In the wake of the COVID-19 pandemic, the life sciences industry was widely impacted. Healthcare, pharmaceuticals, and biotech companies responded immediately. From COVID-19’s drug trial to vaccine development, the pressure is immense and so is the pressure to hire and retain top talent.
What makes things interesting is the growing overlap of tech and life sciences industries. The need for engineers, data scientists, and IT professionals is continuously increasing and they’re quite difficult to find.
The problem arises in the fact that tech companies offer interesting resume-building opportunities and rich benefits packages among other things. Amidst all this chaos, it’s increasingly difficult for life sciences companies to find talent to pursue research that’s exceedingly technology-driven.
On the other hand, the impact of COVID-19 on the job market was tremendous. Many people lost their jobs in the pandemic recession, but life sciences are among the few industries where the demand for talent increased! According to NASDAQ, healthcare companies accounted for nearly one-third of all new capital raised by companies. Now, more than ever, companies need to keep up with the rising demand for top life sciences talent.
Source: NASDAQ report on IPOs
Upskill Your Current Workforce
All companies hire new employees, but in the search for top talent outside, the diamond among their ranks is often overlooked. In every company, there are multiple candidates for the vacant positions. You can upskill and train your employees to take over the critical positions.
Not only are your current employees familiar with your company’s visions and values, but growth opportunities also keep them engaged. According to LinkedIn’s 2021 workplace learning report, the key to a Gen Z’s heart is professional growth. They want to spend more time upskilling and learning to perform well in their current position and a different one.
Employ Diverse Talent Acquisition Channels
Almost every company makes use of social media and job boards to hunt for talent. To get ahead of the game, you need to utilize diverse talent acquisition channels to reach a diverse range of talent. Partnering with academic institutions is another great way to hire talent early. This is also beneficial for research and innovation.
Alongside, use employee referrals to reach talent that’s not even searching for a job. You can use Pierpoint’s employee referrals app to make things simpler. Your current employees can refer people on mobile, who can accept referrals from any device and apply on hand.
The bottom line is that the secret to acquiring top life sciences talent is by keeping your mind open. Don’t focus on one channel so much that you miss out on amazing talent elsewhere.
Optimize Your Recruitment Process with Technology
One of the biggest changes brought about by the pandemic is the virtual workplace. In the lockdowns, companies allow people to work from home in order to stay safe. However, since life sciences companies must hire, how do they content interview?
Virtual interviewing and onboarding is not the same as in-person. However, at times like these, the need to stay in touch with technology and using it to your advantage is more important than ever before. Let the candidates know that you are not an antiqued organization.
Now, put yourself in the potential candidate’s shoes. What’s the first thing you do when you’re applying for a job? Search for the company on Google and LinkedIn. If the company has a good online presence, candidates are often impressed.
Companies are also using AI (artificial intelligence) to assist job seekers and HR teams through the recruitment process. According to Undercover Recruiter, within the next 10 years, AI is expected to replace about 16% of HR jobs. In today’s highly competitive market, you can’t ignore the small factors.
Use Workplace as a Tool for Employee Retention and Hiring
When offering a competitive salary, you need to ask yourself:
What makes me stand out from the crowd?
Why should a candidate apply and join my company instead of the competitors?
In this fast-paced world, people are looking for flexibility and growth. This comes in handy especially while you’re trying to attract young talent. Companies like GE and Johnson’s & Johnson’s are leading the way in work flexibility. They’re providing benefits like health, flexible schedules, and unlimited holidays to their employees.
According to Forbes:
“Companies struggling to recruit millennials should consider GE’s example of bold action and completely rethink the packages they are offering to attract young talent.”
On the other hand, include smart building tools in your office that makes things easier for your employees. For example, an office app that allows them to apply for vacations, reserve meeting space, personalize office temperature.
In a nutshell, think of how you can make your employee’s lives easier and help them balance work and life efficiently.
Hire a Recruitment Agency
It takes about 105 days to fill a non-executive position in the life sciences industry and companies lose an average of $500 per day for each vacant position. On average, companies are losing about $52,500 in the time they’re taking to fill a single position.
Top life sciences talent can be off the market in less than 10 days! That’s not enough time to find, assess, interview, and hire the candidate. You’re losing both time and money and hiring a recruitment agency can help with this issue. They can find top life sciences talent and get them on board.