Pharma Compensation Plans Management and Market Data
From lab technicians and chemical engineers to sales reps and back-office support roles, those working in the pharma industry cover a wide range of needed functions. Payscale delivers the salary data and software solutions that helps leading organizations build modern compensation programs to attract and retain talent.
Top Challenges for the Pharmaceutical Industry
During the pandemic and recovering post-pandemic economy, the pharma industry has seen extensive growth. Compelling salary offers and total rewards packages are essential to attract talent in a competitive job market.
In a hot job market, you have to think about pay equity. The talent you are most anxious to keep is also the talent you are most likely to lose if your employees' pay doesn't keep pace with their peers.
Following the pandemic, employees want to be able to work from home at least some of the time. Businesses are now having to consider location-based pay strategies that can accommodate remote work.
With all the challenges in the current job market, it is imperative for employees to understand pay policies and for managers to be able to discuss why compensation is fair.
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The Payscale Index is publicly available data that tracks and compares wage growth by city, industry, company size, and job category. The Payscale Index draws from Payscale's Employee Reported data which includes a salary data cut specific to the finance and insurance industry.
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Payscale hosted a Connect Event to hear from and better understand the comp challenges impacting pharma and life sciences organizations. We then validated those challenges with research data and provided resources for potential solutions in this insights document
