Life sciences professionals want a 15%-20% base salary increase when switching

Pay in the industry ranges from less than $110,000 to over $380,000.

Professionals in the life sciences industry want a 15%-20% base salary increase when switching companies, recruitment agency,  EPM Scientific, has found.

Based on EPM Scientific's study, professionals in the industry receive pay ranging from less than $110,000 to over $380,000, depending on the length of their career and the positions they hold.

Most workers in the industry also receive an annual increment in their salaries. For those in the executive leadership, 59% of them receive a pay raise of up to 15%, whilst 50% of those holding clinical and 67% of those with commercial positions receive up to 5%.

As most candidates receive a yearly salary increment upon adjustment, EPM Scientific said Singaporean professionals are also swayed by noncash benefits when making a career switch like longer paid leaves and flexible working hours.

Based on the survey, most commercial  (75%), executive leadership (70%), and clinical professionals (67%) are working flexible hours. More than half (59%) of commercial professionals also receive 14-20 days of paid annual leave, whilst most executive leadership (52%) and clinical (50%) professionals receive more with  21-27 days.

"While the life sciences market is booming and is a talent-niche sector, we highly recommend our clients to stay ahead of their competition to get the right talent on board," the agency said,

Hiring managers should have a good understanding of what it is the company can best offer, be it the culture, the benefits or the compensation package. It is essential to have a finger on the pulse of what is being offered in the market," it added.