Did you know that the typical turnover rate at an
American company is roughly 25%? That means that, on average, employers are renewing
their entire workforce every four years!
For Life Sciences specifically, opportunities are
expected to rise by 8% by 2030, according to Astrinxinc. So, in order to stay ahead, you need to shift the
way you think, plan, and operate in your recruitment process – and we’re here
A strategic recruitment plan means more than just
filling today’s job roles. It offers you the chance to effectively populate
your business to reach your goals and secure long-term success.
Whether you’re in a big pharma organisation, a small
biotech start-up, a midsize medical device company, or a major medical
communications agency, you need to know exactly what your target demographic of
jobseekers are after in their next role so you can engage the very best Life
As Life Sciences recruitment experts, we know what
talent wants, what other companies are offering, and all the other things you
need to consider when creating your hiring strategy for 2023. So, before you
wind down for the year, let’s look into some key insights from the industry…
pretty much goes without saying…
For companies to reach growth targets and compete for
talent, it’s vital you understand the salary expectations of current and future
employees. For Life Sciences, in particular, salaries are rising at a rapid rate!
In fact, according to Biospace,
taking into consideration all positions from entry-level to executive-level,
the average salary for Life Sciences professionals in 2022 stands at $138,577 –
the highest it’s ever been, up from $128,689 in the year prior. For comparison,
throughout 2019, 2020, and 2021, salary growth rates averaged only 6%.
If we think about the current fierce competition in the
Life Sciences labour market, that growth is not surprising. But, for companies
to secure the very best talent, they need to keep in mind that those who’ve
recently changed employers have reported a salary increase of more than 25%.
From Meet’s perspective, we’ve seen Clinical Trial Managers' salaries rise by up to 68%, Mechanical Engineers’ salaries grow by 44%,
and Account Directors’ salaries soar by 117%!
Ever since the Covid-19 pandemic, flexible working
environments have become ever more popular. So popular, in fact, that in
today’s world, employees no longer consider flexi-working an added benefit;
instead, an expectation.
That’s because, for many people, it’s become the norm,
with almost three-quarters of respondents to Biospace’s
2022 Life Sciences Salary Report confirming
they work remotely at least half of the time. What’s more, an Ipsos study for
the World Economic Forum
(WEF) found almost 30%
of participants say they’d consider looking for another job if they were
required to return to the office full-time.
The reaction from workers might seem extreme to some
employers, but according to PharmiWeb, employees who have schedule flexibility feel 3.2
times better about their work-life balance and 6.6 times better about
work-related stress. A topic that only continues to garner more attention with
an emphasis on employee wellbeing – something we as employers are responsible
for and need to prioritise to retain top-tier talent.
It’s also worth noting that while flexi-working
demonstrates confidence in employees, helping them feel valued, trusted, and
appreciated (which is directly linked to employee satisfaction and retention),
it also benefits employers. That’s because, according to Deloitte’s
2022 Global Life Sciences Outlook,
employee engagement, which is directly correlated with productivity, is at its
highest among employees who spend 60-80% of their time working remotely!
Not only that, but Deloitte’s study also reports that almost half the Life
Sciences workforce say they would give up some work benefits if it meant a more
flexible working environment. This only emboldens the need to offer a choice of
working style to stand out from competitors.
After all, if you’re not offering some elasticity where
you can, you’ll likely miss out on the best talent Life Sciences has to offer!
Here at Meet, we’ve seen that flexible working among our
clients has grown from 64% pre-pandemic to an enormous 91% post-pandemic!
As we mentioned in The
War For Talent, the Covid-19
pandemic sparked ‘The Great Resignation,’ and its effects are being felt at
every level, with workers rethinking their careers, work conditions, and
long-term goals. According to Deloitte, more than 40% of the global Life Sciences
workforce is in the midst of looking for new jobs, including 54% of Gen Z.
With the surge in demand for skilled workers outpacing
the supply, talented candidates are no strangers to receiving multiple job offers
as their current employer bargains for them to stay. That means candidates can
demand more, and companies need a winning strategy that includes creating value
for workers, not only as stakeholders but as whole human beings too.
So, how exactly does this work? Well, the most
successful companies are no longer concentrating on hiring the smartest people
but rather on having access to the smartest people – and that’s where we’re on
hand to help!
For employers, a talent-driven market might not even be
recognised until it comes to recruiting for an open job role, while for us at
Meet, we know what’s happening as it happens. So, if companies want to succeed
in the future of work, they need to bring their own degree of flexibility to
how talent is sourced, trained, and managed.
As recruitment experts with extensive Life Sciences
networks, we could be your missing link. We listen to what’s wanted and needed
by candidates as well as what’s possible for employers. By becoming an
extension of your internal recruitment team, and ultimately matchmaker, we’re
able to feed this information back and forth to source the best outcome for
clients and candidates and create long-lasting relationships.
Over the last year at Meet, the number of candidates
with multiple interviews at one time has grown from 2,770 in 2021 to 3,194 in
Time To Hire
hire is often perceived as recruitment jargon, but it’s pretty
self-explanatory: it’s the clock that begins as soon as you advertise a new job
role and stops once the offer has been accepted. And you don’t need us to tell
you that top talent gets snapped up quick!
In fact, almost 60% of job hunters lose interest in a
position if they think the application process is taking too long. So, have you
contemplated your current strategy and how to improve it?
Even those with the finest hiring processes can find
weak spots where they can streamline their methods. To begin, analyse how long
it takes to move a candidate from one stage to the next and compare it to
industry benchmarks. This should be done for each department, so if one team is
bringing down your company’s average, you can address whose dragging their feet
and provide extra training.
With that said, decreasing your time to hire shouldn’t
be your sole objective. If your hiring process is too short, you might not be
giving yourself enough time to evaluate talent and risk making a poor hire.
Likewise, if the process is too fast, it doesn’t give candidates enough time to
really get to know the business. The right process allows enough time for both parties to
make the right choice.
So, what is the correct process? The ideal recruitment
strategy is one that is efficient and cost-effective, resulting in a
high-quality hire. Working with a company like Meet means that candidates are
properly sourced and have been vetted and screened, so you know their skillset
is a match. We see ourselves as an expansion of you: all about adding value to
At Meet, our average time from CV sent to the hiring of a candidate was 29 days in 2021. This year, with our tips and tricks, that window
has shortened to just 25 days!
Do you know what it is that Life Sciences professionals
want? Do you know what your competitors are offering that you’re not? We do!
No matter your role, I’m sure you’d agree that everyone
wants to work at a place that values them and provides ample opportunity to
support their career progression. To most, this includes much more than amping
up promotions, pay rises, and relocation opportunities.
Supporting your team in their careers means creating
plentiful opportunities and encouraging internal mobility, from entry-level
right up to senior staff. To do so, you need to think about upskilling,
mentoring, and tailoring your L&D offering to suit individual needs over
one size fits all.
Doing so offers your team some clarity on all the
different directions their career can progress. Plus, giving employees autonomy
over their career development and allowing them to identify their own training
needs helps them feel engaged, appreciated, and valued.
In fact, Glassdoor’s Mission and
Culture Survey reports
that 77% of workers within the US, the UK, France and Germany consider a company’s
culture before even submitting a job application, with a large percentage
reporting they care more about a company’s culture than they do salary!
But aside from job satisfaction, we of course couldn’t
chat competitors without talking benefits!
When it comes to benefit packages, all companies have
different budgets. Regardless, your workplace perks should be tailored to what
will actually benefit your employees.
And how do you know what they’ll want? Simply ask!
By asking your current employees how you can better
support them, you can use their insight to restructure outdated benefits, which
will not only help retain current workers but attract new ones too.
At Meet, through our daily conversations with talent,
we’ve found that professionals across Life Sciences are looking for better
work-life balance, a company with vision and purpose, career progression,
flexible working, inclusivity, and excellent company culture.
As you know, everyone within Life Sciences is making a
great difference in global health. Given that meaningful and purposeful work is
so important to professionals in the space, we recommend as part of your
employer branding you highlight your impact within Life Sciences, as well as
how you differentiate from other businesses regarding the factors listed above.
Want to find out how we can help? Speak to one of our consultants
to map, plan, and hit your 2023 headcount goals. Simply contact us and include #hiring2023 in your message, and we’ll get back to you as
soon as we can!