As we look ahead to global recovery and relaunch, the Covid-19 pandemic continues to cast a shadow on many countries and plague economic activity. The Life Sciences sector is a crucial pillar, supporting a wave of economic growth and plugging the gap to solve world health challenges. To continue innovating and fuelling economic activity post-pandemic, the sector needs a strong pipeline of industry-leading visionaries, that’s why having unique access to sentiments in the Life Sciences workplace may be the best strategic advantage for talent management in competitive markets.
In 2020, we launched the inaugural EPM Scientific Global Job Confidence Index Report. It gathered critical views and data on Life Sciences professionals across the globe, with a comprehensive analysis on their confidence in the labor market. Last year’s report surveyed over 380 specialist sector professionals within Life Sciences from Europe to the United States.
Is Candidate Sentiment Paralyzed by Uncertainty?
Last year, the majority of respondents shared a negative outlook about their economic expectations. A little over half, “56% of U.S. Life Sciences professionals predicted a worsening economy over the next twelve months”, a pessimistic caliber that was also replicated across Europe with nearly 2/3, “63% of respondents agreeing”.
In job markets all over the world, last year witnessed unavoidable declines in trade and output. The International Monetary Fund forecasted a 3% contraction of the global economy, while the World Trade Organization predicted trade to markedly plummet by 13% to 32% in 2020. For Life Science professionals then, it’s no surprise that perceptions of the economy were a cloud of negativity.
Despite the unwavering uncertainty in the talent network, coupled with the economic consequences upended by the pandemic, some economies are bouncing back. The Life Sciences industry shows unparalleled resilience as a result of historic acts signed into law, such as the Coronavirus Aid, Relief, and Economic Security (CARES) stimulus package in the U.S. and new estimates from the World Trade Organization, expecting world trade to increase by 8.0% this year after having fallen by 5.3% in 2020.
Perhaps organizations have weathered the worst of a difficult year and post-pandemic, optimism towards business activity, recovery, and employability has undoubtedly strengthened on the back of global economic growth; aided by vaccine rollouts, government-led schemes, and a significant rebound in world trade.
Has Confidence in the Talent Market Changed?
Life Sciences players now, in many ways, may be noticeably more optimistic toward job creation and hiring. But, if the findings from last year have taught us anything, it’s that Life Sciences organizations might look for ways to get ahead of the curve. In other words, prioritize business-critical roles, understand employee motivations, work hard at employee retention, and map out the market to engage with business-critical talent before competition inevitably does.
What’s to be said for 2021; has confidence been tantalizingly rattled in an uncertain world? A year on, the survey results from over 850 Life Sciences professionals are in, yielding some interesting insights. What remains a universal imperative last year, may not set the cornerstone of tomorrow.