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Press Release

New Compensation Guide for Canada’s Bio-economy Released by BioTalent Canada

BioTalent Canada
Posted on: 04 Oct 16

The average annual salaries and benefits for 34 of the most popular jobs within the Canadian bio-economy were published today by BioTalent Canada as part of its 2016-2017 National Compensation Guide. This annual report is a national review of job descriptions and experience, skills and education required to effectively function in the most popular roles in Canada’s biotech sector.

Mirroring changes in hiring practices and market demand, two new jobs have been added to the 2016-2017 edition, namely: Medical Science Liaison and Product Manager. The publication has also expanded its compensation information with more data, including salary fluctuations.

According to BioTalent Canada’s labour market report, Sequencing the Data, the ability to attract and retain top talent to drive innovation remains one of the greatest challenges the biotech industry faces.

The organization contends competitive compensation packages are an integral part of attracting top talent, as access to industry-standard compensation practices remains a pain point in the industry. Biotech companies report being particularly frustrated at the exorbitant cost of some of the compensation data vehicles on the market, or the fact that the data is skewed only toward the largest companies or companies outside Canada. With approximately 80% of Canada’s biotech sector consisting of small and medium-sized companies, access to accurate and affordable compensation data is a challenge that affects the majority of the industry.

This need is reflected in the increased amount of support for this compensation information, with more biotechnology industry associations across Canada providing their support to help BioTalent Canada publish its compensation data.

Rob Henderson, President and CEO of BioTalent Canada and Anie Perrault, Executive Director of BIOQuébec both commented on the need for a national compensation guide for Canada’s bio-economy.

“How to set proper and competitive compensation levels, is one of the many challenges biotech companies across Canada are facing when hiring,” said Henderson. “We are pleased to be able to make this all-important information available to the industry.”

Perrault agrees. “To stay competitive, it’s important for biotech companies to be able to benchmark their compensation packages against the market. Recognizing the importance of this information, we are providing a free copy of the National Compensation Guide to all our eligible members.”

The report was sponsored by:

  • Ag-West Bio
  • BioAlberta
  • BioNB
  • BioNova
  • BIOQuébec
  • BIOTECanada
  • LifeSciences BC
  • Life Sciences Ontario
  • Lock Search Group
  • Life Science Association of Manitoba
  • PEI BioAlliance

For more information on the National Compensation Guide, please visit biotalent.ca/CompensationGuide.

About BioTalent Canada's National Compensation Guide

BioTalent Canada’s National Compensation Guide is a review of the most popular job functions within the Canadian bio-economy. The publication consists of job descriptions and experience, the skills and education required to effectively function in the role, and an overview of the salaries and benefits. Data like this is crucial to enterprises in the industry to benchmark their compensation and remain competitive. The National Compensation Guide is currently available in English only. For more, information please visit biotalent.ca/CompensationGuide.

About BioTalent Canada

BioTalent Canada is the HR partner of Canada’s bio-economy. As an HR expert and national non-profit organization, BioTalent Canada focuses on building partnerships and skills for Canada’s bio-economy to ensure the industry has access to job-ready people. Through projects, research and product development BioTalent Canada connects employers with job seekers, delivers human resource information and skills development tools so the industry can focus on strengthening Canada’s biotech business. For more information, please visit biotalent.ca.

About BIOQuébec

BIOQuébec is committed to supporting the growth of Québec’s biotechnology and life sciences industry, which creates wealth and specialized jobs, is focused on innovation and marketing, and is dedicated to improving everyone’s health and quality of life. For more information, please visit bioquebec.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20161004005235/en/

Business Wire
www.businesswire.com

Last updated on: 04/10/2016

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