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September 13, 2023 at 7:35 pm #89466USER
I have 10 years of experience in my field, and make 110k + 10k annual bonus + 15k (instead of health insurance).
I work for a biotech startup that isn’t yet profitable, and haven’t gotten a raise in my 4 years there. My job is to get grants/government contracts. We’ve gotten about $4.5M over my 4 year tenure. We were a 2 person team, but I’ve been doing it alone since February.
I’ve asked for a raise (when my boss left) and was told maybe a bigger end of year of bonus, but I said I wanted a cost of living adjustment to my base. Nothing happened. I’d like to bring it up again.
What can I do to get a raise?September 13, 2023 at 7:37 pm #89467Elie
My two cents…
Cent #1 – just make sure you’re positioning it in terms of the value you bring. Not asking for a raise because your cost of living has increased. It’s what’s in it for them, not what’s in it for you.
Cent #2 – whenever I have wanted a raise or promotion, I ask my leadership specifically what I need to accomplish and by when in order to get what I’m looking for. Sometimes it’s a year to meet those expectations. But when the time comes, I can clearly state my case that I’ve met the expectations they set.September 13, 2023 at 7:38 pm #89468Christopher
Sounds to me like if a 2 people can get 4.5m in grants Maybe you should start your own company amd ger those grants for yourself. He’ll I’ll gladly be your partner with your ability to get said grants.September 13, 2023 at 7:39 pm #89469Jimmy
Look for other opportunities and be quick about it.
I was hoodwinked into the “we’ll grow, IPO and you’ll duly rewarded with stocks options, employee share plans etc”. Never again. It has always be the show me the money (fair package).September 13, 2023 at 7:39 pm #89470Brennon
What are the expectations for the position? Biotech isn’t my wheelhouse, and I genuinely mean no disrespect, but ~$550k a person, per year, doesn’t sound like a tremendous amount to bring in for this kind of role.September 13, 2023 at 7:39 pm #89471Ashley
I would ask again. You have nothing to lose. Startups can be fantastic when you have a company that stands behind their word, or is open about the financials and when to expect to see an increase. It sounds like your work life balance is great.
And if you jump ship keep in mind that your next position may be better money but worse in other areas.September 13, 2023 at 7:40 pm #89472André
Leave, leave, leave. If they’re not generating enough revenue to meet their objectives and take care of the key staff (ie-you as tip of the spear providing grants mgmt) this may be a sign of a failing biotech enterprise or time dead leadership.
You may be well-served exploring the free agent market. Take a look at some of the career postings for SRAI and NCURA as there are plenty of other opportunities available.