2022 alone saw more than 50 million US workers quit their jobs, surpassing the record set in 2021. If your life sciences company has already started losing talent or you think it may be at risk of falling victim to the continued trend, it’s time to re-think your employee retention strategy.
In this article, EPM Scientific explores common reasons for poor retention, the benefits of healthy retention for the life sciences industry, and effective employee retention strategies you can implement in your company.
Common causes of high staff turnover rates
The three most common causes of high staff turnover rates include lack of growth and progression, inadequate compensation and benefits packages, and poor workplace culture.
Lack of growth and progression: 87% of millennials and 70% of professionals in other generations said that growth and development opportunities are one of the most important career satisfaction factors.
Inadequate compensation and benefit packages: 70% of US workers would leave a job because of inadequate compensation. In addition to a fair hourly wage or salary, employees also want perks and benefits.
Poor company culture: Some of the contributing factors of poor workplace culture include lack of conflict resolution, gossip, poor communication, lack of ownership and accountability, unprofessional or inappropriate conduct, lack of managerial support, and micromanagement.
5 benefits of employee retention
Healthy employee retention offers several benefits.
1. Cost reduction
When you retain your best talent and ensure your roles are always filled, you can reduce hire and onboarding-related turnover costs. Experienced employees mentoring new hires can reduce additional training and supervision costs.
2. Increased productivity
As the core competencies and confidence of long-serving employees strengthen over time, their productivity will increase, along with their sense of company loyalty and motivation to achieve company goals. The more vested they are in your company’s success, the more likely they are to increase their investment in their work and its outcomes.
3. Improved company culture
Retaining employees can contribute to a vibrant, robust company culture. The longer employees stay with your company, the more they will grow in confidence and in their sense of belonging. They can also serve as mentors and role models who help new hires to understand company objectives and values.
4. Higher employee engagement
Life science companies can achieve a 55% increase in employee engagement by implementing strategies such as providing professional development opportunities and recognizing workers’ contributions. Engaged employees often demonstrate higher levels of teamwork, collaboration, communication, and job satisfaction.
5. Company expertise and experience
Long-serving employees accumulate institutional knowledge and experience that enables them to offer a greater contribution to your life science company’s growth and sustainability. By sharing this knowledge with new hires, experienced employees can help make the onboarding process more efficient, boost productivity, and offer valuable insights and suggestions.
Strategies for employee retention
The best way to increase your company’s employee retention is to implement effective strategies. Suggestions include:
Prioritize a positive company culture: Survey employees about their experiences working at your company regularly to check for potential issues and measure staff sentiment. Create a culture committee, task HR and other leaders to nurture company culture, and organize regular social and team-building events.
Employee recognition and appreciation: Find ways to make consistent employee recognition and appreciation a reality with monetary and social rewards. One way is to use a recognition platform that lets on-site, offline, and remote workers accumulate and redeem points for attractive rewards.
Professional development opportunities: Institute coaching programs, formulate clear career paths, and offer training to inspire and engage employees. Consider hosting internal knowledge sharing sessions and encourage employees who show interest in other areas of the company or its operations.
Attractive compensation schemes: Offer competitive salaries aligned with industry standards, perks, comprehensive benefits packages, and performance-based bonuses to help improve employee retention.
Retain top life sciences talent with EPM Scientific
Find and retain top life sciences talent with us. We will connect you with the best people for the roles in your company when you need them, quickly and effectively. Partner with EPM Scientific by submitting a vacancy or requesting a confidential call back.