yo’ii crg what could you possibly be
talking about being the most important concept in clinical research well we’re
gonna talk about that right after the intro hey guys ECR G here back with
another episode today we’re gonna be talking about the most important concept
for career growth in clinical research well really this concept applies to any
field and it applies to anything in life when you actually sit down and think
about it and I’m gonna hopefully spark that in your mind today and you know I
listen to a lot of things a lot of people in the entrepreneur a lot people
in the fitness sector and they all talk about this one concept a lot of people
in the real estate sector talk about this and you probably heard this word
before but hopefully I’m gonna you know put some concepts out there today
and let you kind of think about in a different way and hopefully this will
show you how you can improve your career accelerate your career and make a whole
lot more money while doing what you love in clinical research at the same time
but before we get into that concept I got to tell you guys about the resume
review program and our coaching program so all you have to do is email us at
elite clinical group at gmail.com if you’re interested in taking your resume
to the next level a lot of people wait way too late they wait until after
you’ve applied and got rejected to like 50 jobs or something let us help you
before you start applying so reach out to us we’re gonna help you boost your
resume we’re gonna let you know where your strengths are and what you need to
pound in the interview and then you can come to us for some interview prep also
it’ll be about an hour well for the first 30 minutes will be a lot of
questions I’ll pound you with questions we’ll go over behavioral style questions
we’ll go over some basic clinical research questions and then we’ll break
down for the last half hour about where your strengths lie where your weaknesses
lie and help you prepare for that first interview because that is gonna be very
very important and all it takes is for you to get your first job in clinical
research then it gets a lot easier so make the
investment now upfront so you don’t have to wait until you’re three months in and
still don’t have a job yet before you come check us out so email us once again
Ali clinical group at gmail.com if you’re interested in that so now what is
the most important concept for career growth in clinical research leverage now
you’re probably thinking what is leverage so i’ma say it again the most
important concept for your career growth in overall career happiness just overall
just associate anything good in your career and you can get to it by using
leverage so in the real estate game leverage is what they’re talking about
is when you have you put money down for a down payment on your house essentially
let’s say you put 20% down and then you go to the bank and leverage the other
80% so you don’t have the whole purchase price you only put down 20% in cash most
people can’t buy their house a hundred percent cash so you leverage the other
80% usually so that’s called leverage where you use other people’s resources
to get to where you want to go that’s leverage but that’s how it works in
houses so how do you how do you how does that happen in a business sense when a
business sense so you’re saying let’s say you want to
work for a CRO one order to grow the business the CRO is leveraging through
your hard work to growing the business so what they’re doing is they’re saying
hey I can pay you I can pay you twenty dollars an hour but we’re gonna build a
client for your work forty dollars an hour so the CRO is making twenty dollars
an hour without doing anything off of you that’s why they’re able to pay you
what whatever salary you’ve negotiated because they’re able to make money off
of you regardless that’s called trading time for money so
they pay you money and you trade their time for you for you trade your time for
it that’s a trade so they’re using their employees as leverage to grow the
business and make this shareholders a lot more money that’s leverage but how
does that apply to you and your day to day work how does that apply to you
getting more success in the clinical research
industry well a lot of you guys are probably familiar with negotiating your
salaries right well the only way to make more money in this situation is by
leveraging so you’re gonna talk about all the ways that you can help the
company make more money right probably so you’re gonna talk about you know
let’s say you’re in sales you’re going to talk about how you’re able to improve
sales systems you’re gonna talk about how you’re able to you know sell more to
sell more stuff whatever it is programs goods you’re able to sell better to
clients whatever it is you’ve increased sales okay let’s say you’re a CRA you’re
gonna you’re gonna talk about how you increase patient recruitment that’s a
big one we’ve talked a lot about how you know in our past videos how patient
recruitment was a huge sticking point a huge friction point for clinical trials
that people from all over the industry found that was the number one thing by a
wide margin so you’re probably gonna talk about how you’re able to improve
patient recruitment you can talk about how you are able to submit all your
documents the TMF on time you’re gonna talk about all these different things
that you can do and you’re gonna leverage those skills and entice the
employer to pick you and pay more money for you because you have those skills
that’s another that’s another form of leverage so we’ve talked about all these
different ways leverage leverage can help you but there’s only certain
positions in the industry where you can maximize your leverage and the point at
which you have most leverage is when you let’s think about it in terms of supply
and demand so everyone knows CRA s are the most in demand in the research field
in the clinical research field see arrays are the most in demand so who do
you think gets paid the most for the least amount of experience it’s
obviously the CRA the CRA is gonna be able to make the most money in clinical
research unless you’re an executive but the CRA they get paid so much money when
it comes to all things considered in benefits a lot of them are remote so all
those expenses while they’re on the road are not being paid they get all the
perks they get all the travel perks till they’re so they’re their travel when
they’re free is all paid for they get I salaries because they’re on the road
all the time they have a lot of leverage they get bonuses sign-on bonuses
I remember just a couple years ago I mean I don’t know what they are now but
I remember them literally advertising on LinkedIn $25,000 sign-on bonus for
senior si Ras $25,000 cash now not to mention they’re also stocking options
thrown in there sometimes one of my one of my buddies just got a car right there
giving cars out to see Ras now that’s as one of the perks so just to keep and
limit that turnover in see Ras so in that position you have a lot of
leverage so that’s why I advocate everyone should go be a CRA for a couple
of years and then go on to where you can in the other parts of the business
because if you’re used to that high quality salary and you’re used to that
high quality you know of perks anywhere else you go they’re gonna have to match
it or become close to that but if you’re coming up from the bottom and go other
places study startup site ID or wherever you want to go and your salary is you
know that’s so so level they only have to raise you incrementally or keep you
the same so you want to you want to go where you have leverage at the highest
possible salary but also when you have all those people like literally as a CRA
I get messages all the time from recruiters sometimes every single day
but even even in my other positions in clinical research I was getting messages
from recruiters so you have a little bit of leverage there that’s that’s not the
same in every other industry other industries actually do not have that I
don’t know how often they get hit up by recruiters but it’s not like this
clinical research industry but I want to use series as the example because they
get hit up the most by recruiters so so I literally have senior CRA friends that
will say that will say to me if a recruiter gets on the phone with me and
is talking anything less than $100,000 I hang up the phone and you can literally
do that because recruiters will literally call you every single day
trying to get you on the phone and it happens to me all the time they’re
always messaging me always calling me that’s a good thing
and that that puts you in a position of high leverage because you’re in demand
you always want to be where it’s high demand for your efforts as we
always want to be as soon as the tide shifts then you shift on to what else is
in demand but right now see arrays are in high demand so that’s where you want
to be and that gives you the most leverage that’s gonna give you the
highest salary because there’s a high demand best perks best ability to be
mobile and be deadly sea Ray’s are known to have high turnover so if you don’t
like your company you can leave six months three months whatever will not
affect your resume one bit and it’s not always gonna be like that probably as
these CRO start gobbling each other up as these pharma companies you know get
bigger and start gobbling each other up there’s gonna be less opportunity for
you to jump around like that and the industries in the industry might change
now I’m not saying I know when this is act exactly gonna happen but we did see
some mergers in 2017 that were that kind of signal that that’s how places are
gonna go we saw a lot of mergers actually over that year we saw a LabCorp
by Co Vance and Chiltern we saw syn eeeh we saw CentOS get formed when I see
research and inventive health got got they merged together I think there was
one more I know I know I cover pamplona capital buying Park sell that’s not
really a merger but you know mergers happen in this industry and the the
getting’s not gonna be as good for a long time but when it comes when it
comes to the leverage aspect of things you want to go where you have the most
leverage in that and that’s how you can really accelerate your career and that’s
really the most important thing in when it comes to negotiation is you can only
negotiate when you have the leverage for example one time I did I had a lateral
move I went from it I went from a project manager assistant to an in-house
CRA and I try to negotiate my salary but they wouldn’t accept it they weren’t
they weren’t having they weren’t having it they were saying you can either take
it or leave it so apparently I had no leverage in that situation
I don’t know why cuz typically you’re supposed to be able to negotiate anytime
you change jobs but you have the most leverage in a situation when you’re new
to a company when you’re getting new to a company for some reason that’s when
you have the most leverage I would think it was in a different situation when you
know you’d say you’ve been at a company long enough and they don’t want you to
leave so they’re gonna do what they can to keep you that happens sometimes but
that is not all the time so typically for the for the average person you’re
gonna have the most leverage when you’re a new to a company so that’s when you
can negotiate your salary the highest and you can do it you can do a lot of
things I mean the negotiation you can do a lot of things is not just money
PTO remote work any work from home action you want sick days I mean
everything they say everything is negotiable so you can get creative with
your negotiations but the companies are only going to be interested in that if
you haven’t leverage in this situation so you really want to make sure that you
know where your leverage is and you know how to use it and in my estimation see
arrays have the most leverage you know I might do a video on my overall thesis
that people that travel are the most successful in the world and I’ll
probably do another video on that but it kind of goes into the fact that see
arrays are pretty much the highest paid and then executives travel a lot also
they’re extremely well paid also you’ve got actors travel a lot musicians travel
a lot they’re on tour all the time CEOs obviously I know that goes on during
executives but you know that’s that’s something else but really what I want to
tie this all together with is leverage just just think about situations where
you have the most leverage and what kind of outcome can come from it and usually
when you have leverage things go in your favor if you and if you have a hundred
hard time understanding what leverage means just think about if you’ve ever
if you’ve ever I guess if you ever had like a big rock and try to like flip it
over with a shovel well if you hold the shovel down like by the base of it it’s
really hard to get that rock up and move it but if you go all the way out to the
end of the shovel towards the tip and try and move it up it’s a lot easier to
move it or if you’ve ever like put a put a tire on a car they have this this
device you use or like a wrench if you ever used a wrench there it is you ever
used a wrench if you know you hold it kind of towards the nut that you’re
trying to screw on it’s a lot harder but if you go towards the edge it’s a lot
easier to move that nut that’s the same thing with leverage it’s a lot easier to
get what you want when you have the leverage in a situation than when you
don’t have it it’s a lot harder so this is a very important topic we’ll probably
revisit again on how to on on how to actually exercise or leverage but this
is something I got to give a shout out to a Dan lock he’s actually a youtuber
also big big time youtuber and he kind of did a video on leverage that got me
even thinking about it in all these situations when we have the
most leverage and who has the most leverage in clinical research and that
is definitely the CRA is because they’re the most in demand I think I think that
could shit well not necessarily shift because there’s clearly like a hold up
on who can be CRA s because that is it’s a very very slow process to become a CRA
and a lot of people don’t want to do it because of the travel and you know
that’s pretty much a big deterrent there a lot of deterrence for people that are
qualified to do it who don’t want to do it and then you know people are retiring
they’re just there’s a lot there’s just a lot to it that we’re not going to go
into in this video but yeah leverage guys so anyways if you hope you like
this video I hope you subscribe to the channel hope if you’re listening on the
podcast leave us a review take care guys you