Contract CRA:
Before we can dig into the current contract CRA salary or hourly rate, we should first understand the difference between a candidate-driven and employer-driven market.
Once the industry kicked back into gear after COVID, we experienced a strange resourcing situation. The demand for field monitors was exceptionally high…much higher than the number of available Clinical Research Associates. The high demand coupled with the shortage of available CRAs meant that Sponsors and CROs were competing for this limited CRA pool.
Therefore, we dove head first into a candidate-driven market.
In a candidate-driven market, jobseekers have the advantage and can demand higher compensation and better job perks. In the post COVID rush, we saw the hourly rate for contract CRAs come close to doubling for monitors experienced with hot skills like CAR-T and gene-therapy.
With that being said, our current market is heavily employer-driven because there are more qualified candidates than available positions. Therefore, employers are more able to negotiate compensation and job perks. In today’s market, I have seen salaries for specialized CRAs drop by roughly 20%.
Why Is This Important?
Hiring managers and clinical research associates should continually assess the market. An understanding of the current contract CRA hourly rates and CRA salaries is important for various reasons.
As a Hiring Manager, knowing the current market compensation ranges can help you quickly detect fraudulent candidates. It can also protect you from those CRAs who ‘poach’, thus protecting your budget.
And as a CRA, having this knowledge can help you understand how to maintain competitiveness while still being able to demand an appropriate range. It will also help you look beyond the rate so that you can secure positions within compelling companies on exciting projects.
Any way you slice it, to hire high-quality CRAs or get hired by great sponsors, you must be aware of the current market value of a Contract CRA.
Hiring Managers: How to understand the Contract CRA Hourly Rate
When you understand current compensational market trends for CRAs you can:
Prevent attrition
Every Sponsor and CRO is competing for top talent. While you shouldn’t pay more than market value, offering an aggressive rate can go a long way in ensuring your CRAs will not leave for greener pastures.
Said differently, expect attrition if you are underpaying your CRAs. Attrition rates for CRAs have been exceptionally high in the past few years, and while inadequate pay isn’t the only reason for high attrition rates, it is one of the largest driving forces behind the high turnover volume. It is certainly one of the easiest factors that you can control in mitigating negative attrition.
Detect fraudulence
Several years ago we noticed a trend of CRA candidates asking for well below the market rate or salary. As we explored deeper, we realized this trend was directly related to the candidate fraudulence we had started identifying in our industry. If a CRA is asking too little, dig deeper, as this is a clear sign of an amateur at best and a fraud at worst.
Alternatively, even if the candidate isn’t committing fraud, if they undervalue themselves so much as to ask for a below-market rate or salary, they may be desperate. And my experience shows that desperate people make desperate decisions. You likely won’t be satisfied with their work, but even if their work isn’t subpar, they will leave you as soon as the next best offer comes around.
Protect your budget
There is a pool of CRAs who are known to overvalue their services when given the opportunity. It is common for these CRAs to ask for compensation far above the current market’s contract CRA hourly rate. In our experience, however, a higher rate doesn’t necessarily mean a better CRA. For cases like these, being aware of competitive compensation ranges will help you protect your budget and avoid overpaying. We have continually seen that if a CRA is genuinely passionate about the industry, other position perks mean something to them.
How do you know if the individual is looking for a long-term home or just haggling for money’s sake? Consider these qualities over a high asking price:
- Has the CRA expressed a personal passion for the industry?
- Is it clear the CRA has researched your company and products, and clearly expresses a desire to contribute to your team’s mission?
- Does their resume represent long-term contracts or repeat clients?
- Have you received positive feedback from previous contract references?
When engaging a new contract CRA, speaking with supervisors from previous assignments is another extremely valuable resource. Check in with past contract references to vet each new hire, ensuring that the CRA has not left a contract before it naturally ended because this is a telling sign. This means that while good CRAs do leave contracts early for multiple reasons, a large percentage of CRAs who end their contracts early do so because they found a better deal.
How craresources can help
While finding, interviewing, and vetting potential CRAs can seem daunting, you don’t have to do it alone. craresources does all of the hard work for you, cutting down on your workload and helping to eliminate fraud by interviewing and recommending only those CRAs who have passed our stringent qualification process.
Because of the volume of CRAs we place, we are extremely familiar with the ever-changing market. Therefore, you will pay a competitive rate without overpaying. Additionally, we not only ensure that the CRAs who pass our rigorous process are as qualified as they claim to be, but we also provide options so that hiring managers don’t have to settle for less than the best. You never have to settle for a CRA located in the wrong area, without the specific skills and qualifications you need, or whose personality doesn’t fit with the rest of your team.
CRAs and the Contract CRA Hourly Rate
As a CRA looking for well-paying opportunities that you can be passionate about, it’s important to know what contract CRA hourly rate you should be asking for. Knowing the current market rate enables you to expect strong compensation while competing with other CRAs. It will also help you look beyond the price tag to make better long-term career decisions.
Understand the market rate
In the current employer-driven market, the contract CRA hourly rate has stalled and salaries have dropped. While markets are constantly changing, it is important that you see beyond the current ‘ebb’ or ‘flow’ by focusing on your overall career goals.
Think ‘long-term’ by building strong relationships with companies and sponsors. Be sure to meet your commitments by not bailing on contracts because you have received a better offer. Instead, think about your career aspirations and stay in control.
Look beyond the high rate with craresources
What should you look for in a sponsor besides money?
One of the best ways to provide for yourself long-term is to build a relationship with a firm like craresources that will offer a partnership along with repeat placements. We put in the time to get to know you, and we care about your fit, ensuring you are placed in an environment that will enable you to succeed and grow your skills. With a firm like craresources, you can rest assured we will always be available to provide support, as you being able to smoothly transition into your new assignments is one of our primary goals.
We understand how important CRAs are to our industry and realize a good CRA assignment is more than just the hourly rate. It is also about the science, the culture, and the work environment; so we make it a point to get to know our CRAs before recommending positions to them. This helps to keep you happily engaged, enabling both you and the sponsor to be satisfied. That satisfaction is why we’re worth the effort. With craresources, you’ll get the best gigs with the best clients, all tailored to fit your needs and skill set.
Leave it to the Experts at craresources
Whether you’re a hiring manager or a CRA, knowing the current market’s contract CRA hourly rate can help you make the best decisions for yourself and your firm or career. However, the market is constantly changing, and it can be hard to keep up. But at craresources, it’s our job to understand these fluctuations to serve you better.
If you have specific questions about market rates, reach out to the experts at craresources. Engaging us to answer the hard questions and do the legwork for you will benefit you every time. Reach out to us today to learn more about how we can connect you with the most experienced CRAs and the best sponsor work environments time and time again.