As biotech companies compete for top talent, it’s imperative that salary offerings meet or exceed industry norms. But figuring out exactly how much compensation should be offered to new and existing employees isn’t always easy, as many companies try to keep information about the salaries they provide private. To help you determine if your organization is competitive in the San Francisco market, here is some guidance on how much you should be paying a biotech research associate II.
Common Position Requirements
The first step to determining an appropriate salary offering is to see how your job requirements measure up to those commonly associated with the research associate II title, as variances in the descriptions can mean that a lower or higher salary is appropriate for the specific role.
Most biotech research associate II’s are expected to perform analysis based on a range of projects and subsequently report their findings to members of management. Generally, this includes gathering and preparing samples, conducting tests and experiments, documenting data, and interpreting the results.
Often, a bachelor’s degree is considered mandatory along with two to four years of experience in a related field, though some companies will allow an advanced degree to substitute for work-related experience.
In the majority of cases, biotech research associate II’s are non-supervisory roles, though they may offer guidance to entry-level workers when appropriate.
In San Francisco, the median annual salary for a biotech research associate II is just over $65,000. Typically, full-time workers also receive a comprehensive compensation package including benefits like medical, dental, life insurance, and retirement planning options, which are not included in the median salary calculation. Similarly, bonuses may be offered, depending on company policy, which would also go above and beyond the $65,000 annual salary.
While $65,000 is the median pay rate, that doesn’t mean all professionals working in these positions make that amount, as those with fewer duties or less experience may justify a lower salary. However, the lowest 10 percent of those working in these roles in San Francisco still earn approximately $54,000 before benefits and bonuses, so that should be taken into consideration.
Similarly, a more experienced biotech research associate II or those with more extensive duties may require a higher salary. Currently, the top 90 percent of those working in these positions earn nearly $80,000 annually in San Francisco, not including the value of other forms of compensation.
The precise amount you need to offer should be determined by reviewing your job requirements and comparing them to the norm. This will let you know if you are looking for a more or less experienced individual in the role or someone who can take on or not perform duties outside of the average. Additionally, research any current competitor offerings, if salary details are provided, to see how your offerings align with theirs and whether an adjustment is in order.
If you are interested in hiring a biotech research associate II to join your team, the professionals at Bayside Solutions can connect you with some of the area’s top talent. Contact us today to see how our services can help you find the right person for the job.