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May 10, 2022, 03:02 ET
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DES MOINES, Iowa, May 10, 2022 /PRNewswire/ — BioSpace, the leader in biopharma news and careers has today published it’s 2022 U.S. Life Sciences Salary Report.
The report demonstrates accelerating salary growth compared to previous years. Overall, life sciences’ professionals reported salaries increased by 8%. Annual salaries for full-time employees in 2022 averaged $138,557 up from $128,689 in 2021. Annual salary growth rates in 2019, 2020, and 2021, averaged only 6%.
More respondents reported larger increases, with 6-10% increases becoming more common as 1-5% increases dropped. 100% of respondents who changed employers reporting a salary increase. A significant proportion of those who changed employers (23%) reported a salary increase of more than 25%.
“The significant leap in salary growth this year is not surprising given the fierce competition we are witnessing in the life science labor market,” said Josh Goodwin, CEO of BioSpace. “Employers will have to become realistic about what life science professionals expect and can command in terms of salaries – and become more creative about what they offer in terms of culture and perks if they want to hire top talent.”
Flexibility trends continue. Almost three-quarters of respondents reported working remotely at least part of the time, and 70% of employers indicate they will continue to hire remotely as a long-term strategy in 2022. Regardless of whether employees were remote, it did not affect whether they received a salary increase.
The report also compared earnings by gender. The gender gap continues to shrink. Despite women earning an average salary 9% less than men overall in 2022, it is the smallest salary gap since BioSpace began research. Men are more likely to report a bonus and the average bonus received by men is 30% higher than it was for women. The gap in bonuses accounted for women earning 15% less overall.
The full 2022 US Life Sciences Salary Report is accessible on BioSpace.com and includes salary comparisons by region, gender, race & ethnicity, disciplines, and titles.
About the Salary Survey
BioSpace’s proprietary Salary Survey was conducted to explore life sciences professionals’ salaries and salary trends. The BioSpace Salary Survey was fielded from February 28, 2022 to March 22, 2022 and data was collected via a Web-based survey. The 2,172 respondents provided demographic information about themselves including job title, compensation such as annual salary and bonus, and indicate increase or decrease of salary trends. View the full report here.
BioSpace is the digital hub for life science news and jobs. We provide essential insights, opportunities and tools to connect innovative organizations and talented professionals who advance health and quality of life across the globe. BioSpace was launched in 1985 and has since evolved into a thriving platform serving millions within the life sciences community.
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