Pay for life sciences specialists jumped over the two years following the Covid-19 outbreak, but growth has slowed as the market normalizes and inflation retreats, according to a report by Impellam Group’s SRG division and the New Scientist Jobs.
Wage inflation has also subdued amid a broad reduction in hiring and increased layoffs in life sciences.
“This is good news for companies struggling to rein in increasing workforce costs but a challenge for talent in search of better opportunities and pay,” Andrew Turner, UK managing director of SRG, said in a press release.
“However, with talent scarcity caused in part by a structural deficiency in the labor market, this balance may shift again with an improvement in the global economy,” Turner said. “Regardless of where we are in the economic cycle, employers need to focus on attracting and retaining the best and most in-demand talent.”
SRG and New Scientist Jobs found the average salary for North American life sciences workers was $87,874, which was the highest ever surveyed by the New Scientist. The average in Europe is €65,070 (US$70,714) and the average in the UK is £57,725 (US$73,333), which is up 11.1% since 2022.
Life sciences workers in North America were also more likely to say they will change jobs this year than their counterparts in the UK and Europe. This is even as job satisfaction in life sciences has historically been higher than in other occupations. The survey found that two-thirds of respondents said they were happy in their roles.
And the debate over remote vs. hybrid work arrangements may play a role in workers’ desire to leave. Ninety percent of those who are on site say they plan to switch jobs. In addition, two-thirds say they prefer a hybrid schedule, but just 40% have this benefit.
Other findings in the report include:
- A pay gap continues to exist between men and women, with the gap as high as 19% in the UK. In comparison, the gap was 14% in Europe and 8% in North America.
- Black workers comprise just 4% of life sciences specialists in the UK compared with 11% in North America. However, 40% of all workers in the UK said they have witnessed efforts within their organization to be more diverse.
- A majority of life sciences workers, 60%, say AI has already made them more efficient, and 78% say they will be more efficient in the future with AI.
The report is based on a survey of more than 4,000 scientists and STEM professionals conducted between December 2023 and February 2024.