Biotechnology and Pharmaceutical Compensation
CRI has extensive experience working with Biotechnology and Pharmaceutical organizations to develop effective compensation programs that are aligned with organizational goals and objectives.
Specifically, CRI specializes in the design, development, and implementation of compensation and human resource programs in the following areas:
Areas of expertise:
- Biotechnology
- Pharmaceutical
- Medical Equipment
Case Studies:
Case Study #1: Executive Compensation Analysis
Issues:
- Board of Directors wanted to align total compensation package for Senior Management with competitive market
- Board wished to implement formal incentive compensation program, including short- and long-term incentive awards
- Wanted to tie incentive awards to demonstrable results
Solutions:
- Interviewed Board members in order to understand the organization's culture, and confirm their position on compensation
- Interviewed executives to fully understand their duties and responsibilities
- Conducted a market analysis to determine the competitive market utilizing published survey and peer proxy data
- Developed appropriate salary grades and ranges for Senior Management
- Provided recommendations to the Board of Directors regarding base salary, annual incentive, and long-term incentives
- Designed the plan documents covering the short- and long-term incentive programs, and assisted with each program's on-going implementation
Case Study #2: Sales Compensation Program
Issues:
- Current group sales incentive had so many variables that there was a questionable relationship between goal achievement and appropriate payout
- Desired to streamline sales compensation process
- Needed to focus sales incentives on definitive results
- Compensation levels not aligned with competitive market
Solutions:
- Adopted a Sales Compensation Philosophy that integrated sales compensation with the business objectives and marketing direction of the company
- Evaluated competitive market to determine base salary and commission levels
- Designed sales incentives based on desired mix of fixed and variable compensation
- Determined appropriate commission levels based on size and complexity of sales responsibilities
- Developed sales compensation guidelines and procedures to ensure consistency
Case Study #3: Competitive Market Study
Issues:
- Job descriptions were out-of-date and not accurate
- Salaries were not in line with competitive market
- Employee morale was low
Solutions:
- Utilized Position Description Questionnaire to determine appropriate duties and responsibilities of positions
- Market priced all positions utilizing comparable published surveys
- Conducted analysis of individual salaries compared to competitive market
- Increased salaries where necessary to reflect competitive market levels
