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