You got the offer! Now in an ideal situation all aspects of the offer are as expected and there are no surprises. But often negotiations are needed. Most hiring teams will give you the opportunity to take some time to consider the offer. Take it. Here are some tips to consider if you decide you need to negotiate the compensation package.
– Do Not Accept or Decline Right Away:
Take time to reflect while expressing enthusiasm for the role. Passion throughout the process is key, and every solid negotiation guide emphasizes this.
– Avoid Over-Reliance on Market Data:
This is often the go-to for most candidates. Where I start to see some disconnect in this advice, at least in the biotech industry, is the strategy of trying to justify your worth based on market data. Biotech roles are highly niche, and it’s difficult to find reliable benchmarks for compensation. For instance, as a recruiter, I can usually predict a candidate’s salary from their resume, but just knowing their title could lead to big discrepancies. A “Senior Scientist” at a big pharma company is different from one at a startup or a CDMO.
That said, you should still do your research by talking to peers, checking websites, and consulting recruiters. The problem with basing negotiations purely on limited data is that it often opens a debate, rather than a negotiation. Companies might challenge your reasoning rather than your request, leading to pushback. I’ve seen candidates lose opportunities because they relied on skewed data.
– Top Tip 1: Embrace the “Ick” – Go for Quid Pro Quo
Negotiating can feel uncomfortable, but remember the person on the other side wants this to work out too. Leverage this by offering something in return that costs you little but holds high perceived value. A great strategy if you need to as for a higher base salary is to make it clear you intend sign the offer, pull out of other interview processes, and put in your notice immediately if you can come to agreement. This gives the hiring team a strong, tangible reason to approve your request without getting bogged down in market data.
– Top Tip 2: Negotiation Starts with a Good Recruiter/HR Rep
Don’t go through the entire interview process only to find out the role wasn’t a financial fit. From the first call with TA/HR, have a frank discussion about compensation. They should guide you on what to expect and whether the role aligns with your financial needs. Talk to multiple recruiters to get a sense of what you should be making based on your experience, and start negotiations from the higher end of that range. A good recruiter will be able to discuss your true market value.
Corey Imparato is a Senior Director with a knack for identifying exceptional talent and matching them with groundbreaking opportunities. With a deep understanding of the biotech landscape, he specializes in sourcing, engaging, and securing the brightest minds that push innovation forward. His expertise spans synthetic biology, data science and clinical operations. And is particularly skilled at identifying unique talent from upstarts in life sciences and biotech.