As the US Life Sciences market emerges from the years-long economic shakeup of a global pandemic and its aftermath, 2023 presents its own set of talent and recruitment challenges.
Demand for specialized candidates remains very high, with numerous open roles amidst an industry-wide talent shortage. Professionals regularly receive counteroffers and competing offers, and we predict that this level of competition will remain strong. Now more than ever, putting forth the most attractive offer is essential to successful hiring.
Beyond increasing business costs, ESG, and adoption of technologies like artificial intelligence and digitalization, Life Sciences companies have a growing number of talent-related challenges to consider. Bringing on top professionals is one of the best ways to navigate through ever-changing markets, but to successfully do this, hiring decision-makers must construct a robust recruitment strategy and help their organization stand out from the crowd.
Here are just a few strategies that we at Michael Page have found success with in partnering with our clients.
1. Speed Up your Recruitment Process by Making Strong, Well-Informed Offers
Salary will forever be one of the most important factors in a candidate’s decision to accept or reject an offer. Having a finger on the pulse of market rates in your area is the first step to staying competitive. It also promotes efficiency in an environment where recruitment timelines are tightening, with the average time to placement currently ranging between 3 and 5 weeks.
We consistently see that a key component of a fast, effective recruitment process is extending an offer which either meets or exceeds a star candidate’s expectations. Such offers show that your organization is in line with the current market trends and in turn, prospective employees will feel valued and respected.
Investing in the right candidates can keep your organization on the cutting edge of innovation in an industry where competition is always fierce. It also helps shore up future success by bringing in candidates with high leadership potential, ensuring that the business will remain in good hands as time passes.
2. Promote your EVP to Engage Candidates Early in the Hiring Process
A strong Employer Value Proposition (EVP) includes everything from company culture and flexible working conditions to benefits packages and training opportunities. Candidates in Life Sciences are particularly focused on salary, the organization’s core scientific focus, and what drugs and therapies are in pipeline. However, they also prioritize the organization’s culture and reputation, as well as options for flexible/hybrid working when making their decision on an offer.
Making sure that these elements are not only included in your employer brand, but also communicated effectively, can pique the interest of the best talent on the market. This is key when competition in a candidate-short market is heightened.
3. Continually Strengthen Your Hiring Strategy with the Right Recruitment Partner
These tips merely scratch the surface of what makes a compelling offer. At Michael Page Life Sciences, we find that the clients which achieve the most success are those with efficient, thoroughly considered recruitment plans optimized to target candidates with in-demand skillsets.
Building a robust recruitment strategy alone can be a challenge, however. That is why working with an expert recruitment agency can make all the difference. Because agencies are looking out for the best
interests of both parties (companies and candidates), they can facilitate transparent feedback, set appropriate expectations, and even condense the timeline to create a thorough but quick process. All of this will help you to bring the best Life Sciences talent on board.”
About the Author
Based out of Boston, Steven Houben is the Executive Director for the Life Sciences and Engineering and Manufacturing recruitment practices at Michael Page.