Hi blinders - wanted to know everyone’s thoughts on how people moving to smaller companies like emerging biotechs etc from large pharma such as gilead Genentech etc get bumped up a title or two? If one does not get that upgrade is that a bad thing?? Assuming that the money in both cases is growing 10-15% atleast otherwise it’s all meaningless.#health #healthcare #Gilead #genentech #smallbiotechs
It is a common practice by smaller companies to bump titles to get people in as they can show later if they move that they got a title bump and ask for more money. I know of people that do it strategically for that reason. Never seen it in Biotech, but definitely in tech in general.
Yes it is a bad thing. The titles do not map and they are perceived lesser from small companies. Less money. Lesser title. What is the benefit here?
I know several people who left Gilead and got at least a single (some two) bumps in title and a giant pay increase. They also get promoted faster. In PDM (unless you’re the exception) it’s hard to get promoted before 4 years yet you look at the job description for the bump and it’s not 4 additional years of experience required. But you also have to take benefits into consideration. RSUs are like invisible handcuffs so I don’t think about those (especially with our current stock price). But 401k match, two shirt downs and good insurance.
+1. I have known several smaller Biotechs in the area that pay just as good base salaries as Gilead at the same level. Bonus multiples could be much higher and promotions come every 1-2 year for high performers. Benefits may not be as good, but who cares about the meagre 10k contribution to 401k. Only downside is that stock could be volatile but you get loaded with options and RSUs. They also have ESPP plans comparable to Gilead. A couple of ex-Gileads I know made millions in stock options after their small biotechs got acquired.
I left Gilead last year for a small biotech and got a 1 level bump. That is pretty typical. Many ppl have made a 2 level bump.
Most people get bumped upped if they go to a small biotech. Just to beat pay they need to
I see my ex colleagues got bumped in titles at least 2 levels up ! With salary increase I think at least 15% with sign on bonus if possible
What are the salaries like in biotech?
In my limited experience (2.25yoe) and from asking around, it is comparable to big pharma
What were your titles before you made then switch and then after? Anyone willing to share a resume with your name, etc removed? Looking for tried and true examples
You can check LinkedIn
Are job titles really this rigid in the private space? People seemed to use whatever they wanted in lower academia
I'm following since I'm interested in learning more. I wasn't aware that smaller biotech companies may have title inflation. I know a few larger companies that definitely do, but haven't seen such a trend in biotech personally.
Huge title inflation at Bridgebio. Everyone is a VP with minimal experience