Yes, you can improve your memory! We’ve all been there. Someone approaches you whose name you don’t remember. You’ve met each other a few times, but your mind goes blank… You manage to get through the interaction with a “hey, you!” and feel too embarrassed to ask for their name again, especially since they know yours. Whether they notice you didn’t remember their name or not, it is difficult to forge a strong relationship with the person if you don’t know their name!
Why does your memory fail you in moments like this? There could be a number of reasons. Research shows that the average American consumes at least 100,000 words and 34 GB of data per day! Given all of the information you consume on a daily basis, your brain cannot possibly store everything in your long term memory. Indeed, common reasons why you can’t remember something could be because it was never encoded into your memory in the first place, or you don’t have any “retrieval cues” to call the memory back into your mind.
Despite these challenges, remembering aspects about a person is essential not just for creating new relationships with people, but also for strengthening existing relationships. Forgetting someone’s name or an important detail can be a sign that you are not interested in the other person, which is the opposite of making a good first impression! Conversely, being able to remember details about your boss’ kids or a client’s favorite hobby goes a long way because it shows you genuinely care about them. What’s more, recalling details and asking additional questions about them will cause them to associate positive memories with you, since psychologically, people love to talk about themselves.
Ways to Improve Your Memory
Try these techniques the next time you want to commit important facts to memory:
Repeat it to yourself. According to research, your short term memory only lasts for 20- 30 seconds, unless you try to repeat the information out loud or in your head. You can ask a clarifying question using the person’s name or restate what you just heard to make sure you understood correctly. After the interaction, try to repeat it again mentally to commit it to memory so you can retrieve it later. In fact, experts recommend “overlearning” the things you want to remember through repetition so that your new memory does not interfere with your existing memories.
Write it down. Studies show that your short term memory only holds about seven pieces of information. Since you’re not exactly in control of which seven pieces your brain will remember, a good idea is to write down important details in case you forget later. After a conversation with someone, make a note on your phone, on their business card, or on your laptop’s notepad with their name and any critical data. This is particularly important if you’ve offered to provide them with further information or connect them with someone.
Remove distractions. Don’t multitask when absorbing the new facts. Unless you’re using your phone to take notes about what you want to remember, put it away. If you’re juggling more than one task or multiple inputs, your brain has no choice but to prioritize one thing over the other. Another common distraction occurs when you’re not actively listening to the new information, and you’re thinking about something else or planning your next response. Instead, try to focus your complete attention on listening to the other person, and you’ll be more likely to remember what they say.
Make associations. To help yourself retrieve the memory later, make an association between the person and something easy to remember. This can help trigger the memory of the person and their name or important details. For example, if Sarah mentioned she’s going on a sailing trip, remembering “Sarah sails” will be easier to recall the next time you try to retrieve information about Sarah. Another example is comparing the person to someone famous or someone you’ve met before. If your new acquaintance Matthew has brown hair like your cousin Matthew, making this association may help you recall his name the next time you interact with him.
Get enough sleep. Research shows that sleep is essential for the formation of long-term memories. Furthermore, if you’re sleep deprived and tired, your ability to focus and learn new information will be impaired. After your next networking event or big meeting, make sure to get a good night’s sleep to increase your chances of being able to retain the significant facts you were exposed to during the day.
Final Thoughts on Memory and Relationships
Remembering details about a person is a meaningful part of establishing a new relationship or strengthening an existing one. By failing to remember someone’s name or a significant aspect of someone’s life, it could be interpreted as you not being interested in them. Solidify important facts in your mind by trying these tips to improve your memory. You will reap the rewards in your relationships!
The collapse of the SVB on March 10, 2023 made national headlines, and prompted fear of a looming financial crisis and a return to government bailouts. For biotech investors and employees, the collapse of the tech-focused bank raises additional concerns about the stability of the biotech sector.
What is the Silicon Valley Bank?
The Silicon Valley Bank (SVB) was the 16th largest bank in the USA. Founded in 1983, it catered almost exclusively to technology companies by providing the venture capital funds necessary for biotech start-ups to grow. Prior to the events of early March, the bank was worth $212 billion.
Why did it collapse?
In early March 2023 the SVB announced it needed to raise more money, citing rising interest rates and inflation. This announcement caused panic, and customers and investors rushed to withdraw their money, leading to the collapse of the bank’s value. Within 48 hours the damage was done, and the Federal Deposit Insurance Corporation (FDIC) took over the emergency operation of the bank.
The FDIC is currently trying to sell SVB as part of its break-up plan.
Is this a repeat of the 2008 financial crisis?
Following the collapse of the SVB, Silvergate Bank and Signature Bank fell in quick succession a few days later. Although the successive liquidation of US banks is alarming, and the overall likelihood of a recession in the next few years has risen, the fallout from the SVB collapse is mostly contained to the biotech sector and other medium-sized banks who cater to a narrow selection of industries (both Silvergate and Signature focused on cryptocurrencies).
Some issues appear unique to SVB’s downfall, such as the role of a chief risk officer being unfilled last year. The bank also stored its money in long-dated Treasury deposits, which give modest returns on investments. When inflation rose, the bonds no longer yielded satisfactory returns.
How does the Silicon Valley Bank affect the biotech industry?
Silicon Valley Bank was seen as the bank of choice for young biotech companies, because they tailored their services to venture-backed start-ups and agile biotechs looking to grow. Unlike commercial banks, most of SVB clients deposited amounts greater than $250,000, which is the maximum amount of savings protected by the FDIC in the event of a financial collapse. It’s estimated that 85% of SVB’s bank deposits were uninsured. It’s therefore not clear how much damage has been wrought on the biotech sector, and it will take a time for companies to disclose any losses. It’s possible the US government will bail out companies who lost uninsured deposits if the crisis deepens, but that’s not happened yet.
In early 2023, biotech start-ups are already struggling thanks to rising interest rates and a hiring slowdown. Established companies have the diversified portfolio necessary to withstand economic shocks better than start-ups with only one or two pipeline products.
However, the failure of Silicon Valley Bank may see a slowdown in the biotech sector as venture capitalists become more cautious about investing in biotechs, or the regulations around life sciences investment increase. What this does for the biotech sector as a whole remains to be seen.
There are plenty of good reasons for Biotechnology and Pharmaceutical companies hiring contractors (Independent Contractors) versus hiring employees to meet company objectives. Here are just a few: lack of funding, clinical failure, and scarce talent in niche areas. These factors create a fertile and lucrative landscape for qualified independent contractors. Clinical Development, Regulatory, and CMC business segments face some of the stiffest competition for talent. So it’s no surprise that they turn to ICs to fill expertise and workforce gaps. In 2022, there were over 70 million ICs in the US and a mind-boggling 1.4 billion worldwide. But many companies have learned the hard way that there are hidden risks in engaging “1099 workers.” Misclassification and other payroll pitfalls can lead to stiff penalties, fines, and even legal action. In the first part of this article, we’ll consider the basic choices employers face when engaging talents, and the pros and cons of each alternative.
Part One: Pros and Cons of Engaging 1099 Contractors vs. Hiring W2 Employees
In the view of the US government, labor, and tax authorities, ICs are more like external vendors than internal employees. They are expected to work independently, providing their own tools and resources. They are responsible for their own paperwork and taxes. The IRS tax form that companies use for engaging ICs is what gives “1099 workers” their name. But the government makes clear that ICs must meet strict criteria, highlighted in the table below, guiding employers to take care not to misclassify a worker e as an independent contractor when they should be an employee.
There may be other criteria depending on the jurisdiction and/or the agency or law at issue. In some states, the standard is particularly difficult to satisfy. Employers are responsible for classifying correctly the work relationship. Relationships may morph over time, so even a classification which was correct at first may not be so later on. Subsequent audits or lawsuits can punish heavily any errors, evasions, or misrepresentations.
At First Glance, Engaging 1099 Contractors is Easier and Costs Less
It may be tempting for employers to engage independent contractors as a quick, low hassle means of filling skill or labor gaps. Many online apps, marketplaces, and platforms have arisen to expedite the process. Clearly there are compelling reasons for a company to engage ICs:
Lower Insurance obligations and liabilities
Ineligibility of ICs for costly company benefits
Easier termination and offboarding process
Simpler tax reporting
Less HR hassle: reduced onboarding, training, and evaluation burdens
The attractiveness and ease of taking the 1099 route has led to widespread use and, sometimes, abuse. It has also attracted more scrutiny and audits, with the IRS focusing on misclassification or, more harshly, “payroll fraud.” The growing volume of IC engagement, and the rising price of getting it wrong, has made efficient and cost-effective management of many such contractors more difficult, and at the same time absolutely essential.
Hidden Risks and Costs When Engaging 1099 Workers
Despite the cost savings and conveniences of engaging ICs, there are strict limitations on when and how employers can exercise this option legally. There are disadvantages and risks in taking this route, which may be unforeseen. Improper usage, whether inadvertently or intentionally, can lead to stiff fines, penalties and/or legal action.
Limited control over independent contractors
Companies have less control over independent contractors.1099 workers are not obliged to work according to company practices and policies. They act as they see fit, at least within their contractual terms. In practice, this can result in breaches and behavior inconsistent with employer norms potentially leading to reputational damage and even lawsuits. In general, the company has less leverage to elicit behavior or work product beyond the strict confines of the contract.
Complicated ownership of work and intellectual property
Companies also have less control over the contract worker’s output and inventions. When an employee creates, writes, or invents something while employed by the business, the company generally owns all rights to that product or idea. But if the 1099 worker makes a product or discovers a better method, they own the rights, unless the hiring company explicitly clarifies ownership and intellectual property issues contractually. This can add complications, costs, and hassle. This is a nuanced area that may require consultation from experts in this specialty.
Competition and potential exposure of company or trade secrets
Employees may be legally bound in their employment contracts and/or applicable law to protect company secrets. The company can require employees not to moonlight or work for a competitor. With 1099 workers, however, there is less loyalty, less control over secrets, and less ability to restrict concurrent or subsequent work for a competitor. While non-disclosure and non-compete agreements (if they do not undermine the IC classification) can reduce the risk, control over independent contractors is far less than over employees. Even unintentional classification mistakes can result in liabilities, penalties, and unforeseen costs. Worse: the intellectual property, competitive and reputational risks of 1099 workers can dwarf savings of time and money, especially for firms in tech, life sciences, biomedical and pharma. In Part Two, we’ll look at steps companies can take to reduce risks and costs, increasing recruitment efficiency and improving management of their independent contractors. Consider Sci.bio as a reliable and cost-effective resource for finding and managing Independent Contractors for your organization. We can efficiently find and deliver high caliber expert consultants for virtually any biopharma segment so you can focus on your business and avoid compliance and payroll headaches associated with hiring ICs. Want to learn more? Contact us today.
Part 2: Optimizing the Engagement and Management of 1099 Workers
For most organizations, small and large, recruitment and ongoing management of human resources is not an either/or choice between employees hired with a W-2 form and engagement of independent contractors (ICs) with a 1099. Similar choices face business in other jurisdictions. In Part One, we looked at the pros and cons of engaging ICs in place of full-time employees. However, in practice, there is a spectrum of nuanced alternatives which strike a balance between hiring employees as opposed to engaging 1099 workers. Here, in Part Two, we’ll consider options for achieving “the best of both worlds.”
Is Hiring Direct Fixed-term Employees Truly a “Middle Ground”?
One “middle ground” alternative used by some companies to mitigate risks and costs of long-term commitments to W-2 employees is to hire such workers on a fixed-term rather than open-ended basis. This is often done when filling temporary personnel gaps due to pregnancy, parental leave, employee sickness/injury, or for staffing up a project with a predictable duration. But more and more companies are taking this route without these circumstances. Fixed-term W-2 employment can be a tempting and less risky alternative to engaging ICs, allowing an employer to exercise more control over workers without incurring long-term obligations. As is well known, the costs to a company of open-ended, long-term employment involves a variety of risks and costs. Defining the period of employment to shorter, clearly-defined periods can ameliorate at least some of these drawbacks and cumulative expenses. However, fixed-termers are eligible for the same benefits as non-fixed-term employees. Employers must recruit these employees and then provide onboarding, internal resources, equipment, and treatment equivalent to all other W2 employees. This may amount to 35% or more of a compensation package. Fixed-term employees are often eligible to collect unemployment benefits which also costs the employer. With this in mind, fixed term employment is not a clear solution to temporary or unpredictable staffing needs.
Outsourcing 1099 Worker Management to External Agencies: The Basics
Due to the complexities of recruiting and managing ICs themselves, many firms have sought to mitigate risks, potential complications, and legal entanglements by outsourcing recruitment, contracting, and HR-related management of 1099 workers to external agencies. Such firms can provide a one-stop shop for identifying, recruiting, negotiating and closing employment contracts with specialized workers in their target industries. They offer a streamlined hiring process, including all the documentation needed to get a new IC onboarded. They have the knowledge and expertise to find “best of both worlds” balance in the workforce and relieve their clients of the many hassles and reduce the risks of engaging 1099 workers. Such agencies multiply the benefits of working with independent contractors, providing a management layer of recruitment and HR expertise to reduce risks, cut costs, relieve hassles, and deliver top-flight talent. Of course, there is an added cost for these value-added benefits, usually in the form of a salary markup by the agency. This can be as low as 25-35% for “payrolled individuals” found by the client company and formally hired via the agency. On the high end, markups can be 200% of salary for agencies that have highly technical, ready-to-work experts on call, or who can recruit these specialists fit-for-purpose.
Benefits of Partnering with an Agency to Manage 1099 Workers
The general benefits of working with a 3rd party agency for engaging and managing ICs include:
Choose a 3rd party firm familiar with your industry segment
After making the decision to partner with an external agency to source and manage 1099 contractors, the next steps is to find the one that’s well-suited for you and your industry. This last point is key: working with industry-specialized HR agencies can relieve paperwork burdens and deliver cost-saving benefits, but so can generalist staffing firms. However, the latter are unlikely to have the ready access to the top talent and industry know-how that you require. If they don’t know your niche, they will be hard-pressed to deliver the highest caliber contractors. Far better to seek out a firm which focuses on your industry, with broad and in-depth knowledge of your business and skills ecosystem. This is especially true in biopharma, with its complex niches and business slants. Additionally, biotech and pharmaceutical segments often have unique worker compensation insurance codes that less specialized firms may not know about. Some advantages of partnering with specialized firms:
Cutting Time to Hire
Pharma, medical, and life sciences industries are notorious for their difficulties in sourcing, recruiting, and onboarding suitably qualified employees. Agencies which specialize in these industries know the territory, have the databases and contacts, and know where to look for which skills. They can make it much easier to fill positions and get qualified talent up to speed. So there’s less likelihood of a new contract hire stumbling out of the gate.
Gaining the Perspective and Insight of a Specialized Staffing Agency
By partnering with a staffing agency experienced in your industry, with deep insights about where and how to find talent, you will gain an active ally with specialized know-how about filling a role with a higher quality candidate than you’re likely to find with a generalist firm. Your agency ally should prove to be a go-to partner providing ongoing recruiting and market insights.
Attracting the Highest Quality Consulting Talent: Recruiting Experience Matters
Top-caliber candidates are picky and they can be fickle. Some may not even respond to recruiting from generalist agencies with limited knowledge of “what they do.” Candidates are far more likely to respond to recruiters who possess in-depth domain knowledge and a high reputation for recruitment within their field. Experienced consultants prefer to be represented by a recruitment firm that knows their niche inside and out, who can “walk the talk” with credibility.
Protect Your Brand Reputation with a Staffing Agency That Makes You Look Good
Clients should consider third-party staffing and recruitment firms as an extension of their brands. Partnering with an agency that fails to appreciate or fill their role as your brand steward can have negative consequences in the short-term and the long run. When interviewing candidate agencies, consider the professionalism, integrity and quality of their interactions with you. If their professional self-presentation is anything less than superb. seek out a firm that can represent you in a manner commensurate with your brand values. That will pay big dividends over time.
Conclusion: Seek out a Specialized Agency to Recruit Top Talent
The bottom line is clear. When you’re operating in fiercely competitive industries like biopharma and life sciences, the quality of the people working with you and for you is the key differentiator. While 1099 contractors can provide many advantages over W-2 employees, it is advantageous to seek specialized guidance in recruiting them, hiring them, and managing their contracts. Working with a recruitment and staffing agency specializing in your industry gives you a clear edge in bringing in top talent, increasing contractor quality while reducing your risks and costs. Consider Sci.bio as a reliable and cost-effective resource for finding and managing contractors for your organization. We can efficiently find and deliver high caliber consultants on a contractual basis for virtually any biopharma segment, letting you focus on your business and avoid the compliance and payroll headaches associated with hiring 1099s directly. We are domain life-science domain experts and we’re here to help. Want to learn more? Contact us today.
Workforce statistics from the past two years paint a concerning picture of the biotech recruiting sector in 2023. The COVID-19 pandemic led to a boom in hiring and growth, but now that the initial biotech demand is leveling off, many companies are ‘right-sizing’ to pre-COVID-19 levels. Statistics predict the growth of the biotech sector slowing in 2023, in part to rising inflation.
The overall trend means biotech companies are slowing down their hiring. It’s not clear how much growth will slow in 2023, and hiring managers might wonder whether it’s worth adding more workers to the payroll if layoffs are coming. Due to its ability to consolidate and diversify their portfolio, Big Pharma is in a stronger position than agile biotech start-ups, but industry experts still urge caution.
Attracting Biotech Talent in 2023
Despite an economic slowdown, the biotech sector is continuing to grow, and companies are still looking to hire top talent. Here are a few ways biotech recruiting is filling positions and attract candidates.
First, it’s important to understand candidates’ motivation for switching roles, because there are many professionals considering a job switch, even if they’re currently employed. A lot of candidates are seeking appropriate salary increases to combat inflation. Or, perhaps instability at their current company has created a threat of layoffs.
As a recruiter, there are several ways to appeal to these candidates and fill your client’s vacancies.
Highlight remote, hybrid and flexible working options. Thanks to rising gas prices, commuting is expensive, and many employees don’t like feeling pressured to come into the office. Flexible working remains a high priority for jobseekers as they explore new roles.
Emphasize supportive work culture for new hires. Work culture is not just about throwing money at employees, but thoughtful initiatives to support new hires and integrate hybrid teams. The COVID-19 pandemic has left many workers feeling adrift from their colleagues, and they want to better integrate into their teams, virtual or not.
List opportunities for career growth and developmental opportunities within the company. The new hire is more likely to make long-term commitment to the role if they think they can progress in their career without needing to switch companies again.
With over ten years’ experience serving biotech companies in the Boston area, Sci.Bio knows how to guide your company through economic changes. Schedule an appointment with us today to learn more.
Jobseekers and biotech hiring managers are in agreement: virtual interviews are here to stay. From the company perspective, virtual interviews are a cheaper and more efficient way of screening candidates than in-person interviews. They widen the available talent pool by making interviews accessible to remote/hybrid candidates further afield, and are quick to schedule. Job candidates also prefer virtual interviews because it gives them more control over interview scheduling, and causes less disruption to their day if they’re currently employed.
However, many hiring managers feel in-person interviews offer them a better view of the candidate, providing more helpful insights into the candidate’s suitability. To combat the drawbacks, here are a few best practices to ensure you hire the best candidates and get the most insights from the virtual hiring process.
Deliver all information to the candidate in advance
To minimize delays, email the log-in information to the candidate ahead of time. Provide an email or phone number for the candidate to use if they experience any last-minute technical issues. This reduces confusion and last-minute delays because the candidate needs to download unfamiliar meeting software, for instance. It also reduces the stress to candidates and interviewers alike, enabling everyone to begin the interview in a calm state of mind.
Plan your interview time and structure in advance
The hiring team should prepare a list of topics to cover in order, or questions to ask, with time allocated for each point on the list. Make sure everyone on the interview panel has access to the proposed interview structure/workflow ahead of time. This will ensure the interview flows smoothly, without running too long.
Give candidates enough time to answer your questions during the interview itself, accounting for connectivity lags or difficulty reading body cues.
Remember that candidate recruitment experience is an important factor in their decision making process, and perceived disorganization during the interview may present your company in an unfavorable light.
Give candidates a taste of company culture
One notable disadvantage of virtual interviews is that the candidate gets less insight into company culture and work environment than if they were invited on-site. A way to work around this issue is to arrange a less structured informational interview with existing employees, which will give the candidate an overview of the company from someone at their job level. Hiring managers can also offer videos or virtual tours of the company office or campus during the interview process. These extra steps can help job candidates visualize themselves working for your company, giving them a clearer idea of the benefits of joining your company and their suitability for the role.
Invest in software for online recruitment
Since virtual interviews will remain an important recruitment tool in the years to come, consider investing in dedicated recruitment software or upgrading your existing programs. For instance, analytics and AI tools can assess candidate suitability and sort through job applications. Chatbots on your company’s career homepage can address any basic questions jobseekers have and free up hiring team resources. Consider incorporating online aptitude or personality tests into the hiring software or portals to provide another level of insight into potential candidates.
Whether you’re hiring for remote, in-person or hybrid biotech roles, Sci.bio talent experts are here to help. Reach out and schedule a conversation with us today.
Your business’s brand reputation comes down to a simple scenario: What is the first thing that comes to mind when a candidate or client hears the name of your company? How you’re perceived has a huge impact on business, and maintaining a good reputation is key to attracting high quality talent, especially in the competitive biotech world. It’s a no-brainer — candidates want to work at and align themselves with a great workplace!
In addition to impacting recruiting, having a good reputation boosts employee morale and increases retention. But how do you build a positive reputation from the ground up if you’re starting a new company? Or perhaps you have been in business for a while but have neglected to intentionally build your brand reputation and don’t know how to tackle the task. Or uh-oh! Your reputation has taken a hit after you received a negative critique on a company review website. Here are some tools and strategies to consider as you build or revamp your brand reputation:
Create a positive candidate experience from start to finish.
Whether you have been in business for decades or are the new company on the block, your first priority should be to make every interaction with a candidate a positive one. Not only will candidates be more inclined to want to work for you, but their positive impression of your company will spread via word of mouth or online reviews.
This starts with the job listing: make sure it’s detailed and clear in explaining who you are as a company in addition to the duties and benefits of the position. Create a short and simple application, and communicate openly about the hiring process with candidates to ensure they know that you value them and their time. Keep them updated on timelines, create a seamless interview experience, and reject applicants gently. In these cases, or if a candidate receives but turns down an offer, a positive experience will still leave a good impression and they’ll pass along that sentiment to their networks.
Use your website, social media, and other marketing tools to tell your brand’s story.
If a candidate is unfamiliar with your company, they will likely head to Google and see what they can learn in a quick search. Your company website should be the first thing they click on, and it should tell your company’s story with clear and engaging copy and design. A testimonials page can add credibility and help people get to know how others have benefited from your company’s services and products. A blog or section with updates on company news can add credibility, keep interested parties in the loop, and boost your SEO ranking to get more eyes on your website. In biotech this is a great opportunity to publish content on industry topics and trends that intersect with your company’s work, from personalized medicine to artificial intelligence and beyond.
Social media is another tool to use to build up your company’s credibility. Share content that reflects your company’s values and work across your social channels, including company updates and any blog articles you do create for your website. LinkedIn is particularly powerful: it’s often where candidates come across and apply for open jobs in addition to reading and engaging with an employer’s content.
Address any negative reviews with levelheaded empathy.
In a perfect world, you’d never need to use this tip – but on the long road of building a brand, a negative impression inevitably will pop up. If you encounter a negative review of your company online, step back and read and think through the comment carefully. Avoid the overreaction that can come from reacting too quickly and evaluate how best to address the criticism in order to tamp down on the long-term effects. Respond in a friendly and apologetic manner that takes the reviewer’s perspective seriously.
Take feedback as an opportunity to grow.
You should listen to and consider all feedback, but if you notice many people leaving the same feedback or criticism that may be a sign to make a change. Are multiple candidates commenting they’re unhappy they had to come in for several in-person interviews, spend many unpaid hours on a test exercise, or wait weeks with no communication about the status of their application? These critiques present opportunities to re-tool your hiring process for the better. Building a robust and well-established brand reputation can take years, but is well worth it to attract great talent and keep your existing employees happy at your company.
