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As your trusted Life Sciences recruitment partner, here at Meet, we understand the challenge...
As your trusted Life Sciences recruitment partner, here at Meet, we understand the challenges you face in securing the best and brightest Life Sciences minds.
In today’s competitive market, it takes more than just a promising job description to captivate the attention of top professionals. In fact, part of attracting and retaining the very best talent requires a deep understanding of workplace psychology, which should be reflected in your secret weapon: a stellar employee benefits package that sets you apart!
For many businesses, employee benefits can be an afterthought, often described as ‘perks of the job,’ however, they hold much more weight than that. Not only are they aimed at attracting new talent, they’re also designed to create and maintain a healthy, happy, and more productive workforce.
An idea only sustained by research that proves that offering employee benefits that your team truly values helps reduce absence, improve productivity, and increase overall engagement, with an impressive 70% of staff saying they would more likely stay with an employer that offered good benefits.
Of course, when it comes to the specifics, individual preferences may vary, but there are several benefits that are often sought after by many professionals in the Life Sciences space, and luckily, we’ve got the inside scoop!
Ready to delve into the minds of your target candidates and find out what you can implement into your benefits package to take your organization to the next level? Let’s go!
Picture a competitive salary that rewards hard work and expertise – seems like a given nowadays, right?
Well, for an industry as competitive and talented as Life Sciences, a competitive salary is not the only crucial consideration for any high-performing professional.
Aside from your standard base pay, bonuses, performance-based incentives, profit-sharing, and stock options are all benefits Life Sciences employees are on the lookout for. And contrary to popular belief, this is not solely because they want a bigger payday. No, the psychology behind the desire for these employee benefits stems from a combination of motivational factors, a desire for long-time growth, alignment with the business’s success, and a sense of fairness.
Think about it: having tangible rewards for your hard work and achievements serve as motivators by acknowledging and recognizing your contributions, which enhances overall job satisfaction and engagement.
And today, performance-based incentives are often perceived as fairer than a fixed salary alone, as they allow employees to benefit from their and their teams’ contributions to the company’s success. A fact only highlighted by research that found that 66% of Life Sciences employees would move jobs if performance-based bonuses were offered elsewhere.
On top of that, Life Sciences professionals generally work in demanding and highly skilled roles that require extensive education, training, and expertise. Stock options or equity are common long-term perks that compensate employees by instilling a level of responsibility, which, in turn, provides long-term security, ownership of their work, aligns goals, and fosters commitment and loyalty.
While these incentives add to the culture of your business by allowing everyone to feel the benefit of your collective achievements, they also entice top talent to join and interest them in staying, as their dedication directly contributes to their own financial growth.
Incorporating incentives, performance-based bonuses, and profit-sharing programs create a positive feedback loop that cultivates a motivated and engaged workforce. That’s because whichever way you look at it, the desire for recognition and compensation is a fundamental psychological need that drives individuals to strive for excellence and feel value and accomplishment in their work.
As people who truly understand the importance of good health, Life Sciences employees value a comprehensive healthcare package more than most.
In fact, research proves that the most highly sought-after benefit by Life Sciences employees is healthcare, with 50% of individuals saying they value it more than any other workplace benefit!
What’s more, 83% of employees who currently don’t receive medical care coverage say it could be the bargaining tool that would entice them to move away from their current employer.
So how can you implement worthwhile healthcare for your team?
Well, the most desired employee benefits include top-notch medical, dental, and vision coverage for employees and their families. Otherwise, other looked-for health-based perks include access to specialized healthcare providers, wellness programs, and flexible spending accounts (FSAs).
The workplace psychology behind health-focused benefits emphasizes the crucial link between employee wellbeing and productivity. After all, these guys are professionals in this space, so they know the importance of maintaining good physical and mental health, and it only seems right that their employer values their wellbeing in the same regard.
In this competitive landscape, subsidized healthcare has become an industry standard for a sector whose key objective is improving global health. To rise above the competition and speak to the needs of Life Sciences professionals, your benefits package should reflect the culture you’ve created where your talent thrives, promoting work-life balance, mental health, physical health, and holistic wellness.
Just behind healthcare, flexible working options are the second most highly valued benefit by Life Sciences professionals, which comes as no surprise after the last few years have highlighted the importance of work-life balance – a need employers must understand.
Flexible working arrangements, such as remote working options, flexible hours, compressed work weeks, or part-time opportunities, are a level of freedom that is highly sought-after today. This allows employees to adapt their schedule to suit their needs, better managing both their personal and professional responsibilities and having more control over their time.
Finding this balance is crucial for psychological wellbeing, as it reduces stress and prevents burnout. It allows employees to align their working environment to their peak productivity time, maximizing their focus and concentration and enhancing motivation, engagement, and job satisfaction.
Today, the desire for flexible working environments is so strong that 70% of Life Sciences employees say they’d move jobs if flexible hours were offered elsewhere. Not just that, 70% of employees already relishing in their flexible work schedule say they would recommend their employer to their peers.
And the great thing about it for you? A harmonious work-life balance leads to greater success and happiness. In fact, employee engagement, which directly correlates with productivity, is at its highest among workers who spend 60-80% of their time working remotely!
Continuous learning and professional growth are things all of us strive for because, well, there’s no excitement in feeling stagnant!
By prioritizing your teams’ professional development opportunities, you’ll tap into the psychology of growth mindset – a belief that talent can develop through continuous learning and effort.
If you’re yet to invest in your own L&D program – or to go alongside it – benefits such as ongoing education, tuition reimbursement, conference attendance, training programs, mentorship opportunities, and career development initiatives could help you attract the very best Life Sciences talent and empower employees to reach their full potential.
That’s because this psychological framework is vital in attracting ambitious individuals seeking a supportive environment for their personal and professional growth. As a matter of fact, employers who provide further training and development are the ones who are most likely to retain their staff, with 90% of workers planning on staying with their current employer for this reason.
What’s more, ongoing development is a leading factor in why 64% of employees say they’re committed to their employer beyond the next year and why 76% would happily recommend their place of work to their peers.
Mental health and wellbeing have become much more candid and increasingly important in the working world in recent years, and Life Sciences is no exception.
Still, for many people, talking about mental health struggles, particularly in a professional environment, can feel incredibly daunting, but that shouldn’t mean that help isn’t available to them. Offering Employee Assistance Programs (EAPs) allows you to support your employees’ mental wellbeing, connecting them with professional assistance for their needs while keeping things confidential.
Life Sciences professionals are no strangers to high-pressure situations, and an employee benefit such as an EAP demonstrates to your team just how much their wellbeing means to you – both inside and outside of work – by offering resources and strategies for their unique needs.
As EAPs often extend support beyond work-related issues, they can hugely improve a benefits package, particularly those providing mental health support, counseling services, and resources contributing to work-life balance.
On top of that, EAPs demonstrate your organization’s proactive approach to looking after their employees. They often provide opportunities for individuals to connect with support networks to share experiences, learn from others, and receive guidance from people outside of their workplace. This sense of belonging can positively and immeasurably affect their job performance and job satisfaction.
After all, healthy, happy employees correlate to more productive employees, and businesses should support them every step of the way!
Being generous and flexible with your paid time off policy only instills the importance of maintaining a healthy work-life balance, allowing employees time to relax and recharge.
Offering ample vacation days, sick leave, parental leave, and other time-off benefits not only allows staff to take care of their personal needs but gives your team time to unplug and unwind guilt-free, meaning they can return to work refreshed, motivated, and more productive.
From a candidate’s perspective, the nature of their work – whether that’s complex research, rigorous clinical procedures, or challenging problem solving – within Life Sciences can be demanding, stressful, and mentally taxing. Acknowledging the need to unwind and recharge recognizes the toll these tasks can take on their emotional and mental wellbeing, demonstrating just how important your employees’ wellbeing is to you.
Did you know that 77% of US professionals have experienced burnout, with more than half reporting they’ve suffered from it more than once?
Offering employees paid time off to disconnect from work-related stressors can help reduce the risk of burnout. As a result, you’ll retain your valuable staff and make your company more attractive to potential candidates too.
In addition, rest and relaxation are also vital factors in fostering creativity and innovation – nouns synonymous with Life Sciences. By encouraging employees to take time off to engage in activities that inspire new ideas, your business may well reap the rewards of renewed energy, fresh perspectives, and enhanced problem-solving abilities.
This kind of positive message only makes employees feel supported in taking some time away from work, which, in turn, will make them more likely to be engaged, satisfied, and loyal to their workplace, reducing your long-term turnover rates.
Workplace psychology teaches us that a sense of belonging and purpose is vital for employee satisfaction and engagement. Your benefits package should reflect this by fostering a strong sense of community, inclusion, and shared values.
So how can you create this focus on community? It begins with employee resource groups, diversity initiatives, and opportunities for social impact and volunteering.
Life Sciences professionals have a genuine passion for their work and are committed to improving the world around them through breakthroughs in therapeutic fields. That means they want their work to have meaning beyond a paycheque, particularly as, for most, their work impacts their sense of self.
A workplace that provides a sense of purpose and belonging validates their professional identity and fosters positive self-perception, contributing to their overall psychological wellbeing.
What’s more, many individuals within Life Sciences work in collaborative environments, and purpose and belonging only enhance team dynamics, trust, and shared commitment to a common goal. Having that sense of security also relates to the workplace being a safe space where everyone feels comfortable expressing their ideas, taking risks, and being their authentic selves.
This, of course, correlates with employee engagement, but additionally, an organization that reflects an individual’s values and whose purpose aligns with their intrinsic motivations will only seem like a more attractive workplace to base themselves in, as it provides a deeper sense of fulfillment and satisfaction.
No matter how work-driven you are, for all of us, there comes a day when we’ll retire. For that reason, like many others, those in Life Sciences are steadfast in prioritizing retirement savings options, such as 401(k) plans or other employer-matched retirement programs.
It’s become quite the norm for employers to somehow support their employees’ retirement plans. Therefore, generous employer contributions can massively enhance the attractiveness of a benefits package/job offer by supporting staff in building a solid financial foundation for their future.
After all, Life Sciences professionals invest significant time and effort into their work, often with a long-term perspective, which develops a desire for future financial security. By proactively planning their financial future alongside their employers, they’re able to gain a sense of control and preparedness for their retirement years, further placing emphasis on their future wellbeing.
What’s more, by providing an employer-matched retirement program, you give an additional incentive for employees to commit to you long-term, as they stand to benefit from the matching contributions over time.
At Meet, we’re committed to creating rewarding partnerships for all our network – both businesses and individuals alike. By creating an employee benefits package with lasting impact, you’ll find that attracting top talent seeking a fulfilling and rewarding work environment will become much smoother – the proof is in the pudding!
As Life Sciences recruitment experts, we also understand that needs and aspirations evolve, which is why on top of our key markets, Pharma & Biotech, Med Tech, and Healthcare Communications, we also help build exceptional back-office support teams.
If this is an area you hope to strengthen in your business, reach out to the fantastic Vanessa at firstname.lastname@example.org!