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Actual - Great Salary Negotiation Tips
11 Commandments For Smart Negotiating
1 - BE PREPARED.
The more information you have about your market value and the prospective employer, the greater your likelihood of success. This is the first commandment because it's the most important. There's a wealth of information available on the Internet, at the public library and through
1 - BE PREPARED.
The more information you have about your market value and the prospective employer, the greater your likelihood of success. This is the first commandment because it's the most important. There's a wealth of information available on the Internet, at the public library and through
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
professional associations and networking groups. Time
spent learning how to negotiate and preparing for negotiations may be
the best investment you'll ever make.
2 - RECOGNIZE THAT EMPLOYMENT NEGOTIATIONS ARE DIFFERENT.
When the negotiations are over, you'll have to work with the person with whom you're negotiating. Moreover, your fut
2 - RECOGNIZE THAT EMPLOYMENT NEGOTIATIONS ARE DIFFERENT.
When the negotiations are over, you'll have to work with the person with whom you're negotiating. Moreover, your fut
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
re success may depend
on that person. So, while you want to negotiate the best possible
deal, you need to do so in a way that doesn't damage your image. At
the same time, the employer's primary concern isn't negotiating the
least expensive compensation package it can get away with. Rather,
their focus will be on getting you to accept the j
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
b.
3 - UNDERSTAND YOUR NEEDS AND THOSE OF THE EMPLOYER.
To be successful in this type of negotiation, you need to examine your priorities. What do you really want? Are you comfortable with a low salary and a large equity stake? Are you able to handle dramatic swings in income from year to year? Understanding your needs will also help
3 - UNDERSTAND YOUR NEEDS AND THOSE OF THE EMPLOYER.
To be successful in this type of negotiation, you need to examine your priorities. What do you really want? Are you comfortable with a low salary and a large equity stake? Are you able to handle dramatic swings in income from year to year? Understanding your needs will also help
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ou determine the type of company you want to work for. For
example, a family-owned company may be able to offer a competitive
salary and a large bonus based on results, but may not be willing to
offer significant equity to a non-family member. A start-up company,
on the other hand, may not be able to offer market salary, but will
typically
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
offer stock options. By recognizing what an employer can and
can't do, you'll be able to determine what issues you should press.
4 - UNDERSTAND THE DYNAMICS OF THE PARTICULAR NEGOTIATIONS.
Sometimes you'll have skills that are in great demand. And sometimes, you may be one of several qualified candidates the company would be happy to
4 - UNDERSTAND THE DYNAMICS OF THE PARTICULAR NEGOTIATIONS.
Sometimes you'll have skills that are in great demand. And sometimes, you may be one of several qualified candidates the company would be happy to
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ire. Sizing up the situation and understanding the relative
position of each party will help you determine when to press your
advantage and when to back off.
5 - NEVER LIE, BUT USE THE TRUTH TO YOUR ADVANTAGE.
It's not only wrong to lie, but in employment negotiations, it's ineffective. If you lie during negotiations, sooner or later y
5 - NEVER LIE, BUT USE THE TRUTH TO YOUR ADVANTAGE.
It's not only wrong to lie, but in employment negotiations, it's ineffective. If you lie during negotiations, sooner or later y
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
u're
likely to be caught. Once you are, even if you don't lose the offer,
you'll be at a tremendous disadvantage, and your credibility will
always be suspect. On the other hand, total candor wont be rewarded.
You're under no obligation to blurt out everything you know. You can
determine what you want to say and how you want to say it, and
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ry to
put everything in its most positive light. One key element of your
preparation should be to recognize areas of concern so you can
rehearse how to handle them when they inevitably come up.
6 - UNDERSTAND THE ROLE FAIRNESS PLAYS IN THE PROCESS.
The guiding principle for most employers when negotiating is fairness. Within the const
6 - UNDERSTAND THE ROLE FAIRNESS PLAYS IN THE PROCESS.
The guiding principle for most employers when negotiating is fairness. Within the const
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
raints of their budget and organizational structure,
employers usually will agree to anything that's fair and reasonable to
hire someone they want. Appeals to fairness are your most powerful
weapon. Thus, you should be able to justify every request you make in
terms of fairness. For example, if other computer programmers in
similar compani
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s are being given sign-on bonuses, you should expect
to be treated no differently. Your prospective employer will want you
to accept it's offer and feel that you've been treated fairly.
Understanding the importance of fairness as a negotiating principle
can make the difference between success and failure.
7 - USE UNCERTAINTY TO YOUR ADVANT
7 - USE UNCERTAINTY TO YOUR ADVANT
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
GE.
The more information you convey to a potential employer about your bottom line, the more likely it will limit what you get. Before making an offer, a company typically tries to determine what it will take for you to accept the position. With that information, the prospective employer will be able to determine the minimum package it
The more information you convey to a potential employer about your bottom line, the more likely it will limit what you get. Before making an offer, a company typically tries to determine what it will take for you to accept the position. With that information, the prospective employer will be able to determine the minimum package it
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
needs to
offer. While they may not offer you as little as they can get away
with, if you've divulged too much information, they likely wont offer
you as much as they might have otherwise. By not disclosing exactly
what your current compensation is or exactly what it would take to get
you to leave your job, you'll force a potential employer
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
to make it's
best offer.
8 - BE CREATIVE.
Consider the value of the total package. Look for different ways to achieve your objectives. Be willing to make tradeoffs to increase the total value of the deal. If you're creative, you can package what you want in ways that will be acceptable to the company. You'll also be able to find cre
8 - BE CREATIVE.
Consider the value of the total package. Look for different ways to achieve your objectives. Be willing to make tradeoffs to increase the total value of the deal. If you're creative, you can package what you want in ways that will be acceptable to the company. You'll also be able to find cre
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
tive "trades" that allow you to withdraw requests
that might be problematic to the company in return for improvements in
areas where the company has more flexibility. That way, you can
maximize the value of the package you negotiate.
9 - FOCUS ON YOUR GOALS, NOT WINNING.
Too often in negotiations, the act of winning becomes more impor
9 - FOCUS ON YOUR GOALS, NOT WINNING.
Too often in negotiations, the act of winning becomes more impor
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ant
than achieving your goals. And it's also important not to make your
future boss feel as if he's lost in the negotiations. You'll have
gained little by negotiating a good deal if you alienate your future
boss in the process.
10 - KNOW WHEN TO QUIT BARGAINING.
The one sure way to lose everything you've obtained is to be greedy. The
10 - KNOW WHEN TO QUIT BARGAINING.
The one sure way to lose everything you've obtained is to be greedy. The
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
e comes a point in every negotiation when you've achieved
everything you could have reasonably expected to gain. While most
companies will want to treat you fairly and make you happy, few
companies want a to hire a prima donna. Being perceived as greedy or
unreasonable may cause the deal to fall apart. Even if it doesn't,
you'll have done
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
immeasurable harm to your career. This brings us to
the 11th and most important commandment:
11 - NEVER FORGET THAT EMPLOYMENT IS AN ONGOING RELATIONSHIP.
Job negotiations are the starting point for your career with a company. Get too little and you're disadvantaged throughout your career there; push too hard and you can sour the relat
11 - NEVER FORGET THAT EMPLOYMENT IS AN ONGOING RELATIONSHIP.
Job negotiations are the starting point for your career with a company. Get too little and you're disadvantaged throughout your career there; push too hard and you can sour the relat
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
onship before
it begins.
Understanding these principles will allow you to effectively negotiate the terms of your new job. Then do your job well and continually seek out new challenges. As you take on added responsibilities and learn new skills, there will be opportunities to negotiate further improvements.
This article can also be read
Understanding these principles will allow you to effectively negotiate the terms of your new job. Then do your job well and continually seek out new challenges. As you take on added responsibilities and learn new skills, there will be opportunities to negotiate further improvements.
This article can also be read
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
irectly at: http://www.worktree.com/newsletter/salary-negotiation-tips.html
Sincerely,
Nathan Newberger
Managing Editor
http://www.WorkTree.com
"Helping You Find More Jobs Faster
Sincerely,
Nathan Newberger
Managing Editor
http://www.WorkTree.com
"Helping You Find More Jobs Faster
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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