Compensation is always tricky to determine, both as a professional and for organisations. Across all markets, individuals and businesses regularly ask for the very latest compensation trends to benchmark and identify where they stand in the market. We have surveyed over 400 life sciences professionals across APAC, and the results are insightful.
Australia
Australia's life sciences sector has been a long success story for its economy - employing over 240,000 people and accounting for AUD 3 billion in exports each year. The ASX-listed Australian life sciences sector is worth AUD 100 billion and comprises about 100 companies. With world-leading medical and scientific research bases, excellent institutions, a growing biotech sector, as well as an adaptive healthcare system, government initiatives and strong workforce, Australia's life sciences market is remaining on track for huge potential growth.
The majority of life sciences professionals in Australia have received a 0-5 per cent salary yearly increment in 2021. However, with a small talent pool, we are seeing companies willing to offer up to a 20 per cent salary increase to candidates to move on from their existing employers. Especially with the scarcity of talent, more counteroffers are given by existing companies to limit leavers.
Most of the life sciences talent in Australia are comfortable with where they are and will only move if the opportunity is attractive enough. The advice to life sciences professionals is to keep an eye on the market trends and to understand the market average rate. To hiring managers, it is highly recommended to work closely with your talent partner to make sure your offer is attractive to the right people and competitive enough for your preferred candidate, not only so you can hire in a timely manner, but so you can avoid counter offers which are increasingly happening.
Hong Kong
This story is from the July 2022 edition of BioSpectrum Asia.
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This story is from the July 2022 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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