Step by Step Guide to Approaching a Salary Negotiation

Regardless of how many years of work experience you have, approaching a pay negotiation can feel extremely daunting, particularly in the current life sciences market where budgets are restricted, projects are delayed, and investment is a little more uncertain.

As an employee, you have a right to advocate for fair compensation, whether you’re gearing up for your first salary negotiation or renegotiating your current salary. To improve your chances of success, however, you’ll need to adopt a strategic approach to your negotiation to ensure that your concerns are truly being heard and that the value you bring to the company is clearly communicated.

In this guide, we walk you through how to effectively prepare for and navigate a pay negotiation, from understanding and articulating your value to preparing for the outcome and knowing when to walk away.

1. Understanding Your Value

To effectively plead your case, you first need to take the time to really understand the value that you bring. Even if you think you already know this, ask yourself the following questions to identify the areas you can highlight to your employer:

• What unique skills do I bring to the table that my peers may not have?
• How does my expertise align with current industry trends?
• Am I certified in relevant technologies and methodologies?
• How do my accomplishments compare to others in similar roles?
• Have I led critical projects or contributed to groundbreaking research?
• What are my most significant accomplishments in the past year, and how did they impact the company?
• How have I contributed to the success of key projects, trials, or research initiatives?
• Do I consistently meet or exceed performance targets or KPIs in my role?
• Have I improved efficiency or streamlined processes in my department?
• Have I taken on leadership roles, either formally or informally, within my team or organisation?
• Am I regarded as an expert in a particular technique, technology, or field of study within my company?
• Have I mentored or trained other employees, and how has that impacted the team’s performance?
• How do my contributions align with the company’s broader goals or mission?
• Have I received any awards, recognitions, or positive feedback from peers, managers, or clients?
• Am I consistently taking on new responsibilities or learning new skills to expand my capabilities?
• Have I contributed to innovation by introducing new methods, technologies, or approaches to my work?
• Have I contributed to a positive team culture or improved morale within my department or team?

Whilst you don’t need to have made a huge impact in every single one of these areas, asking yourself these questions will give you a clear picture of your achievements. As an employee, you should also have an idea of which of these areas are the most valuable to your company based on their current trajectory, and these are the ones you should really focus on in your negotiation.

2. Researching Market Rates for Your Role

Before entering any salary negotiation, gather data on the current market rates for your role. While salaries of course vary from employer to employer, and depending on other factors such as location, level of experience, industry, and more, this data will give you a good idea of what you can reasonably ask for.

Websites such as Payscale, Glassdoor, and Indeed can provide average salary ranges based on job title and location, and in some cases, level of experience. You can also browse life science job boards such as PharmiWeb.Jobs to get a good idea of what’s currently being offered in the market by a range of different employers. This will give you an understanding of not only what is fair, but also where you sit on the compensation spectrum relative to others.

3. Knowing When to Initiate the Conversation

When it comes to salary negotiations, getting the timing right is key. If you’re a new hire, the best time to negotiate is during the offer stage. Once you’ve signed the contract, you may lose leverage until your next review period. If you’re an existing employee, pay attention to natural opportunities for negotiation such as annual reviews, completion of major projects, and job offers from competitors. And if you can’t see a natural opportunity for the negotiation, speak to the appropriate person and book something in.

It can be difficult to know when it’s the ‘right’ time to approach your employer with a negotiation, especially with the life sciences industry facing so many challenges over recent years. Whilst it’s important to read the room and try not to approach your employer during a particularly stressful time, they shouldn’t begrudge you for wanting to have the conversation, so there’s no harm in asking for some time with them, even if it has to be booked in advance.

4. Preparing a Compelling Case

You need to build a strong case for why you deserve a raise, leaning on your research and self-analysis to back up your arguments. To strengthen your case, use data and facts along with specific case studies for times when you have positively impacted the company.

As well as highlighting the impact you’ve already had, talk about the future and how you plan to continue driving value, whether this is by leading a new team, adopting emerging technologies or exploring new research avenues, you need to demonstrate your potential for future success too. Talking about the future will also prove your commitment to the company, helping them to see your pay rise as an investment in their future too.

5. Practicing Your Pitch

Negotiations can be nerve-wracking, so practising your pitch is essential. Whilst you don’t want the conversation to feel rehearsed, you should be walking into the conversation clear and confident about what you want to say. It’s absolutely fine to take notes in with you, and even better if you can utilise any graphs or other visuals to show your impact, so don’t worry about trying to memorise all of the research you’ve gathered.

Instead, practice talking through your work with a mentor, friend, or colleague to help you prepare for pushback or challenging questions. Practice keeping calm and professional and be prepared to speak to more than one person, especially if you work for a larger organisation.

6. Considering Non-Salary Benefits

Compensation extends beyond just base salary. Many employers within the life sciences offer comprehensive benefits packages, including health insurance, retirement plans, and bonuses. If the salary offer you receive is below your expectations, you may still find value in negotiating for things such as stock options or equity, professional development and further education, flexible working arrangements, and more.

7. Preparing Yourself for the Outcome

Before you go into your negotiation, you need to have a clear idea of your ideal outcome. You need to know:

• What you’re going to be asking for
• What your ideal outcome would be
• The bare minimum that you’d accept

You might not always get the outcome you want, but that doesn’t mean the negotiation wasn’t successful. If your employer can’t meet your needs now, ask when you can revisit the discussion in the future, and get clarity on the specific goals you need to achieve in order to get a raise.

8. Knowing When to Walk Away

Whilst it’s ideal that you reach an agreement with your employer, you also need to know when it’s time to walk away. If you consistently feel undervalued or that your employer is unwilling to meet industry standards despite your contributions – even if they can reasonably afford to – then it might be time to explore other opportunities.

Keep an eye on the job market, maintain professional relationships, and stay active in networking within your field. Having other opportunities lined up can give you more leverage in future negotiations and provide peace of mind that you’re not stuck in a role where you feel under-compensated. If you decide to leave for another opportunity and your employer gives you a counteroffer, take the time to really think over the offer, and why it wasn’t given to you in the first place.

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