Random Ramblings about stuff I see going on in biotech, internet and the stuff I read.

Sunday, July 01, 2007

Benefits...and why don't people use them.

As part of the acquisition, toward the end, I got involved in making sure that we paid out the right people for the right things and looked after people so they didn't get really pissed off. I learned some things that blew me away.

Most people in the company did not make use of our attempts to give them free money.

Example: Many did not contribute the amount to their 401K that we match to. This means, in essence, that they didn't want to accept money that the company was trying to give them for free. These were not bottom of the payroll type people either, so it wasn't that they couldn't afford it, it was that they didn't pay attention and figure it out.

Another Example: ESPP. Stands for Employee Stock Purchase Plan. In essence, the company is trying to give you stock that you can sell, that day, for a 15% increase in price. Sell it that way, and figure that you pay 50% in taxes, you still make and automatic 7%. That is WORST case. If, during the 3 or 6 month period (companies do it differently) the stock of the company went up, you make more. SO - in the worst case you make 7%. In the best case you make...more. Not taking this bet is just a silly financial decision. Again, most people don't take advantage of this. Absolutly nuts.

Please don't let this be you. I will be embarrassed for you. Your HR people are making fun of you, but they are a bit limited in the amount they can push on you or ask you. They can't force you to be bright, but trust me - they are laughing at you for not doing it.

You won't find and HR person not doing these things.


Anonymous said...

dr. yes--

i've very much enjoyed your blog, as i am about to finish up my phd at a very good (top 3) Biomedical Engineering Department. While a student, I got into a great program that allowed me to develop a business plan based on my thesis research (in conjuction with JDs, MBAs, and a lot of experienced advisors), and ALMOST decided to do a start-up. However, after thinking about it a very long time, I realized i really want some experience "out there" and to have a somewhat reliable paycheck, at least for a few years (recently engaged). I've got enough good contacts, and i am pretty sure i could do the company later, if i choose.

Anyway, the problem i have is the business plan + entrepreneurship certificate i got taught me that i don't want to be a lab-type, and really want business development/marketing/commercialization exeperience...but i have a phd, not an mba.

Luckily, I've had one interview as a "product manager" (not sure what level yet) with a large, boston-based reserach supply company. My interview with the hiring manager is tomorrow.

The company sells a ton of different things from diagnostics kits to bioprocess equipment. In addition, they've been on an acquisition spree the past few years, so seem intent on growing.

Just wanted to get your thoughts on what this type of position might be like, what kind of pay i could ask for (I'm thinking 80-90, but would probably take less), and what advice you have for someone looking for the product manager role (i've read all your posts about Field Application Scientists, etc...).

I'm curious more for your opinion about the "product management" career prospects and pay at a large "tools" company.

Dr. Head

Matthew said...
This comment has been removed by the author.
Anonymous said...

oh yeah--

one other thing...i know i need experience to really have a shot at most jobs, but was wondering whether or not my odds are good of getting another interview for a similar role elsewhere. I've sent out a few (10-15) resumes online, but haven't heard much. However, i can hang around lab til the end of the year, if need be (although i wanna be outta here!).

So, jump at the chance, or wait for something better???
-Dr. Head

yes said...

Comments answered in the next post.