regulatory hiring plans for 2023, know that Dennis Partners can create strategic and customized solutions to your needs and has the knowledge and resources to help guide you through these changes. As the leader in Regulatory Affairs recruiting, we are a partner in all aspects with the ability to share invaluable insight into the market. Contact us today to see how we can help you meet your goals for 2023.