Bold in Negotiation 2 of 4

Welcome to The Bold Brief—

You are a member of this community of top-notch expert nurses and healthcare professionals who aspire to be “bold” in career and life. We want to be bold in our life’s purpose, and bold in life and career choices to live with authenticity, balance, and meaningful challenges.

This is the part 2 of our Bold in Negotiations series, a powerful 4-part series focused on mastering salary and benefits negotiations. In our last edition, we emphasized the importance of understanding negotiation basics, creating a win-win, and building confidence. This foundation allows you to approach any negotiation with clarity and courage. Now, we’re diving into a critical part of the negotiation process: researching and preparing for salary and benefits discussions.

 So… let’s get bold in negotiation.

Understanding the Importance of Research in Negotiation

Preparation is more than gathering data; it’s about empowering yourself with insights into industry standards, understanding your unique market value, and crafting realistic goals.

Market research is foundational to any negotiation, particularly when discussing salary and benefits. For healthcare professionals transitioning from traditional, often fixed pay structures to more dynamic roles in HealthTech, MedTech, and similar fields can feel challenging.

Conducting research can help reduce uncertainty, set realistic expectations, and equip you with the data needed to confidently request compensation that reflects your skills.

• Setting Realistic Expectations: Market research provides an informed range of what others in similar roles are earning. This knowledge prevents undervaluing yourself or asking for unrealistic figures.

• Equipping Yourself with Data: Solid data on industry standards helps you back up your desired salary with concrete evidence, making it harder for hiring managers to dispute your requests.

Preparation and market research are the first steps toward a more empowered approach to compensation, allowing you to confidently enter the conversation with grounded expectations.

Evidence Supporting the Value of Thorough Preparation

Research underscores the tangible benefits of being well-prepared for salary discussions. Here’s a closer look at the numbers and insights relevant to non-traditional roles in HealthTech, MedTech, Biotech, and Pharmaceuticals.

Research-Driven Negotiations Lead to Higher Outcomes: Studies consistently show that job seekers who conduct salary research before negotiations are more likely to secure better compensation. This preparation allows you to back your salary request with data and to justify why your skills warrant specific figures.¹

Once you narrow your decision toward a specific role, you need to research specific salary ranges for expert nurses in non-traditional roles. You will gain a clearer understanding of what’s reasonable and achievable in your desired role and field.

• HealthTech: Salaries base for roles like Clinical Informatics Specialists or Health Data Analysts can earn median salary of $104,000 with range from $80,000 to $120,000, depending on experience and location. Link

• MedTech and Biotech: Clinical Research Associates typically earn low end $72,000 with no experience and average $130,000. Link

• Pharmaceuticals: Specialized roles in quality and project management like Regulatory Affairs Specialist often see base compensation in the range of $85,000 to $140,000. Link

• Medical Science Liaisons (MSL) are a highly desirable role and work in all healthcare sectors. MSLs are high-level experts, often with an earned doctoral degree but a master’s with exceptional clinical expertise and strong ability to communicate research, base salary start over $125,000 and can exceed $260,000 after 5+ years of experience. Definitely a role worth exploring! Link

• During 2023-2024, graduates of The Bold Nurse Academy^TM landed these roles like these listed above - finally beginning to work outside of the hospital and bedside. None of the Bold Nurse Academy graduates needed to go back to school to land these roles. Instead all were well prepared with a BSN or MSN for these desirable, highly qualified candidates once they learned how to find the role that aligns with their expertise and existing education.

What This Means for Your Career and Life

Moving from clinical roles to non-traditional positions requires a shift in mindset from “fixed salary” to “market-based compensation.” While hospital and clinic salaries may be standardized, roles in sectors like HealthTech or Biotech often have variable salary ranges. Embracing a market-based view of compensation opens up the opportunity for negotiation and flexible terms.

• Financial Empowerment: Knowing the industry standards and salary ranges allows you to advocate for yourself effectively, whether transitioning to a new field or advancing within your current one.

• Emotional Empowerment: Research-backed negotiation reduces anxiety, builds confidence, and enables you to approach salary discussions with conviction.

By moving beyond a fixed-salary mindset, you take control of your earning potential and align it with industry trends.

5 Steps to Research and Prepare for Salary Negotiation

Gather the data and information you need to develop your compelling negotiation strategy.

Step 1 Identify Reliable Salary Sources

Start with platforms like Glassdoor, LinkedIn Salary Insights, and professional networks to gather accurate salary data for your target roles. Cross-reference information across platforms for the most comprehensive insight. In the Bold Nurse Academy, we have a “for your eyes only” insider list of sources that only those who work inside these industries use! If you know the role and sub-sector you are targeting, explore WellFound, BioSpace, Randstad, and HireLifeSciences.

Step 2 Determine Your Minimum Acceptable Base Salary & Ideal Range

Calculate the minimum you would accept based on your needs, qualifications, and market standards. Then, define an ideal range to aim for during negotiation. Make sure you have sources that you can reliably refer to during any negotiation.

Step 3 Research Comparable Roles in Target Industries

Understand how your skills translate across fields like Life Sciences, HealthTech, and Biotech. Look for roles with similar responsibilities and identify any variations in pay based on industry.

Step 4 Prepare a List of Justifications for Your Desired Salary

Highlight relevant experience, specialized skills, and unique achievements. For example, emphasize transferable skills from clinical experience that add value to roles in HealthTech or Biotech.

Step 5 Develop a Benefits Wishlist

Compile a list of benefits to discuss in addition to salary. Include items like remote work options, professional development funds, or wellness perks to enhance your overall compensation package.

These 5 steps will set you up for success, helping you to articulate your worth and negotiate with confidence.

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Why This Approach Works

• Builds Confidence and Reduces Anxiety: Entering a negotiation with well-researched data gives you clarity and focus, helping to ease nerves and boost confidence.

• Strengthens Your Position: Concrete figures and examples support your requests, demonstrating that you’re informed and prepared, which can positively influence the employer’s response.

• Shows Professionalism and Seriousness: Presenting solid data and thoughtful arguments signals to the employer that you’re committed and intentional about your career goals and expectations.

Free Downloadable PDF: Know Your Worth Worksheet

Our Know Your Worth Worksheet guides you through each step of gathering and recording salary data, setting a target range, and compiling a benefits Wishlist. Use it to organize your findings and be ready to speak confidently during negotiations.

Next week! Think salary is the only thing worth negotiating? Think again! The next edition of Bold Brief will explore the world of non-salary benefits, from flexible schedules to professional development opportunities. Discover how to negotiate perks that could transform your work-life balance and make your job even more rewarding. Don’t miss this chance to learn about the full spectrum of benefits available to you as expert nurses and healthcare professional seeking non-traditional roles.

Conclusion

Preparation is the cornerstone of successful negotiation. Armed with data and a clear sense of your real market value, you can confidently enter salary discussions ready to advocate for yourself. Take charge of your worth. Let’s make it a reality together.

Remember, the bold career and life that you desire is not just a dream—it's within your reach. Let's make it a reality together.

💗P.S. If you find this content useful for your life, career, and happiness, please share with another expert nurse or healthcare professional like yourself!

P.P.S. If you want to learn from me on a daily basis, come connect with me on LinkedIn or in my Facebook Community.

Remember that this is a dedicated space for you, the nurses at the bedside and beyond, the committed healthcare professionals ready to explore transformative career paths beyond traditional roles. Every week, we'll dig into evidence-based strategies, insights, and stories designed to empower you to take bold steps toward a fulfilling career and life outside the hospital setting.

1  Now, Women Do Ask: A Call to Update Beliefs about the Gender Pay Gap. Link