Hiring is one of the greatest challenges currently facing the biotech industry. Due to availability of investment dollars, supply chain issues, and our increasing desire for treatments to the diseases that ail the human race. Unprecedented growth is taking place and the “talent war” directly affects the success of clinical trials.
The need for hiring coupled with a shortage of uniquely skilled business/scientific/medical professionals with the necessary experience developing drugs has never been more challenging.
Now layer in the fact that remote work opportunities has increased workers choice from local to national and sometimes international levels. Companies are now competing with non-local salary expectations among other things
However, it is not all negative and there are multiple things you can do to directly impact the success of your recruiting strategy.
As a professional recruiter who specializes in helping companies in the biotech industry, let me share 3 things you can do to increase your recruiting success
1. Sourcing
When I talk with hiring managers, whether from the C-Suite to Director, or HR recruiting teams. The number one issue sited for challenges with hiring is FINDING the people. In today’s marketplace being proactive goes a very long way.
Tips on sourcing
• Have a LinkedIn profile and actively build your network. I know, you’ve heard this before but this is
absolutely a must. The key here is to connect with those who work in the space you’re hiring in and be
genuine.
• How is your company’s online presence. Again seems obvious but building your presence is much more than
a website. Spend a little time here touting why your company has an exciting opportunity. The science,
culture, impact and then spread that through content.
• Actively look up those with the expertise you’re looking for and then contact them directly about the
position you’re hiring for. Time consuming? Out of the comfort zone? Yes. But very effective.
2. Speed
Once you have sourced the right candidates what is your process for hiring those people? Is it long and drawn out? Do you struggle to keep candidate’s engaged while you interview multiple people?
The faster and more efficient your hiring process the quicker you can assess candidates and move to an offer. Remember you’re not the only person hiring and most if not all candidates have 2 – 3 options at a time.
3. Compensation
There is a lot going on in the word today inflation, supply chain issues, wars and all of that has a direct effect on the cost of living. You feel it, I feel it, and so do candidates. Also, don’t forget economics 101…supply and demand.
I have this conversation often when helping companies with recruiting. Many times it goes like this.
Me: What is the compensation range you have planned for this position?
Hiring Manager: Well, what are you seeing out in the market.
Me: It depends of course on experience but generally X number for this role.
Hiring Manager: Hmmm, we were thinking no more than X (lower number)
Now this is a very simplified example of an important and nuanced discussion. I know there are multiple things that go into factoring salary including budget. But let me share with you something that was said to me by an experienced executive heading up strategy at a biotech developing oncology treatments out of Southern California,
“Yes, we have this budget constraint but I never want to lose a candidate simply because of money. Let’s work to find people in our budget range but if we find the right person and the salary is not matching we’ll work to see what we can do.”
Guess what, we successfully filled that position.
The point here is to truly be competitive. If you find yourself consistently below or on the low end, the perhaps there is more you can do.
Recruiting is complex. There are a number of factors affecting the whole process including human behavior. But if applied, the above 3 tips you will make a difference in your recruiting.