Although the Life Sciences industry is thriving, with healthcare now the largest employer by industry in the US, there are several key challenges in the sector that are generating significant competition when it comes to talent acquisition. According to Grant Thornton Global, skills and skilled people have become rare and in-demand commodities, and the rising expenses associated with inflation also have the power to limit profit growth in the foreseeable future.
Moreover, Life Science occupations had the second-lowest unemployment rate of all occupations in the US as of mid-2022, according to insights from CBRE. There is also an increased focus on ESG (environmental, social, and governance) practices, leading to a rapidly changing regulatory environment and a stronger focus on technology playing a key role in R&D investment trends and scientific progress.
This article will address these key challenges to talent acquisition in the current Life Sciences landscape and describe how to secure essential talent to keep your own organization robust and efficient.
Deliver a personal candidate experience
One of the most efficient methods for establishing your talent acquisition strategy is to provide a personalized candidate and hiring experience.
Get to know your interviewees on a personal level to gain more insights into their unique motivations, goals, and preferences, whether that’s a higher compensation package or more flexible working arrangements. Overall, it’s important for candidates to feel valued throughout the hiring process, particularly when seeking talent at senior levels within the Life Sciences industry.
Nurture relationships throughout the hiring process
A streamlined hiring process will enable your business to attract the best talent while minimizing the risk of encountering talent acquisition-related challenges in line with increased competition.
Maintain clear communication with your applicants at all times and check in with each candidate from the very first touchpoint to the final interview. Not only will this help to build a stronger working relationship with professionals, a company that actively cultivates relationships during the hiring process demonstrates its commitment to securing top talent. By going the extra mile, you can make a lasting impression on candidates, setting yourself apart as an employer of choice.
Provide valuable feedback
Transparency and timely feedback are essential parts of the talent acquisition process. In addition to helping candidates enhance their own professional development, providing constructive feedback contributes to a positive candidate experience. Feedback should be delivered promptly to maintain a sense of momentum and highlight a company’s dedication to the process and employees.
Offering your candidates a chance to report honest feedback about their experiences may also create opportunities for referrals if the candidates enjoyed a positive experience with your organization.
Utilize Life Sciences contractors
Life Sciences contractors and freelancers provide specialized expertise and offer a variety of benefits, making them a viable option for expanding your team alongside professionals looking for permanent roles.
These benefits include flexibility, cost savings, reduced overheads, faster turnaround times, lower risk, fresh perspectives, and increased productivity.
Make compelling role offers
Your organization’s role offers should align with the motivations of your candidates. These motivations can range from compensation and benefits packages to specific company cultures and flexible working arrangements, such as part-time and full-time remote positions.
Request honest feedback from your candidates about your hiring and talent retention strategies to ensure that you understand your potential hires’ key motivations and preferences.
Retain top talent
Prioritizing factors such as positive company culture, employee recognition and appreciation, professional development opportunities, and attractive compensation schemes can improve your talent retention rates.
The Life Sciences career market is a highly competitive one, and implementing strategies to retain your top talent can help you give your organization a beneficial edge.
Secure business-critical talent with EPM Scientific
EPM Scientific understands the importance of finding top talent for every Life Sciences role. We offer the expertise that you need to secure critical talent for your business’s future.