Give a man the reputation of an early riser and he can sleep til noon. - Mark TwainNew Jersey has come up with a plan to offer $14,000 to employers who hire unemployed biotech/pharma workers. The concept here is that New Jersey does not want to lose its highly educated and formerly highly paid people. They enjoyed a period of financial success and they want to keep the gravy train rolling.
The Mark Twain quote above sums up the rather absurd situation. Biotech/pharma had earned a reputation as a successful lucrative industry. Along came the burdens of capitalism. The industry is shedding jobs and the local economy is taking a hit. What remains is the reputation. The local government officials have conspired with the local biotech/pharma executives to force the people of New Jersey to shell out $14,000 every time this failing industry hires a new person.
The $14,000 per person is part of a $3.6 million federal emergency grant, which includes $1 million in on-the-job-training dollars that have to be spent by the September deadline.
If every dime of the $1 million is spent, about 71 people will land jobs. The workers must have lost their jobs in 2010 or later from various locations of Bristol-Myers Squibb, Hoffmann-La Roche, Johnson & Johnson, Merck/Schering-Plough, and Pfizer.
The $14,000 grants will underwrite training for six months for up to 50 percent to 90 percent of the employee's salary - although jobs in the pharma sector typically paid much higher than that.At 50 percent we are looking at an annual salary of 48K. At 90% we are looking at $31K per year.
The most curious logic in this plan is the training.
"Every company is going to train their new employees," Flatley said. "This allows us to pay a portion of that training."